Market Trends of Potassium Metabisulfite Industry
This section covers the major market trends shaping the Potassium Metabisulfite Market according to our research experts:
Increasing Demand from the Food and Beverage Segment
- Potassium metabisulfite, also called potassium pyrosulfite, is a white crystalline powder having a pungent odor. It has a monoclinic crystal structure due to which gives potassium sulfite and sulfur dioxide on decomposition.
- The growing use of potassium metabisulfite as an additive in wine owing to its antioxidant properties is stimulating the demand for potassium metabisulfite. During the process of winemaking, potassium metabisulfite reacts to form sulfur dioxide, which helps to protect the color and delicate flavors of wine.
- Potassium metabisulfite is used in the brewing industry as a stabilizer to prevent the growth of bacteria and fungi. It is also added to tap water during the process of disinfection for neutralizing monochloramine.
- Additionally, potassium metabisulfite is also used as a food preservative in lemon juice and pickles.
- The significant growth in the food and beverage industry is propelling the demand for potassium metabisulfite across the world.
- According to Statista Market Forecast, the revenue from the food and beverage segment is estimated at USD 276,904 million in 2021. The revenue is expected to show a CAGR of over 8% during the period 2021-2025, and it is expected to reach USD 379,650 million by 2025.
- Owing to all the above-mentioned factors for potassium metabisulfite, its market is expected to grow rapidly over the forecast period.
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European Region to Dominate the Market
- The European region is expected to dominate the market for potassium metabisulfite during the forecast period. In countries like the United Kingdom and Germany, owing to a large consumer base due to the increasing youth population and their dependence on beer and other alcoholic drinks, the demand for potassium metabisulfite has been increasing in the region.
- Europe is the major producer and consumer of wine, with more than 55% of the consumption share of wine, owing to which there is a surge in demand for potassium metabisulfite in the region.
- The European alcoholic beverage market is expected to register a CAGR of over 3% during the forecast period, which would provide lucrative opportunities for the potassium metabisulfite market to grow in the near future.
- According to the Statista market forecast, the food and beverage industry in Germany generated a revenue of USD 2.53 billion in 2020, witnessing a rise of 31% compared to 2019. Also, the revenue is expected to reach USD 3.59 billion in 2025.
- Also, the United Kingdom generated a revenue of USD 8.5 billion in 2020, and it is projected to reach USD 10.9 billion in 2025.
- Some of the major companies operating in the European region are LAFFORT, Alkaloid AD Skopje., and BASF SE.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for potassium metabisulfite during the forecast period.
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