Potassium Sorbate Market size is valued at $154.7M in 2019, and is anticipated to grow at a CAGR of 4.89% during the forecast period 2020-2025. The Potassium Sorbate Market growth rate is attributed to the extensive usage in food products as a preservative and it is easily available and cost effective. Potassium sorbate is a chemical additive, and is broadly utilized as an additive in nourishments, beverages, and individual consideration items. It is a scentless and bland salt artificially delivered from sorbic corrosive and potassium hydroxide. Potassium sorbate drags out the time span of usability of nourishments by halting the development of mold, yeast, and fungi. Initially potassium sorbate was tagged as safe making it essential for human consumption, but regular intake can create several health problems in long run. From improvement’s made in product and the impact of e-commerce channels, social media, etc. is anticipated to propel the Potassium Sorbate Market during the forecast period 2020-2025.
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End-User Type- Segment Analysis
Based on End User type, food and beverage segment held the major share of the market in terms of revenue and is set to grow with a CAGR of 3.67%. The reason is attributed to the increasing demand of processed food, which is influencing the market players to offers products which has longer shelf-life as it is used as a preservative in various processed food. Potassium Sorbate is gaining importance in various baked and processed food products as there is an increase in consumption of baked food, processed fruits, vegetables and fast food products is anticipated to further expand the consumption rate over the projection period of 2020-2025. Moreover, potassium sorbate is also gaining demand in wine industry where it is used in fermentation process and it also used as a stabilizer in beverage industry to prevent the drinks from secondary fermentation and reinfection.
By Geography – Segment Analysis
North America dominated the Potassium Sorbate Market with a share of 38% in 2019. The application of Potassium Sorbate has grown rapidly over the last few years as the consumers are shifting from processed food containing artificial and synthetic ingredients such as flavors, colorants, and preservatives to natural and organic food products owing to its health benefits continues to expand its market. The U.S. FDA has designated sorbates as a generally recognized as safe (GRAS) ingredient and approved its applications in dairy foods, bakery items, fruit and vegetable products, fat emulsion products, sugar and confectionery products and certain meat and fish items. However, at higher concentrations sorbates affects the flavor of finished products, which affects the market growth. Moreover, its possible side effect includes skin irritation. So, regulatory bodies have introduced maximum permissible limit (200 ppm) on its application in food and beverages. The usage of the potassium sorbate might witness a dip in some of the regions of the globe such as North America, Europe where the food safety rules are strict and strong. As the over use of this chemical is estimated to usher some health problems, thus the normal growth of this market might have to pass through rough water in the coming few years are to cater the Potassium Sorbate Market in the forecast period of 2020-2025.
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Drivers – Potassium Sorbate Market
With the rise in demand of various products with extended shelf-life, there is a shift in the consumers from processed food containing artificial and synthetic ingredients such as flavour’s, colorants, and preservatives to natural and organic food products owing to its health benefits, increase in the demand for processed food and feed industry potassium sorbate help to extend the shelf-life of the products by preventing the growth of molds, yeasts, and fungi in the food products which can be considered as a Potassium Sorbate key driver of the market during the forecast period 2020-2025.
Challenges – Potassium Sorbate Market
The major challenge for the market is that with the increase in demand for processed foods, there is an increase in its consumption. However, the excess consumption of potassium sorbate leads to health complications such as skin irritation. It affects the DNA of our body and it also has several other affects which might harm the body. The stringent rules and regulations regarding the processing and preservation prior to distribution and sales is the major problem for some of the regions in North America and Europe.
Potassium Sorbate Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Potassium Sorbate Market. In 2019, Potassium Sorbate Market share is fragmented by the top ten players present in the market. Potassium Sorbate Market top 10 companies are Celanese, APAC Chemical Corporation, Sorbic International, FBC Industries, Lubon Industry Co., Ltd., Wanglong Group, Nantong Acetic Acid Chemical, Tengzhou Aolong Fine Chemical, Hawkins Watts Limited, Shandong Kunda, Nantong Alchemy Biotech and others.
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