Global Propionic
Acid Market is expected to reach USD 1.53 billion by 2020,
according to a new study by Grand View Research, Inc. Animal feed application
dominated the propionic acid market accounting for over 50% of global demand in
2013. Increasing demand for mold & bacteria curbing additives in animal
feed coupled with growing concern for improving animal nutrition is expected to
drive market growth.
Europe was the largest regional market accounting for over
35% of global propionic acid market demand in 2013. Favorable regulatory
scenario along with growing food preservative & animal feed market in the
region has favored propionic acid demand over the past few years. The regional
market is expected to continue dominance over the forecast period on account of
new market supporting regulations and expanding niche applications including
herbicides & bakery preservatives. ‘The European Union Hygiene Directive’
by REACH aims towards maintaining hygiene and quality of mixed-feed products
and is expected to fuel propionic acid market growth over the next six years.
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Further key findings from the study suggest:
- Global propionic acid market demand was 399.4 kilo tons in 2013 and is expected to exceed 470.0 kilo tons by 2020, growing at an estimated CAGR of 2.7% from 2014 to 2020.
- North America propionic acid market accounted for over 28% of global demand in 2013 and is estimated to lose share to high growth regions such as Asia Pacific. Asia Pacific market is expected to grow at a CAGR of over 3% from 2014 to 2020 owing to expanding animal feed additives industry in Australia, India and China. Chinese propionic acid market is characterized by growing demand in food preservatives and pharmaceuticals.
- Calcium & sodium propionate was the second largest application segment accounting for over 18% of the global demand in 2013 and is estimated to grow at a CAGR of over 2.5% from 2014 to 2020. Increasing packed food consumption due to changing lifestyle is expected to drive calcium & sodium propionate demand in food preservatives.
- Propionic acid market comprises some major chemical manufacturing firms and is moderately consolidated. The market participants have been investing heavily on capacity expansions and application development. Some key players in the market include BASF, Eastman Chemical Company, Dow, Perstorp and Biomin Holdings GmbH.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc.
United States
Phone: 1-415-349-0058
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