(Entertainment-NewsWire.com, June 16, 2021 ) The calcium propionate market is estimated at USD 277.1 million in 2018 and is projected to reach a value of USD 363.3 million by 2023, at a CAGR of 5.6%. The growth of the calcium propionate market is driven by factors such as growth in demand for bakery products with extended shelf life and cost advantages provided by calcium propionate over other preservatives, which contribute to increased demand and adoption rate.
The dry segment, by form, is estimated to account for a larger share of the calcium propionate market in 2018.
The dry segment is estimated accounted for a larger share of the global calcium propionate market in 2018. It is also projected to grow at a relatively higher CAGR during the forecast period due to factors such as ease of mixing and better dispersion throughout the food matrix; additionally, dry calcium propionate does not affect the leavening action of baking powder in bakery products.
The food segment, by application, is estimated to account for the largest share in the calcium propionate market in 2018.
Calcium propionate is highly used in bread in the food industry; the growth of the bread industry, especially in developing economies, owing to high per capita bread consumption, fuels the demand for calcium propionate. Changes in lifestyles and increasing health consciousness of the population drive the demand for convenient low-calorie food products.
North America is estimated to dominate the calcium propionate market in 2018.
The region is one of the largest consumers and exporters of calcium propionate due to the wide and matured bakery market and high bread consumption. The market for calcium propionate in North America is fairly matured; hence, the growth is moderate when compared to other developing economies. Consumers with busy lifestyles in the North American market are on the lookout for minimally processed foods with a long shelf life.
Niacet (US), ADDCON (Germany), Impextraco (Belgium), and Macco Organiques (Canada) are some of the leading players in the global calcium propionate market. These companies adopted strategies such as expansions, acquisitions, certifications, and partnerships to strengthen their position in the market.
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