Potassium Metabisulfite Market is forecast to reach $527.2 million by 2025, after growing at a CAGR of 3.9% during 2020-2025. With rise in the demand of additives in food and beverage industry particularly in winemaking, the potassium metabisulfite market is witnessing an increase in demand, as it is used as preservatives. Growing demand for wine and beer as a result of changing drinking preferences will further enhance the overall market demand for potassium metabisulfite during the forecast period.
- Europe dominates the potassium metabisulfite market owing to increasing demand of wine, beer, and food preservatives.
- The growing usage of preservative in food and beverage industry to retain it natural color and taste, is likely to aid in the market growth of potassium metabisulfite.
- Increasing demand of wine and beer due to changing drinking preferences across the globe will also increase the market demand for potassium metabisulfite in the near future.
Grade – Segment Analysis
Food grade segment held the largest share in the potassium metabisulfite market in 2019. Increasing usage of preservatives along with rising demand of food and beverages is anticipated to be the major driving factor for rising adoption of food grade potassium metabisulfite. Potassium metabisulfite is used as a preservative and antioxidant. It protects food from bacteria and retains its natural color. Because of its exceptional purity and quality, potassium metabisulfite is used for wine sulfurization where excellent taste is assured.
End-Use – Segment Analysis
Food and beverage sector has been the primary market for potassium metabisulfite for many years. Due to changing drinking habits across the globe and increased demand of packaged foods, the consumption of potassium metabisulfite has always been considerably high in food and beverage industry in comparison to other end use. Growing consumption of food and beverages in APAC region is further enhancing the overall demand of potassium metabisulfite.
Geography – Segment Analysis
Europe dominated the potassium metabisulfite market with a share of more than 35%, followed by North America and APAC. Europe is the major producer and consumer of wine with more than 55% of consumption share. Southern Europe is home to the largest European wine markets. Such countries are distinguished by high production and consumption of domestic wine. Germany and the United Kingdom are the biggest wine markets in Western Europe, mainly because of their large populations. Alcohol consumption pattern is shifting toward APAC region due to increasing population, rising disposable income of middle class, and changing drinking preferences. This can create a huge opportunity for potassium metabisulfite market in APAC region.
Drivers – Potassium Metabisulfite Market
- Increasing demand for preservatives in food and beverage industry
The rising demand of packaged foods and beverages has resulted in increased use of preservative to protect food against bacteria and conserves their natural color. This is likely to aid potassium metabisulfite market growth. Growing population along with changing eating and drinking preferences is expected to further enhance the food and beverage market growth which further increased demand of potassium metabisulfite as preservatives.
Challenges – Potassium Metabisulfite Market
- Availability of substitutes
The major drawback for the potassium metasulfite market is availability of its alternative in the market place. Sodium metabisulfite and Campden tablets are some of the substitutes, posing a threat to the potassium metabisulfite growth in coming years. The main difference between sodium metabisulfite and potassium metabisulfite is that one leaves residual sodium levels in the wine and the other leaves some potassium. Both can be used interchangeably.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the potassium metabisulfite market. In 2019, the market of potassium metabisulfite has been consolidated by the top five players accounting for xx% of the share. Major players in the Potassium Metabisulfite Market are Aditya Birla Chemicals Limited, BASF SE, Imperial Chemical Incorporation, Murphy and Son Ltd., Laffort, Triveni Chemicals, Interchem Pvt. Ltd, Jay Dinesh Chemicals, Shakti Chemicals, Ultramarines India and, Avantor Performance Chemicals, among others.
In April 2015, Aditya Birla Chemicals has merged with Grasim Industries.Grasim’s business includes the manufacture of viscose staple fibre (VSF), cement and chemicals.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.