Potassium Sorbate Market 2018 Key Players, Demand and Gross Margin Analysis till 2023
11th February 2019 – The global Potassium Sorbate Market is subject to witness a substantial growth due to the increasing consummation of processed food products and capability to enhance shelf life of the food product. Potassium sorbate is extensively used in food and beverages industry as a preservative. Use of potassium sorbate as a chemical for industrial purpose is expected to favor industry expansion over the coming years. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the potassium sorbate market.
Changing lifestyle, shifting trend towards processed food products and rising per capita income are major contributing factor for market growth in the recent years. Potassium sorbate is primarily used as a preservative to avoid the food spoilage. Potassium sorbate exhibits inhibitory action towards fungus, microbes, mold and yeast. Potassium sorbate also enhances life span of the food product while not affecting taste, color and smell of food. Primary function of potassium sorbate is protecting the food from decomposition. These factors are significantly driving the growth of potassium sorbate market across the globe in the past few years.
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Higher approval rate from both regional & international authorities such as FDA, the United Nations Food and Agriculture Organization, and the European Food Safety Authority (EFSA) is anticipated to amplify market value of potassium sorbate in the near future. Potassium sorbate is generally regarded as safe to use and abbreviated as GRAS. Regular consummation of potassium sorbate does not any harmful effects on human body and passes through system harmlessly as water and carbon dioxide.
However, for some people, consummation of potassium sorbate leads to allergic reaction, thus restraining market growth to a certain extent. In addition, allergies to potassium sorbate are more visible with cosmetics and personal products. Some of these allergies include skin or scalp irritation. Yet, increasing investment by leading industry participants for research & development of lower risk products is expected to sustain market growth over the next seven years.
The market is broadly categorized into four major segments based on the application type such as food & beverages industry, pharmaceutical sector, personal care products and industrial sector. The food & beverages industry is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years.
The key players in the potassium sorbate market are APAC Chemical Co., FBC Industries, Inc., Parchem fine & specialty chemicals Co., Wanglong Chemicals Co., Sorbic International plc, Jinneng Science and Technology Company Ltd., ICIS Co., Tenengzhou Aolong chemical Co., Ltd., and Lubon Industry Co., Ltd.
- Food & Beverage
- Cosmetics & Personal Care
- Rubber & Resin
- Spherical Granular
- Column Granular
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The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in chemical manufacturing sector, increase in the number of research & development activities in the region and existence of well-established manufacturing infrastructure.
Asia-Pacific region is predicted to hold major market share in the potassium sorbate market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with robust growth in manufacturing sector, increasing demand from food & beverages industry, and significant investment by leading industry players considering potential growth opportunities in the region.
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