Propionic Acid Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3611
Propionic Acid Market size is expected to show a robust growth rate over the forecast timeframe due to its increasing application in food and animal feed industry. Increasing population along with rising per capita income has catapulted the demand of various convenience food product across the globe. This has affected the propionic acid market in positive manner, as it is used as preservative in food & beverage industry. The product is oily liquid with a rancid and pungent odor and is found naturally in dairy products.
Propionic acid is a preservative which finds major application in animal feed and grain industry. According to Food & Agriculture Organization (FAO), between 2012 to 2014, it is estimated that around 805 million people were suffering from hunger and almost 98% of them belong from developing nations. Changing climatic conditions across the globe due to global warming has also resulted in irregular rainfalls, thus affecting the agricultural yield. Arable lands are not proliferating at fast rate in order to cater the demand of food grains for growing population. Governments of various nations have implemented various schemes to ensure food safety/security and increase public awareness. All these factors together have stated a strong demand for sustainable methods which will improve food & harvest quality. Use of various crop protection products such as fungicides, herbicides reduce the potential crop loss approximately by 53%. However, if these products are not used properly the environmental and socio-economic benefits of healthy, affordable and safe food cannot be achieved. The aspects indicate a prospective growth rate for propionic acid market as it is used extensively in various crop protectants.
Increasing consumption of dairy, livestock and poultry products across the globe has motivated the farmers to increase the production of associated products and use of various animal feed products has helped them to achieve it. The beef and pork export from the U.S. have increased by 10.3% and 4.2% respectively in 2018 as compared to 2017. Also, the demand of dairy related products is more in developing countries such as India which have highest cattle inventory almost 30.4% of the global in 2018. Increasing public awareness and farming income has shifted many cattle farms owners in emerging economies to use animal feed products rather than normal hay and grains as these products will help to increase the quality and quantity of dairy products. All these factors will upscale the demand of propionic acid market over forecast timespan.
The major application of propionic acid market is in animal feed and grain preservatives, sodium and calcium propionate, cellulose acetate propionate and others. The other application includes use of product as a chemical intermediate in pharmaceuticals, textiles, herbicides, plastics, perfumes, etc. In food & beverage industry, the product is used as a flavoring and antimicrobial agent and it is recognized safe as it is listed as Generally Recognized as Safe (GRAS) by the U.S. FDA. The use of propionic acid in food & beverage industry is majorly in bakery products (2.1% of U.S. GDP is makeup of bakery products). Besides, some of the European countries are the major consumers of breads and all these together describes that these regions are the demand centers for this product. Europe is expected to hold the largest chunk in the global propionic acid market share.
Asia Pacific also holds decent share in the overall propionic acid market owing to its usage in food additives and animal feed products as rising meat consumption and improving standard of living has bolstered their demand. The salt forms are propionic acid such as calcium and sodium propionate are majorly utilized for agricultural applications as these are less corrosive in nature. Their demand in tropical countries is more as preservative, as they help in protecting high moisture grains such as oats, wheat, barley and corn to be get infected from fungi and mold.
Some of the key players in propionic acid market are Daicel Corporation, Biomin Holding, Eastman Chemical Company, BASF SE, Dow Chemical Company, Celanese Corporation, Perstorp Holding, etc.
Propionic Acid Market, By Application, 2014-2025 (Tons) (USD Million)
- Food & beverage
- Animal Feed
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- Saudi Arabia
- South Africa
- Daicel Corporation
- Biomin Holding
- Eastman Chemical Company
- BASF SE
- Dow Chemical Company
- Celanese Corporation
- Perstorp Holding
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