Propionic Acid Global Market Analysis, Trends, Growth, Research And Forecast 2033

The propionic acid market size has grown strongly in recent years. It will grow from $1.42 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing demand in animal feed preservatives, expanding food and beverage industry, focus on grain preservation, growing awareness of food safety, rise in livestock farming, application in cellulose acetate propionate (cap) production..

The propionic acid market size is expected to see steady growth in the next few years. It will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to continued growth in livestock farming, increasing focus on sustainable agriculture, rising demand for processed food, global food security initiatives, growing application in derivatives production, environmental regulations and sustainable practices.. Major trends in the forecast period include emergence of propionic acid as a herbicide, technological innovations in production processes, growing adoption in pharmaceutical and cosmetic industries, regulatory compliance and quality standards, market expansion in developing regions..

Market Overview -
Propionic acid is a naturally occurring colorless organic compound with a pungent odor and is classified as a carboxylic acid. It is used as a food preservative, fungicide, and antimicrobial agent in the food industry and to produce cellulose acetate propionate, herbicides, pharmaceuticals, and plasticizers.

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Expanding Agricultural Sector Boosting The Propionic Acid Market
Growth in the agricultural industry is expected to propel the growth of the propionic acid market going forward. The agriculture industry refers to a sector of the economy that encompasses all activities related to cultivating plants and raising animals for various purposes, including food production, fiber, and materials production. Propionic acid is used in the agriculture industry as an antimicrobial and antifungal agent employed in managing poultry litter and treating livestock drinking water. For instance, in May 2023, according to the National Statistical Institute of Iceland, an Iceland-based official statistics institution, the agricultural industry in Iceland experienced an increase in production value from $0.54 billion in 2021 to $0.61 billion in 2022, a growth of 12%. Therefore, the growth in the agricultural industry is driving the growth of the propionic acid market.

Competitive Landscape -
Major companies operating in the propionic acid market report are BASF SE, Merck KGaA , Dow Chemical Company, Thermo Fisher Scientific Inc., Honeywell International Inc., INEOS Group Holdings S.A., Evonik Industries AG, Solvay S.A., Arkema SA, Eastman Chemical Company, Celanese Corporation, Clariant AG, Sigma-Aldrich Corporation, Daicel Corporation, Novozymes A/S, OQ Chemicals GmbH, Corbion N.V. , Hawkins Inc., Nacalai Tesque Inc., Kishida Chemical Co. Ltd. , Macco Organiques Inc. , Niacet Corporation, Gelest Inc., Vigon International Inc., Kanto Chemical Co. Inc., Impextraco N.V., Otto Chemie Pvt. Ltd., Perstorp Holding AB, Jarchem Industries Inc., TRInternational Inc.

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