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The propionic acid market is forecast to reach $1.77 billion by 2025, after growing at a CAGR of 5.67% during 2020-2025. The growing demand for the conservation of grain and healthy animal feed. The expanding convenience food industry’s growth has resulted in a significant contribution to propionic acid market growth.
Key Takeaways
Due to the expansion of the animal feed additives industry in Australia, India, and China, the Asia Pacific market is expected to grow at a CAGR of over XX percent from 2019 to 2025. The Chinese market for propionic acids is characterized by increased demand for food preservatives and pharmaceuticals.
The demand for propionic acids comprises some of the major chemical manufacturing companies are investing heavily in expanding capability and creating applications. BASF, Eastman Chemical Company, Monsanto, Perstorp and Biomin Holdings GmbH are some key players on the market.
Increasing demand for mold & bacteria in animal feed, curbing additives coupled with growing concern for improving animal nutrition is expected to drive growth in the industry.
Carboxylic acid and ethane carboxylic acid is used as an active ingredient in a number of drug formulations such as antibiotics, anticoagulants, cholesterol-lowering statins, and non-steroidal anti-inflammatory drugs (NSAIDs). As the global geriatric population leads to the increased demand for these drugs, the pharmaceutical industry is also expected to be a key force driving the market in the near future.
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End-use Industry – Segment Analysis
The agriculture sector has been the primary market for Propionic acid for many years with a CAGR of 3.99%. In the agricultural industry, propionic acid is used as a preservative for animal feed and grain. It is also used to sanitize the surface of the place for silage and grain. In addition, they are used in water as an anti-bacterial agent that is used by livestock to drink. In order to kill fungi and bacteria, they are even sprayed into poultry litter. With the world population expected to grow by 2.3 billion people in 2009-2050, and per capita income also following an upward trend; demand for food is expected to rise rapidly over the years, driving the worldwide agricultural sector. According to data published by the United States Food and Agriculture Organization, feeding a world population of 9.1 billion people by 2050 would require an increase of around 70 percent in overall food production by 2050. Food production in developing countries needs to double by 2050. Such positive growth factors are expected to drive the global agriculture sector, which is expected to increase propionic acid consumption in the agricultural sector over the forecast period.
Application – Segment Analysis
Animal Feed & Food Preservatives sector has been the primary market for Propionic acid for many years. It is estimated that the use of propionic acid in herbicides and cellulose acetate propionate manufacturers will increase significantly through 2026. Growing global demand for food, combined with the growing need for food hygiene products boosts demand for food preservation, which is expected to fuel the global market for propionic acid for its use as mold inhibitors in food products.
Geography – Segment Analysis
Europe dominated the Propionic acid market share with more than 41.9%, followed by North America and APAC. With rising investment in agriculture and the food industry in countries like Russia, France, and Germany, the region’s demand for propionic acid is growing. Indeed, since the ban was imposed, the agricultural sector in Russia has increased the production of some food items. Compared to 2014, the country’s industries created 17.5 percent more beef in 2016. During the same time, pork production increased by 30.6 percent, while poultry and frozen vegetable production increased by 11.9 percent and 31.6 percent respectively. Food imports have declined by nearly half over the past 3 years from USD 43 billion to USD 25 billion. Overall Russian agricultural production increased by 11 percent over the same period. Russia’s meat and poultry consumption are increasing annually by 5 percent.
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Drivers – Propionic acid Market
Increasing food demand and decreasing the land area
Increasing population leading to a need for higher agriculture output. Reduction in arable land due to increasing urbanization. Food security is a key focus area for all countries. With construction increasing on agricultural lands, the area under crop cultivation is declining. The decrease in arable land is expected to be met by increasing crop yield and production. To satisfy the food needs of the growing population, farmers are using more crop chemicals, to increase corresponding crop yields per hectare.
Challenges – Propionic acid Market
Health Concerns Regarding Use of Pesticides
It impacts human health, which can curb growing Propionic acid market growth. Many pesticides are endocrine disrupters and can have a damaging effect on the hormonal equilibrium of the human body. Different incidents of pesticide poisoning is listed each year.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Advanced Composites market. In 2019, the market of Advanced Composites has been consolidated by the top five players accounting for xx% of the share. Major players in the Advanced Composites Market are BASF SE, Hawkins Inc., Eastman Chemical Company, Perstorp, Celanese Corporation, The Dow Chemical Company, A.M. Food Chemical Co. Ltd., Yancheng Huade Biological Engineering Co. Ltd, Daicel Corporation, and Macco Organiques Inc., among others.
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