According to a new study by FMI, sales of sodium malate are expected to surpass US$ 523 Mn in 2019. The increase in the consumption of processed food products is propelling the global sodium malate market growth.
This FMI study offers incisive insights into the sodium malate market for the forecast period between 2019 and 2027. The sodium malate market is projected to record a CAGR of over 4.0% through 2027.
“The market for sodium malate is booming, in parallel with the ever-changing consumer food habits. The increasing tendency to consume more and more processed food and decreasing trend of cooking a meal at home is increasing the demand for food additives and driving the global sodium malate market growth.” says FMI report.
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According to FAOSTAT data, the food and beverages industry generated approximately US$ 12.5 trillion of revenue, which summed up to 17% of world GDP, in 2013. Sodium malate is a sodium salt of malic acid and is used extensively in the food and beverages industry. Sodium malate is used predominantly as a food additive in food products such as bakery and confectionery, desserts, flavoured and soft drinks, meat products, etc. Sodium malate in the food and beverages industry functions as a flavouring agent, acidity regulator, and buffering agent.
Sales Continue to Benefit from Staggering Growth in Processed Food Products Sales
The food and beverages industry is flourishing, owing to the increased consumption of confectioneries and similar processed food products. With the advent of industrialization and increasing population, significantly in Asian countries, the bakery and confectionery industry is rapidly expanding in the region. This is increasing the demand for food additives and thus, driving the global market of sodium malate. According to the report, the food and beverage industry is expected to remain strong over the forecast period of 2019-2027.
According to the report, the increasing demand for cosmetics and personal care products is creating positive outlook in the global sodium malate market. Cosmetics and personal care industry is expected to account for ~30% of the market share by value. Sodium malate is used as a cosmetic additive, functioning as a skin conditioning agent and humectant. Sodium malate is also being used in the formulation of anti-aging, as well as lightening and whitening agents. Moreover, sodium malate is currently being researched for use as a pH adjuster in low concentration. The cosmetic industry has expanded and evolved rapidly over the last decade and is one of the major industries with high potential, which also brings promising potential for sodium malate. The cosmetic industry is well-established in developed markets such as North America, Europe, and Oceania, and is growing in other markets such as Asia and Middle East & Africa, presenting increased opportunity for sodium malate. Especially in developing nations such as India, Brazil, China, etc. the percentage of middle-class population is increasing at a rapid rate and increase in the income of middle-class population is observed. This increased demand for cosmetics and personal care products is expected to create promising market potential in the global sodium malate market.
Flourishing F&B Sectors to Bolster Sodium Malate Demand for Processed Foods
The research analysis by FMI reveals that the sodium malate market has promising future and increased opportunity in the developing countries. According to UN data of 2018, more than half of the world population is residing in urban areas and is projected to add 2.5 Bn by 2050, which will be approximately 68% of the total world population. Out of this additional 2.5 Bn urban population, 90% will be contributed by Asia and Africa, owing to the high growth rate of the population.
Major industry players of food and beverages, cosmetics, and pharmaceutical industries are entering these low urbanized regions, eyeing the availability of workforce and ease of business. With an increase in urbanization and industrialization, accessibility of consumer goods such as bakery, confectionery, soft drinks, cosmetics, and personal care products is improving in developing nations, ultimately increasing the consumption of these products. Sodium malate used as a food additive, has increasing opportunities in developing nations.
According to the report, use of sodium malate in the animal feed industry is likely to drive the global market insignificantly. Sodium malate is available in feed and/or fodder grade in the industry. Sodium malate is used as a feed ingredient for technological purposes and is being researched for use in new products. Sodium malate is also used as an acidity regulator and flavouring agent for feed products. The increasing population is also resulting in increasing meat consumption, and in order to increase meat production, animal feed is supplemented with various feed ingredients.