January 11, 2024 08:57 ET | Source: Emergen Research Emergen Research
Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global sodium caseinate market size was USD 5.09 Billion in 2022 and is expected to register a revenue CAGR of 4.4% during the forecast period. Rising product demand from the food and beverage industry, growing adoption of ready-to-drink beverages and protein enriched drinks, rising consumer awareness in health and wellness and rising demand for cosmetics and personal care products are expected to drive revenue growth of the market. Commercial Concrete High Performance Water Reducing Agent
Sodium caseinate is being extensively used in various high-tech industries and specialized applications such as food and beverage, pharmaceuticals, cosmetics, chemicals, and others. High product demand from food and beverage industry due to rising popularity of food additives and expanding requirement for protein-enriched drinks in recent years is driving revenue growth of the market. This demand for food additives is expected to rise over the next ten years, with the demand for food and drinks industry expected to rise at an annual growth rate of 12.41%, resulting in a market volume of USD 3.80 Billion by 2027. Most of this demand will be driven by food stabilizers and emulsifiers used in beverage applications.
Rising economic challenges and availability of alternatives pose a significant barrier to market revenue growth. Sodium caseinate faces high competition from other protein-enriched ingredients such as pea protein and soy protein. The complex and resource-intensive manufacturing process involves refining raw materials to exacting standards, requiring advanced technology, specialized equipment, and skilled labor, all of which contribute to higher operational expenses. Rising negative perceptions related to health effects due to sodium caseinate could negatively affect market revenue growth. This prompts potential buyers to explore more cost-effective alternatives, which is restraining the revenue growth of the market.
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On the basis of grade, the global sodium caseinate market is segmented into food grade and industrial grade. Food grade sodium caseinate segment accounted for largest revenue share in the global sodium caseinate market in 2022 due to the rising demand for this segment as an emulsifier, stabilizer and thickeners. Food grade sodium caseinate requires high-quality food grade raw materials during operation, and sodium caseinate is particularly effective in strict adherence to quality and safety, ensuring optimal performance and longer shelf life. In addition, the rising demand for stabilizers and emulsifiers in recent years is driving revenue growth of food grade sodium caseinate. Leading manufacturers in this market are allocating increased resources to research and development to provide tailored products that align with specific application needs.
On the basis of distribution, the global sodium caseinate market is segmented into offline and online. Offline segment accounted for largest revenue share in the global sodium caseinate market in 2022 due to the rising demand for sodium caseinate in various industries. Offline distribution offers the potential for distribution through traditional stores and outlets, making it an attractive option for manufacturers seeking functional advantages. In addition, offline technology allows for precise control of product quality and delivering customer’s needs, resulting in a higher purity of distribution of sodium caseinate.
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Asia Pacific accounted for largest revenue share in 2022 due to growing adoption of food ingredients in countries across the region, especially in China, Japan, South Korea, and India. The primary products within this category encompass food additives, emulsifiers, free-fat Stabilizers, and others. According to CRIS Group, in 2021, the National Health Commission of the People's Republic of China issued five new food additive approval notices, of which 35 new food additives were approved. Data from NHC and China National Food Safety Risk Assessment Center in 2021 shows that a total of 63 new applications for food additives were accepted and 49 new food additives passed technical review and released for public comment. Compared to 2020, the number of approved products in 2021 decreased by 10, and products subject to public comments increased by 22, of which 53. 1% were new food enzymes.
North America market is expected to register a fast revenue growth rate during the forecast period due to rising demand for food and beverage industries in countries across the region especially in U.S. and Canada. As per the U.S. Department of Agriculture, in 2021, food and beverage processing facilities, constituting approximately 15.4% of all U.S. manufacturing jobs and slightly over 1.1% of total non-agricultural employment in the United States, employed a workforce of 1.7 million individuals. The meat processing sector had the highest percentage of workers within the food and beverage manufacturing industry, accounting for 30.6%, with bakery and tortilla manufacturers following at 14.7%.
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Major Companies and Competitive Landscape
The global sodium caseinate market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective sodium caseinate. Some of the major companies included in the global sodium caseinate market report are:
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For the purpose of this report, Emergen Research has segmented global sodium caseinate market on the basis of grade, distribution, application, end-use, and region:
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