Propionic Acid Market Growth
The global propionic acid industry generated $1.25 billion in 2018 and is expected to bring in $1.6 billion by 2026, growing at a CAGR of 3.5% from 2019 to 2026
OREGON, PORTLAND, USA, Aug. 12, 2022 /EINPresswire.com/ — The global propionic acid industry generated $1.25 billion in 2018 and is expected to bring in $1.6 billion by 2026 , with a CAGR of 3.5% from 2019 to 2026. Allied Market Research published a report titled, “Propionic Acid Market by Application (Herbicides, Rubber Products, Plasticizers, Food Preservatives, and Others) and End-User (Pharmaceuticals, Personal Care, Food & Beverages, Agriculture, and Others): Global Industry Opportunity Analysis and Forecast, 2019-2026. ‘
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Main determinants of growth:
Significant rise in application in food and beverage industry as preservative and packaging of ready-to-eat foods, along with rise in demand for safe animal feeds, is driving the global market for propionic acid. However, adverse human health side effects and concerns over the use of herbicides are hampering the market growth. On the other hand, the application of propionic esters as solvents and propionic acid as antibiotics offers new opportunities in the coming years.
Main market players:
• BASF SE
• Eastman Chemical Company
• Perstorp Holding AB
• Otto Chemie Pvt. ltd.
• Merck KGaA
• Oman Oil Company SAOC
• Celanese Corporation
Food Preservatives Segment to Dominate Over the Forecast Period:
Based on applications, the food preservatives segment accounted for more than two-fifths of the total global propionic acid market share in 2018 and is expected to dominate during the forecast period. This is attributed to the preference for ready-to-eat foods and the demand for propionic acid to reduce spoilage. However, the rubber products segment is expected to maintain the highest CAGR of 5.1% from 2019 to 2026. This is due to the increase in use as an intermediate for the production of rubber from the automotive industry.
The food and beverage segment will contribute its highest share by 2026:
Based on end-use industry, the food and beverage segment held the largest share of the global propionic acid market, accounting for more than two-fifths of the total share in 2018, and is expected to contribute its share highest throughout the forecast period. This is attributed to the application of propionic acid as a food preservative in breads, cheeses, cakes, jams, soft drinks, jellies and other processed foods to prevent the growth of molds and bacteria. However, the agriculture segment is expected to grow at the highest CAGR of 4.4% from 2019 to 2026.
North America will see the fastest growth:
Based on regions, North America is estimated to have the highest CAGR of 4.0% from 2019 to 2026, driven by growth in the agriculture sector and increase in demand for poultry products. However, Europe contributed the highest market share in 2018, holding nearly two-fifths of the global propionic acid market, and is expected to maintain its revenue dominance by 2026. This is due to the presence of numerous producers and suppliers of propionics. acid and soaring investment in the food industry.
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