Propionic Acid Market to Surpass 1.42 Billion by 2030 Drives Due to Growing Need for Animal Feed
SkyQuest projects that the propionic acid market will attain a value of USD 1.42 billion by 2030, with a CAGR of 3.78% over the forecast period (2023-2030). The global population is projected to reach 9.1 billion by 2050 as per the published data from the Food and Agriculture Organization of the United States. Food production will need to increase by approximately 70% to meet the dietary needs of growing population. This increase in food production is crucial, especially in developing countries where the demand for food is expected to double by 2050 in the propionic acid market.
Westford,USA, Aug. 09, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the demand for propionic acid market is expected to significantly boost during the forecast period with the growing need for animal feed and the increasing awareness of grain preservation techniques. In addition, the ability of propionic acid to inhibit the growth of harmful microorganisms ensures the safety and longevity of animal feed, further driving its adoption in the agricultural sector.
Browse in-depth TOC on “Propionic Acid Market”
- Pages – 265
- Tables – 67
- Figures – 75
Propionic acid, known for its antifungal properties, is crucial in preserving grains and animal feed. Its effectiveness against moulds and fungi makes it an ideal solution for storing grains in high-moisture environments, extending their shelf life and maintaining quality in the propionic acid market.
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Prominent Players in Propionic Acid Market
- BASF SE
- Dow Chemical Company
- Eastman Chemical Company
- Perstorp Holding AB
- Celanese Corporation
- Daicel Corporation
- A.M. Food Chemical Co. Ltd.
- Biomin Holding GmbH
- Hawkins, Inc.
- Kemin Industries, Inc.
- Macco Organiques Inc.
- Merck KGaA
- Niacet Corporation
- Prathista Industries Ltd.
- Qingdao Jiutai Biotechnology Co. Ltd.
- Shandong Tong Tai Wei Run Chemical Co. Ltd.
Food and Beverages Segment is Expected to Dominate the Market Due to the Increasing Demand for Grain Preservatives
Food and beverages segment emerged as a dominant contributor, accounting for approximately 35-40% of the revenue in the propionic acid market. Propionic acid plays a crucial role as a preservative in the food industry, particularly in preserving bread and other baked goods. In addition, its antimicrobial properties help prevent the growth of moulds, bacteria, and other microorganisms, ensuring the freshness and extended shelf life of these food products.
The markets in North America hold the second-largest market share, driven by various factors in the propionic acid market. One of the key factors contributing to the market’s growth is the increasing demand for grain preservatives and the need for safe animal feed. In addition, propionic acid plays a vital role in preserving grains and ensuring their quality during storage, which is crucial for the agricultural and livestock industries in the region.
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Animal Feed Segment is Expected to Grow the Market Due to the Increasing Demand for High-Quality Feed Products
Animal feed segment emerged as the largest application segment in the propionic acid market. This growth can be attributed to the increasing demand for high-quality feed products and improved animal nutrition in the global market, which is expected to grow at a highest CAGR.
Regional markets in the Asia Pacific are expected to experience a significant growth rate during the forecast period, driven by the increasing demand for food preservatives and the growing pharmaceutical industry in countries such as China, India, and Australia. In addition, the rising disposable income in the region has led to increased consumption of ready-to-eat food, mainly processed meats, further fueling the demand for propionic acid market.
A comprehensive analysis of the major players in the propionic acid market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Propionic Acid Market
- Afyren, a pioneering biotechnology startup, recently initiated the construction of Afyren Neoxy, a groundbreaking industrial-scale factory dedicated to green chemistry manufacturing of various organic acids, including acetic acid, propionic acid, butyric acid, isobutyric acid, valeric acid, isovaleric acid, and hexanoic acid.
- Recently, BASF made a significant milestone by introducing propionic acid (PA) and neopentyl glycol (NPG) products with a cradle-to-gate product carbon footprint (PCF) of zero. The branded products, “NPG ZeroPCF” and “PA ZeroPCF,” are manufactured at BASF’s state-of-the-art facility in Ludwigshafen Verbund, Germany. BASF has achieved this remarkable feat by leveraging its innovative Verbund production system and adopting the biomass balance (BMB) method.
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Key Questions Answered in Propionic Acid Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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