Potassium Sorbate Market

Global Potassium Sorbate Market size (2024 to 2029)

Global Potassium Sorbate Market size is expected at USD 161.55 million in 2024 and is anticipated to the extent of over of USD 205.20 million by 2029. The Potassium Sorbate Market is estimated to experience reasonable growth to record a CAGR of 4.9% throughout the estimated period 2024 to 2029.

According to the study, North America dominated the potassium sorbate market share by 38% in 2019. Potassium sorbate is widely used in food products as a preservative and is readily available and cost-effective. Potassium sorbate was initially labelled safe for consumption, but later advanced studies have revealed the flip side. Regular consumption of potassium sorbate can create several long-term health problems. Potassium sorbates have the genetic ability to block mold growth in dairy products. Manufacturers of products made from milk, such as yogurt and cheese, use this chemical extensively to extend their shelf life. There are several controversies associated with the use of potassium sorbate in food products. It affects the DNA of our body and also has several other effects that could harm the body.

Global Potassium Sorbate Market Drivers and Restraints:

Potassium sorbates are widely used in processed fruits and vegetables, and wines. Since the processed food industry is likely to accelerate in the coming years, it will definitely have an impact on the development of the global potassium sorbate market. The world's developing economies are the key to the growth of the processed fruit and vegetable industry. The emerging markets of China, India, MEA, and Africa will set the stage for the future of the processed fruit and vegetable industry, which will further affect the expansion of the global potassium sorbate market. As we know, potassium sorbate is widely used to preserve wine. The beauty and personal care products industry has grown enormously in recent years due to the emergence of consumers who are knowledgeable about beauty and hygiene products. Potassium sorbate has industrial use. The chemical is widely used in the coating of metals and wood. It is used on metals as a coating because it prevents internal injuries due to the passage of time. It also protects the wood from fungi. Potassium sorbate use could be seeing a decline in parts of the world like North America and Europe, where food safety rules are tight and strict. As excessive use of this chemical can lead to health problems, the normal Growth of This Market May Have To Go Through Troubled Waters For Years to Come.

Impact of Covid-19 On the Potassium Sorbate Market:

The potassium sorbate market is rapidly reaching pre-COVID levels, and a healthy growth rate is expected during the forecast period, driven by the economic recovery in most developing countries. However, unprecedented situations due to the expected third wave and the next waves create bleak prospects. This study strives to evaluate different scenarios of the impact of COVID-19 on the future of the potassium sorbate market from 2021 to 2028.

REPORT COVERAGE: 

This research report on the global Potassium Sorbate Market has been segmented and sub- segmented based on type, application, & region. 

Global Potassium Sorbate Market – By Type:  

• Granules
• Powders
• Liquids

Among these segments, the pellet segment contributes the largest market share. On the other hand, potassium sorbate is also in increasing demand in the wine industry, where it is used in the fermentation process and is also used as a stabilizer in the beverage industry to prevent beverages from spoiling secondary fermentation and reinfection.

Global Potassium Sorbate Market – By Applications:

• Food and beverage
• Pharmaceuticals
• Personal care
• Industrial use

In addition, the food and beverage segment is subdivided into bakery, dairy, canned food, carbonated beverages, non-carbonated beverages, and powdered mixes. The main demand for potassium sorbate comes from the food industry, followed by the pharmaceutical and cosmetic sectors.

Global Potassium Sorbate Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America dominated the potassium sorbate market with a 38% share in 2019. Sorbates have been designated by the United States FDA as a Generally Recognized Safe Ingredient (GRAS) and approved for applications in dairy products, baked goods, fruits and vegetables, fat emulsions, sugar and products, confectionery, and certain meat and seafood products.

However, at higher concentrations, sorbates affect the taste of finished products, which affects market growth. In addition, its possible side effect includes skin irritation. Therefore, regulatory agencies have introduced a maximum allowable limit (200 ppm) for its application in food and beverages. Potassium sorbate use could be seeing a decline in parts of the world like North America and Europe, where food safety rules are tight and strict.

As it is estimated that the excessive use of this chemical will lead to some health problems, this market's normal growth may have to go through rough waters in the coming years to meet the potassium sorbate market during the forecast period. The European region will also dominate a considerable part of the global potassium sorbate market in the coming years. Latin American is anticipated to make substantial opportunities for companies operating in the Potassium Sorbate Market. The Middle East and Africa are some of the main emerging regions, which will generate significant opportunities in the Potassium Sorbate Market during the anticipated period due to its health benefits continue to expand its market.

KEY MARKET PLAYERS:

Major Key Players in the Global Potassium Sorbate Market are Seidler Chemical Company, Celanese, Inc, Global Chemicals, BKM Resources, VECKRIDGE CHEMICAL, Eversprings Industries Inc, Ningbo Wanglong Group Co., Ltd, Tianjin Chemical Industry Co., Ltd, BIMAL PHARMA PVT. LTD, FBC Industries.

RECENT HAPPENINGS IN THE MARKET:

• A company called “CORE Industrial Partners LLC,” which is a Chicago-based private equity firm, announced the acquisition of J&K Ingredients Corp, a foremost producer of bakery product ingredients with an emphasis on natural products, organic and clean labelled products.
• Nutrinova announced a world price increase for sorbic acid and its salts. Prices will increase by 16% effective October 1, 2000, or as contracts allow. The company claims to have invested in the business for the long term and that this increase is necessary to achieve an adequate return on investment, especially given the rising costs of raw materials.