Propionic Acid Market CAGR of approximately 7% by 2024 | BASF SE, The Dow Chemical Company, Perstorp Orgnr, Macco Organiques

Global propionic acid market is segmented on the basis of its application as animal feed & food preservative, propionates, herbicides, plasticizers, rubber products, and others. Among these, the animal feed and food preservative segment holds a major share of the global market in terms of both, value and volume. Around 50-55% of propionic acid is consumed in the manufacture of animal feedstock and food preservative and is likely to dominate the market in coming years. This growth is attributed to increasing demand for high-quality feed products and animal nutrition. 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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Market Segmentation

The global propionic acid market is segmented based on application and end-use industry. On the basis of the application, the market is segregated into animal feed & food preservative, propionates, herbicides, plasticizers, rubber products, and others. The market by end-user is further bifurcated into agriculture, food & beverage, personal care, pharmaceuticals, and others.

Market Scenario

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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Competitive Analysis

Some of the prominent players operating in the global propionic acid market are BASF SE (Germany), The Dow Chemical Company (U.S.), Perstorp Orgnr (Sweden), Eastman Chemical Company (U.S.), and Macco Organiques Inc. (Canada). BIOMIN Holding GmbH (Austria), Krishna Chemicals (India), A.M. Food Chemical Co., Ltd. (China), Merck KGaA (Germany), and OXEA GmbH (Germany) among others.

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This release was published on openPR.