Sodium Propionate Prices December 2023
Product
|
Category |
Region |
Price |
Sodium Propionate |
Specialty Chemical |
China |
1185 USD/MT |
The price of sodium propionate in China for Q4 2023 reached 1185 USD/MT in December. The rise in the demand for sodium propionate was the primary factor, driven by robust economic growth and increased consumer spending. This heightened demand created a constrained market with limited supply, leading to elevated prices.
Sodium Propionate Price Trend, Market Analysis, and News
IMARC’s newly published report, titled “Sodium Propionate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of sodium propionate pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.
It encompasses an in-depth review of spot price of sodium propionate at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of sodium propionate price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing sodium propionate price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.
Sodium Propionate Market Analysis
The global sodium propionate market size reached US$ 51.3 Million in 2023. By 2032, IMARC Group expects the market to reach US$ 97.9 Million, at a projected CAGR of 7.50% during 2023-2032.
- The rising demand for food preservatives represents one of the key factors in the growth of the market across the globe. As global food production and distribution increases, the need to extend shelf life and maintain food safety standards boosts the demand for effective preservatives such as sodium propionate. For instance, in February 2024, Cragill, a leading global food and agriculture company, was conferred with two recognitions for ‘Significant Achievement in Food Safety’ at the Confederation of India Industry (CII) Food Safety Awards 2023, for its commitment towards best in class food safety practices in India.
- According to the latest data from the Food and Agriculture Organization of the United States, the global production of primary crop commodities reached 9.5 billion tonnes in 2021, increasing by 54% since 2000 and 2% since 2020.
- The increasing consumption of processed and packaged foods, especially in urban areas and developing economies is contributing to the growth of the market. This trend necessitates the use of preservatives to ensure the longevity and safety of these products, which is propelling the market growth. According to the data from Invest India, India's agricultural and processed food products exports were up by 13% to $19.69 billion in nine months of the current fiscal (2022-23) compared to the same period last year. The share of processed food exports in agri-exports has increased substantially from 13.7% in 2014-15 to 25.6% in 2022-23.
- The growing awareness among consumers about food additives, along with the rising preference for products with longer shelf lives without compromising on safety or quality is also contributing to the growth of the market. For instance, in October 2022, the EU-funded project FoodSafety4EU, and the European Food Information Council (EUFIC) launched a social media campaign about food additives, based on an analysis of consumer's questions and concerns. Although food additives must prove a purpose and undergo strict safety evaluations, they are a source of concern for consumers.
- Sodium propionate is approved and recognized as safe by major regulatory bodies, such as FDA and EFA. This acceptance facilitates its widespread use in the food industries and encourages manufacturers to incorporate it into their formulations.
- The growing food and related industries are facilitating the market growth. According to the data from The US Department of Agriculture, agriculture, food, and related industries contributed roughly dollar 1.420 trillion to US gross domestic product (GDP) in 2022, a 5.5% share.
Sodium Propionate News
The report covers the latest developments, updates, and trends impacting the global sodium propionate market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in sodium propionate production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the sodium propionate price trend.
Latest developments in the sodium propionate industry:
- In September 2022, Cragill plans to introduce a soluble corn fiber ingredient commercially next year, and Kemin Industries introduced Shield Pure, a mold inhibitor that offers bakers a one-to-one replacement for synthetic mold inhibitors.
- In January 2024, Kemin Industries, a global ingredient manufacturer that strives to sustainably transform the quality of life every day for 80% of the world and its products and services, conducted extensive research that served as the basis for the US Food and Drug Administration (FDA) Center for veterinary medicines approval of the use of chromium propionate as a source of chromium in growing Turkey diets.
Product Description
Sodium propionate refers to the sodium salt of propionic acid with the chemical formula C3H5NaO2.
It appears as a white, crystalline solid or powder and is soluble in water. This compound is extensively employed as a food preservative under the E number E281.
The primary function of sodium propionate is to inhibit the growth of mold and some bacteria, thereby extending the shelf life of various food products such as cheeses, baked goods, and confections.
It works by disrupting the metabolism of mold and bacteria, which prevents their growth and proliferation.
Sodium propionate is particularly effective in acidic conditions, thus making it a suitable preservative for products with a low pH.
It is generally recognized as safe (GRAS) by regulatory agencies such as the US Food and Drug Administration (FDA) and European Food Safety Authority (EFSA) due to its low toxicity and minimal side effects.
Regional Coverage
The report provides a detailed analysis of the sodium propionate market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the sodium propionate price trend.
