As mid-q3 began, the price of Potassium Sorbate increased somewhat. This upward trend has been strongly supported by growing domestic inquiries and increased consumer confidence, which has increased imports from exporting countries. The price increase for Potassium Sorbate serves as a reminder of how interconnected the world economy is. Global repercussions may result from a disturbance in one area of the world. In this instance, the COVID-19 pandemic and Ukraine conflict have contributed to higher Potassium Sorbate prices.

Prices have shown a declining price trajectory for Potassium Sorbate in the North American region since the beginning of 2023. At the same time, it stabilized in early August and is anticipated to hold up for the duration of this month. A white, odorless powder called Potassium Sorbate is used to keep bacteria, yeast, and mold from growing on food. The rising use of Potassium Sorbate in the pharmaceutical sector is also anticipated to boost the growth of the Potassium Sorbate market. It is a common component in many foods. The production of adhesives, coatings, and lubricants in non-food industries also frequently uses Potassium Sorbate as a preservative. Liquid pharmaceutical formulations like syrups, suspensions, and oral solutions are just a few examples. A slight increase in consumption in these sectors supported the trend of rising prices during August 2023. Additionally, until July and the start of August, prices for sorbic acid remained on the lower side when compared to the feedstock market. Additional projections indicate that this will only move in a southerly direction.

Moreover, as one of the main exporters of Potassium Sorbate to the US, China has seen a significant increase in its inquiries in the early weeks of August. Also, since the previous month, the freight costs related to the transport of goods have increased. Geopolitical tensions in the world market, such as the conflict between Russia and Ukraine, were blamed for this. This, in turn, had a greater impact on the overall supply dynamics for both the upstream and downstream markets for Potassium Sorbate in the United States. However, due to sufficient stockpiles at the warehouses as of early Q1-2023, market participants anticipate successfully meeting the downstream usage of Potassium Sorbate.

As per the anticipation of ChemAnalyst, “Potassium Sorbate prices are anticipated to stay on the optimistic side in the upcoming months. Regional market inquiries are anticipated to increase, which can be easily balanced with overall domestic supplier availability. Additionally, because the price of upstream sorbic acid has decreased, market participants may order their products in advance and pay less for the finished goods.”