Propionic Acid Market
Market Research Future The global propionic acid market size was estimated at USD 1.2 billion in 2020, and the market is projected to register a CAGR of over 6% in terms of revenue during the forecast period.
COVID-19 – Impact Analysis
The market was negatively impacted by COVID-19 in 2020. The rising awareness related to health consciousness among the consumers has become the major factor hindering the demand for food preservatives. Additionally, as it is one of the major ingredients in food preservatives, propionic acid has also experienced a marginal decline in terms of demand, constraining the growth of the market
Furthermore, the increasing demand for packaged food products coupled with high disposable income is the major driver of the market growth. Moreover, the use of propionic acid and its various salts such as calcium, sodium, magnesium, retard bacterial growth and are thus, used in protection of cosmetics. Propionic acid is also used to control pH of the cosmetic products and in plastic industry. Cellulose-acetate-propionate and Vinyl propionate are useful thermoplastic.
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The prominent players operating the global propionic acid market are A.M. Food Chemical Co. Ltd. (China), DowDuPont (U.S.), Perstorp Orgnr (Sweden), BIOMIN Holding GmbH (Austria), Macco Organiques Inc. (Canada), Krishna Chemicals (India), Merck KGaA (Germany), BASF SE (Germany), Eastman Chemical Company (U.S.), OXEA GmbH (Germany), and others.
In contrast, the hazardous effect caused due to propionic acid on human health including tumors, genetic changes, and skin irritation, is considered to vitiate the market growth during the assessment period. Additionally, high prices of the raw materials required in the production of propionic acid are estimated to disrupt the market growth to a large extent. For instance, Eastman Chemical Company, BASF, and Oxea have increased the cost of propionic acid owing to the increasing production cost.
The propionic acid market has been segmented on the basis of application and end-use industry.
By mode of application, the global propionic acid type market has been segmented into propionates, animal feed & food preservative, plasticizers, herbicides, rubber products, and others. Among these, the animal feed & food preservative is considered to stimulate throughout the appraisal period owing to the increased livestock farming which has resulted in the high demand for grain preservatives and animal feed.
By mode of end-users, the global propionic acid market has been segmented into food & beverage, personal care, agriculture, pharmaceuticals, and others. Among these, the agricultural sector is estimated to expand at the fastest rate. Propionic acid is utilized as a preservative in grain and animal feed. They are also used to sanitize surfaces where grain and silage are stored. It acts as an anti-bacterial agent in water and is used for drinking purposes by the livestock. As the world population is increasing, per capita income is also following an increasing trend, which further drives the agricultural sector across the globe.
The propionic acid market is spanned across the five regions of Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa. Among these, Europe is the leading region in the global propionic acid market on account of the favouring regulations and growth for animal feedstock.
North America is anticipated to grow at a significant CAGR on account of the high demand for the product from pharmaceuticals and food & beverage industry in this region.
Asia Pacific is expected to be the fastest emerging region due to the high demand for propionic acid as animal feedstock, herbicide, and food preservative from major agricultural countries in this region.
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