This is the potassium salt of sorbic acid. Like the latter, it is a preservative (antimicrobial, antifungal). A common Acceptable Daily Intake (ADI) of 3 mg/kg bw/day is defined for sorbic acid (E200) and potassium sorbate (E202). There is no a priori risk of exceeding this ADI. There was controversy about the potential mutagenicity of sorbates in association with nitrites, but this has since been disproved.
Certain cheeses, gnocchi, bread products, certain cold meats, sweets, pastries, sauces, certain alcoholic drinks, jams, jellies, marmalades, seasonings, etc..