USD 1.29 billion
Report ID: SQSG15E2058 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Propionic Acid Market size was valued at USD 1.29 billion in 2021 and it is expected to reach USD 1.64 billion by 2028, at a CAGR of 3.5% over a forecast period (2022-2028).
Propionic acid is a colourless, clear liquid with a strong smell. Propionic acid is created via the hydro carboxylation of ethylene using nickel carbonyl as a catalyst. Animal feed additives and food preservatives both use propionic acid and its esters. Due to its antifungal and antibacterial properties and high boiling point, propionic acid is used as a crop protection agent. It was also found to work well in cattle drinking water as an antibacterial agent. A type of carboxylic acid is propionic acid, sometimes referred to as carboxylic acid, methane carboxylic acid, or ethyl formic acid. In its natural state, it can be utilised as an ester in essential oils. It is a natural preservative that is used to increase the shelf life of baked goods like tortillas and bread as well as cheese. Additionally, they are used in the preservation packaging of certain ready-to-eat foods. Future market expansion will be aided by a quickening pace of developments in sectors that employ propionic acid.
Global Market Size
USD 1.29 billion
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Global Propionic Acid Market is segmented based on the application, end-use industry, and region. Based on application, global market is segmented into herbicides, rubber products, plasticizers, food preservative, and others. Based on end-use industry, the market is segmented into pharmaceuticals, personal care, food & beverage, agriculture, and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Application
Based on application, the market's largest contributor was the food preservative segment. The majority of Americans favour market-available, ready-to-eat food. Propionic acid is an additive and preservative used in these goods to retain quality and prevent deterioration, which increases the demand for food preservatives. Additionally, the rising need for food preservatives fuels the expansion of the Global Propionic Acid Market. The market is expanding because of the rising demand for natural preservatives. During the projected period, the sector for rubber products is anticipated to increase at the greatest CAGR. One of the most adaptable materials, rubbers are employed in practically every industry. In addition to numerous other uses, rubber goods are increasingly used in the automotive, building & construction, industrial manufacturing, and polymer modification industries. The manufacturing of rubber requires the use of propionic acid as an intermediary. Due to its numerous uses in the industry, rubber products are in higher demand from the automobile sector. The market is expanding as a result of the usage of propionic acid in the production of rubber.
Analysis by End-Use Industry
Based on end-use industry, the largest contributor to the Global Propionic Acid Market was the food and beverage sector. The market is anticipated to grow as a result of the rising usage of propionic acid as a common food preservative in breads, cakes, cheese, non-alcoholic drinks, jams, jellies, and other processed foods to reduce the formation of mould and bacteria and extend shelf life. The robust economic growth and population growth are both contributing to the quick growth of the global food and beverage business. Additionally, there has been a rise in the use of hydrating beverages.
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Global propionic acid market will be dominated by the European region, and the increase in the consumption of packaged convenience foods and meat, poultry, and seafood items in this region is cited as the cause. Additionally, one of the key reasons driving the market expansion in this region is the rise in the use of propionic acid in the pharmaceutical industry. At a double-digit CAGR throughout the forecast period, the Asia Pacific region will be the second-largest market. And the expanding food & beverage, personal care, and animal feed industries are the causes of this expansion. Another factor driving market growth in this region, driven by India, China, and Japan, is the growing use of propionic acid in various agrochemicals. The agriculture industry is also a prominent one in this region.
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Growing Use in Packed Food
Rising Environmental Concerns
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Global Propionic Acid Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global Propionic Acid Market analysis, in terms of application, the food preservative segment held larger market share owing to rising need for food preservatives. In terms of end-use industry, the food and beverage segment dominated the global market. Moreover, the agricultural sector's expansion is improving the market prospects for propionic acid. Whereas, one of the key factors limiting the growth of this market is the rising environmental concerns regarding the use of herbicides throughout time.
|Market size value in 2021||USD 1.29 billion|
|Market size value in 2028||USD 1.64 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Propionic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Propionic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15E2058