Global Propionic Acid Market was valued at US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX % during a forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Propionic Acid market dynamics, structure by identifying and analyzing the market segments and project the global market size.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Further, report also focus on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies and regional presence. The report also provide PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to emerging segment in Propionic Acid market.
Propionic acid is a colorless fluid with pungent odor. It is miscible with water and few organic solvents and is also called as ethanecarboxylic acid, carboxylic acid, carboxyethane, ethylformic acid, etc. Propionic acid is a naturally occurring substance which is exist in the form of esters in essential oils. Key crude materials used for the production of propionic acid are carbon monoxide and ethylene. It can be commercially acquired by hydrocarboxylation of ethylene in the existence of nickel carbonyl as a catalyst. It has been proved that PA lowers fatty acids content in liver and plasma, decreases food intake, uses immunosuppressive actions and probably increases tissue insulin sensitivity. Propionic acid is a vapor explosion threat. Vapors are heavier than air and may extended and ignition or flashback may occur. Propionic acid is stable under storage Condition.
Propionic acid avoids the growth of fungus and molds, and the acid and its salts can be used as a flavoring agent in some foods. Its use in a variation of products has been growing, and expanded applications include industrial processes such as cosmetics and pharmaceutical industries. The global demand for Propionic Acid is forecast to report growth driven by consumption in key emerging markets. Increases in equally domestic and export-oriented revenues are observed for key players in the global Propionic Acid market.
Based on end use, the food and beverages segment is anticipated to contribute major revenue share to the global market and is expected to maintain its growth over the forecast timeframe. Solid growth of food and beverages industry across the globe has been resulted into growing demand for flavoring agents. This is likely to be one the important driving factor for the growth of propionic acid market. A diary beverages fermented with propionic acid may boost feelings of satiety, but work will be needed on optimal dose and palatability of market-viable food concepts.
In terms of application, the animal feed segment accounts for highest share in terms of revenue in the global market. On the basis of the application such as animal feed and grain preservatives, cellulose acetate propionate, calcium and sodium propionates, and others including herbicides and others. Out of those application, animal feed and grain preservatives led the highest growth in market by holding 52% of shares. This segment is expected to increase during the forecast timeframe because of superior livestock farming that has resulted in high demand for animal feed and grain preservatives. The second segment foremost this market is of calcium and sodium propionates in 2017.
The propionic acid market is segmented across regions of Europe, South America, North America, Asia Pacific, and the Middle East & Africa. Among these region, Europe is the largest region in the global propionic acid market in terms of revenue owing to the favorable government regulations, and high growing rate for food preservatives & animal feed markets. The EU hygiene directive for maintaining the quality and hygiene of feed-mix products has propelled the market growth in the region. North America is a substantial region in the global propionic acid market owing to the growing food & beverage industry in this region. The food industry of France accounts highest total manufacturing market. Dairy and meat farming has around 33% of total revenue and beverage market brings in around 16% of total industry revenues. On the other hand, Asia Pacific is expected to grow at a fast rate during the forecast period.
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The Scope of Global Propionic Acid Market:
Global Propionic Acid Market, by End User:
• Food & beverage
• Personal Care
Global Propionic Acid Market, by Application:
• Animal feed & food preservative
• Calcium & Sodium Propionate
• Cellulose Acetate Propionate
Global Propionic Acid Market, by Region:
• North America
• Middle East & Africa
• Asia Pacific
• South America
Key Players Operating In Global Propionic Acid Market:
• BASF SE
• Perstorp Orgnr
• Eastman Chemical Company
• Macco Organiques Inc.
• Krishna Chemicals
• A.M. Food Chemical Co., Ltd.
• Merck KGaA
• OXEA GmbH
• Biomin Holdings GmbH.
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