Potassium Sorbate Market Size – USD 269.2 Million in 2018, Potassium Sorbate Market Growth – CAGR of 4.1%
NEW YORK, NY, UNITED STATES, March 30, 2020 /EINPresswire.com/ — The Global Potassium Sorbate Market is forecast to reach USD 373.3 Million by 2027, according to a new report by Reports and Data. Potassium Sorbate or (K-Sorbate) is an odorless partly hygroscopic crystalline common potassium salt of sorbic acid, which is manufactured by complete neutralization of sorbic acid with a high purity potassium carbonate or potassium bicarbonate and subsequent crystallization. Potassium sorbate is approved by the European Union (EU) and European Free Trade Association (EFTA) as a safe food additive with a distinctive E-Number of E202. The global market is growing at a substantial pace due to the growing demand for potassium sorbates in food preserving applications as a fungistatic agent. Continuous expansion of the food & beverage industries has directly influenced the growth of potassium sorbate as this chemical is utilized in the food-grade applications such as fruits & vegetables, pickles, fruit juices, dairy products, syrups, jams, sauerkraut, and dried fruits, to name a few and also in pharmaceutical & alcoholic beverages.
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The Asia Pacific region is expected to retain its dominance in the global market. The market is North America is growing at a significant pace due to the extensive use of potassium sorbate in food preservatives and cosmetics. China and India are some of the fastest-growing markets in the world, and the United States and China hold some of the most prominent players in the market.
Further key findings from the report suggest
• Growing penetration of the online retailing businesses for the chemicals and materials, especially in the emerging nations in the Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, due to the non-involvement of distributors in the supply chain model, the profit margin is way more than that of the offline retailing sales channel. The online retailing is expected to gain a market share of 33.9% by 2027.
• Potassium sorbate is used as food preservatives for its antimicrobial properties, which protects the food product from growing any fungi that can potentially spoil the quality and smell of the food. Potassium Sorbate acidulant increases the shelf-life of the food. Food & beverage items sub-segment had the highest market and growing with a CAGR of 3.9% during the forecast period.
• European region is forecasted to witness significant growth in the overall market, with 15.6% of market possession by 2027, having grown with a CAGR of 2.1% during the forecast period. The Netherlands holds some of the most prominent players in this region.
• North America, with its high demand for potassium sorbate fungistatic agents & antifoulants, is accounted to retain a significant position in the global market by 2027, and the CAGR is calculated to be 4.5% during the forecast period.
• Key participants include APAC Chemical Corporation, Sorbic International PLC, Celanese Corporation, Wanglong Chemicals, Parchem, Jinneng Science & Technology Co. Ltd., FBC Industries Inc., Independent Chemical Information Service, Lubon Industry Co. Ltd., and Tengzhou Aolong Fine Chemical Co. Ltd., among others.
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For the purpose of this report, Reports and Data have segmented the global potassium sorbate market on the basis of distribution channel, application, end-use verticals, and region:
Distribution Channel Outlook (Revenue, USD Million; 2016-2027)
• Online Retailing
• Offline Retailing
Application Outlook (Revenue, USD Million; 2016-2027)
• Fungistatic Agent
• Buffering Agent
• Other Applications
End-Use Verticals Outlook (Revenue, USD Million; 2016-2027)
• Food & Beverage Items
• Pharmaceutical Industry
• Personal Care Products
Regional Outlook (Revenue, USD Million; 2016-2027)
• North America
• Asia Pacific
• Latin America
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Source: EIN Presswire