Technavio's latest market research report on the global propionic acid marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global propionic acid market from 2017-2021. (Photo: Business Wire)
The global propionic acid market is expected to have a substantial growth during the forecast period due to the increasing demand from the pharmaceutical, food and beverage, and chemical industries.
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The top three emerging market trends driving the global propionic acidmarket according to Technavio research analysts are:
- Growing consumption of processed and packaged food products
- Increasing demand from pharmaceutical industry
- Rising demand for vitamin E
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Growing consumption of processed and packaged food products
The demand for processed food items and packaged foods is increasing due to the changing life style and rise in the disposable income of individuals. Sodium propionate and calcium propionate is widely used as a preservative and additive in processed and packaged foods to improve the shelf-life of the products. They reduce the storage cost and material handling cost. Calcium propionate is widely used in processed food items such as meat, bacon, bakery products, bread, pie crust, and cheese cakes. Sodium propionate can also be used as a food preservative, an additive, and a flavoring agent. Cheese products with a pH of less than 6.5 contain moderate amounts of propionic acid as a preservative.
"Propionic acid helps reduce food wastage and prevents contamination of food from bacterial attacks. It also helps to maintain the freshness of the packaged food and reduces decay from moisture and gaseous substances. Thus, the growing consumption of processed and packaged food products will continue to propel the growth of the market during the forecast period," says Kurva Samba Sivudu, a lead analyst at Technavio for specialty chemicals research.
Increasing demand from pharmaceutical industry
Propionic acid acts as an excellent preservative and food additive but also finds applications in the pharmaceutical industry and as antifungal agents and antiseptic agents. It is used to manufactures pharma products such as steroidal drugs and NSAIDs. Pharmaceutical companies generally include small doses of propionic acid in drugs. Aspirin and ibuprofen are added to NSAIDs as esters.
"Propionic acid is used in small proportions in fluticasone inhalers. It is also being used in drug formulations such as anticoagulants, antibiotics, cholesterol-lowering drugs, and others. Thus, the increasing demand for propionic acid from the pharmaceutical industry will continue to propel the market for propionic acid during the forecast period," says Kurva
Rising demand for vitamin E
Propionic acid can also be used as an essential element in the manufacture of vitamin E. Approximately, 45,000 to 50,000 metric tons of vitamin E is produced worldwide using propionic acid. It is also used as a nutritive enhancer in animal feed. There is an increased demand for propionic acid from the US and Europe for animal feed. Asia and South America are emerging markets, and it is expected that the demand from APAC will be significantly high during the forecast period.
Even though vitamin E is directly obtained from the green fodder and wheat gram, but the vitamin content declines as the plant grows. Therefore, farmers must depend on artificially prepared vitamin E when manufacturing feed mixes for the animals especially for pigs and poultry. Additionally, vitamin E injected in processed meat helps to maintain the freshness and quality. Vitamin E enhances cell metabolism and acts as an antioxidant in human beings. The increasing use of vitamin E in cosmetics, shampoo, hair sprays, and skin creams will incrementally boost the growth of the propionic acid market during the forecast period.
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