Global Sodium Propionate Price
The report offers a holistic view of the global sodium propionate pricing trends in the form of sodium propionate price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of sodium propionate but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.
The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed sodium propionate demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.
Europe Sodium Propionate Price
During the fourth quarter of 2023, the sodium propionate market in the European region experienced significant price variations. Commencing in October, prices increased due to hiding demand from the domestic market’s downstream sector. This uptick was further influenced by Europe’s status as a major importer, with pricing trends shaped by escalating costs in exporting nations. Concurrently, market players strategically placed bulk orders to replenish inventories, contributing to the prevailing pricing trend. Later in December, sodium bicarbonate prices experienced a decline. The primary catalyst for this reduction was the year-end destocking activity undertaken to clear existing stock at lower prices, preparing for the replenishment of inventories with fresh stocks in the ensuing months.
This analysis can be extended to include detailed sodium propionate price information for a comprehensive list of countries.
Region |
Countries Covered |
Europe |
Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America Sodium Propionate Price
During the fourth quarter of 2023, the sodium propionate market in the North American region witnessed significant price fluctuations. In December, the threat broadened to all ships passing through the Red Sea, even those with no links to Israel, due to missile attacks, further tightening the market situation in the North American region. Later in December, sodium bicarbonate prices experienced a decline. The primary catalyst for this reduction was the year end destocking activity undertaken to clear existing stock at lower prices, preparing for the replenishment of inventories with fresh stocks in the ensuing months.
Specific sodium propionate historical data within the United States and Canada can also be provided.
Region |
Countries Covered |
North America |
United States and Canada |
Middle East and Africa Sodium Propionate Price
The report explores the sodium propionate pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.
In addition to region-wise data, information on sodium propionate prices for countries can also be provided.
Region |
Countries Covered |
Middle East & Africa |
Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Asia Pacific Sodium Propionate Price
During the fourth quarter of 2023, the sodium propionate market in the Asia Pacific region witnessed various influences. The escalating costs of ocean freight contributed to an overall increase in export prices, further impacting market dynamics. Labor shortages in different sectors, such as agriculture and manufacturing, compelled companies to offer higher wages to attract and retain workers, thereby increasing production costs. Initially, prizes experienced A marginal decrease due to a surplus of sodium propionate, prompting producers to take drastic measures to clear inventory amid challenging market conditions.
This sodium propionate price analysis can be expanded to include a comprehensive list of countries within the region.
Region |
Countries Covered |
Asia Pacific |
China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America Sodium Propionate Price
The analysis of sodium propionate prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
This comprehensive review can be extended to include specific countries within the region.
Region |
Countries Covered |
Latin America |
Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Report Coverage
Key Attributes |
Details |
Product Name |
Sodium Propionate |
Report Features |
Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Sodium Propionate Price Analysis, and Segment-Wise Assessment. |
Currency/Units |
US$ (Data can also be provided in local currency) or Metric Tons |
Region/Countries Covered |
The current coverage includes analysis at the global and regional levels only.
Based on your requirements, we can also customize the report and provide specific information for the following countries:
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand*
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece*
North America: United States and Canada
Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru*
Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco*
*The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
Information Covered for Key Suppliers |
- Company Overview
- Business Description
- Product Portfolio
- Recent Trends and Developments
|
Customization Scope |
The report can be customized as per the requirements of the customer |
Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
- Scope
- Historical Data for the Current Month
- Forecast for Next Month
- Total Deliverables Per Year: 12 (One Per Month)
- Includes: One PDF and Excel datasheet per month, Post Purchase Analyst Support throughout the year
Plan B: Quarterly Updates - Annual Subscription
- Scope
- Historical Data for the Current Quarter
- Forecast for Next Quarter
- Total Deliverables Per Year: 4 (One Per Quarter)
- Includes: One PDF and Excel datasheet per Quarter, Post Purchase Analyst Support throughout the year
Plan C: Biannually Updates - Annual Subscription
- Scope
- Historical Data for the Current Half
- Forecast for the Next Half
- Total Deliverables Per Year: 2 (One Per 6 Months)
- Includes: One PDF and Excel datasheet per Half, Post Purchase Analyst Support throughout the year
|
Post-Sale Analyst Support |
360-degree analyst support after report delivery |
Delivery Format |
PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of sodium propionate pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
- The study examines factors affecting sodium propionate price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
- The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
- IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The sodium propionate price charts ensure our clients remain at the forefront of the industry.