Published By : 19 Apr 2016 | Published By : QYRESEARCH
Calcium propionate is an antimicrobial agent used for killing viruses, bacteria, algae, and fungi. Calcium propionate is widely used as a bakery preservative. It is also used in feed supplement to increase the shelf life of the products. The rising demand for preserved food and the changing preference of consumers across the world are expected to boost the global calcium propionate market.
According to a report published by a market intelligent company called Transparency Market Research, the global calcium propionate market is projected to expand at a CAGR of 4.9% between 2015 and 2023. The calcium propionate market is expected to be worth US$480.3 mn by 2023 after being valued at US$312.6 mn in 2014.
Bakery Sector Expected to continue to hold the Largest Share in the Global Calcium Propionate Market
The global calcium propionate market is segmented on the basis of application into bakery, dairy, beverages, animal feed, packaged food products, meat processing, and others. Out of these, the bakery sector held the largest share in 2014, accounting for 58% of the market share. Moreover, the bakery sector is expected to retain its dominance and expand at a CAGR of 4.5% in the period from 2015 to 2023.
Europe Generated the Highest Revenue in the Calcium Propionate Market in 2014
On the basis of geography, the global calcium propionate market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Out of these, Europe held the largest share accounting for 37% of the market share in 2014, owing to rising demand from countries like France and Germany. Increasing preferences for bakery food and preserved food products ae also driving the European market for calcium propionate. North America was the second largest region in terms of revenue after Europe in 2014. However, Asia Pacific was the fastest growing market in 2014, owing to the growth in the food industry in India and China.