Propionic Acid Market Size, Growth Rate & Forecast (2019 - 2025)
According to the latest reports published by Research Cosmos, Propionic Acid Market is expected to witness a Decent growth, at an estimated CAGR of xx%, over the period of 2019 - 2025.
Growth Drivers
One of the major factors driving the growth of the market studied is the increasing demand for grain preservatives and safe animal feed. The growth of the expanding convenience food industry has resulted in a significant contribution to the growth of the market studied.
Organic acids, such as propionic acid, play a very important role in the preservation of grain. Fungi and mycotoxins cause liver problems, immunity issues, and various other problems in animals. Organic acids, when mixed with grains in small quantities, help arrest the growth of mycotoxins, which is very beneficial for animal health. Propionic acid is also effective against molds or fungi and helps in the storage of grains for longer periods in high moisture places. Another beneficial property of propionic acid, especially in animal farming, is the improvement in digestion of proteins, which aid in good growth and maintaining the good health of the animal. The demand for animal feed is growing steadily across the world due to the rising population, leading to an increase in food demand for human consumption. The increasing feed demand and growth in awareness on grain preservation and safe animal feed are expected to significantly boost the demand for propionic acid during the forecast period.
In the agriculture industry, propionic acid is used as a preservative in animal feed and grain. It is also used to sanitize the surface of places where silage and grain are stored. Additionally, they are used as an anti-bacterial agent in water, which is used for drinking purposes by livestock. They are even sprayed onto poultry litter to kill fungi and bacteria. With the world population expected to grow by 2.3 billion people between 2009 to 2050, and the per capita income also following a rising trend; the demand for food will increase at a rapid rate through the years, thereby, driving the agricultural sector worldwide. According to published data by the Food and Agriculture Organization of the United States, feeding a world population of 9.1 billion people in 2050 would require raising overall food production by around 70% between 2005/07 and 2050. In developing countries, food production needs to be doubled by 2050. Annual cereal production is required to grow by almost one billion tons, meat production by over 200 million tons to reach a total of 470 million tons in 2050. Furthermore, according to their projections, average daily energy availability is expected to reach 3,050 kcal per person by 2050 (with 2,970 kcal in the developing countries). Such positive growth factors are expected to drive the agriculture sector, globally, which in turn, is expected to augment the consumption of propionic acid in the agriculture sector through the forecast period.
This research report includes following segmentation for the Propionic Acid Market:
Propionic Acid Market – By Application
- Animal Feed & Food Preservatives
- Calcium, Ammonium, and Sodium Salts
- Cellulose Acetate Propionate
- Herbicides
- Plasticizers
- Rubber Products
Propionic Acid Market – By End User
- Agriculture
- Food & Beverage
- Personal Care
- Pharmaceutical
On the basis of End-user, the food industry of France accounts for 20% of the total manufacturing market. Dairy and meat farming brings in around 33% of the total revenue and beverage market brings in around 16% of total industry revenues. French regulations on food and beverages are very strict and exceed the EU standards. The products are to be certified by DGPP, the new French Authority for Protection of Populations. France comes in the first position in agricultural producers in the European region. Over 60% of the country’s agricultural produce goes out of the country.
Propionic Acid Market – By Geographic
- North America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Middle-East & Africa
Regionally, the Europe region dominated the global market share. With the increasing investments for agriculture and the food industry in countries such as Russia, France, and Germany, the demand for propionic acid is increasing in the region. The agriculture sector in Russia has indeed increased the production of some food items since the ban has been imposed. The companies in the country produced 17.5% more beef in the year 2016, as compared to 2014. The production of pork increased by 30.6% during the same period, whereas the production of poultry and frozen vegetables rose by 11.9% and 31.6%, respectively. The imports of food in the last 3 years dropped by almost half from USD 43 billion to USD 25 billion. In the same time period, the overall Russian agricultural production has increased by 11%. The consumption of meat and poultry in Russia is increasing by 5% year on year.
Some of the promising companies leading the Propionic Acid Market are:
- BASF SE
- DowDuPont
- Eastman Chemical Company
- Hawkins Inc.
- BASF-YPC Company Limited
- Yancheng Huade Biological Engineering Co. Ltd
- Perstorp
- Daicel Corporation
- Sasol
- Shanghai Jianbei Organic Chemical Co. Ltd
- Macco Organiques Inc.
- Yancheng Hongtai Bioengineering Co. Ltd
- Celanese Corporation
- OXEA GmbH
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