Press release
Butyric Acid Derivatives Market is projected to reach US$ 542.8 Mn by 2024
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As per the report, the global butyric acid derivatives was worth US$227.5 mn in 2015. Progressing at a CAGR of 10.30% during the period from 2016 to 2024, the opportunity in this market is estimated to reach US$542.8 mn by the end of the forecast period. Swine feed has been reposting a higher usage of these derivatives and is anticipated to remain doing so over the next few years, notes the study.
Dominance of Asia Pacific to Continue
The report also studies the worldwide market for butyric acid derivatives on the basis of its regional presence. According to the report, the global market was dominated by Asia Pacific in 2015 with a share of more than 35% and is anticipated to remain in the top over the next few years, thanks to the high production of meat in this region. In addition to this, the surge in the production of pork and poultry meat in China and India and the rising yield of aquaculture produces in ASEAN countries and Japan are projected to support this regional market substantially during the forecast period.
Europe closely followed Asia Pacific in 2015 and is likely to remain doing so over the forthcoming years. The ban on the usage of antibiotics in a number of European countries, in a bid to enhance the quality of meat produced from farm animals, has created lucrative opportunities for butyric acid derivatives to be utilized as an alternative to antibiotic growth promoters, which is anticipated to propel the Europe market for butyric acid derivatives in the years to come.
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Among others, North America is projected to report a significant rise in its market share over the period of the forecast. With the growing production of chicken and turkey meat, the demand for butyric acid derivatives is increasing significantly in the poultry segment in this region, which is likely to influence the overall North America market for butyric acid derivatives in the years to come. The augmenting demand for white meat in this region is also expected to support this regional market in the near future, notes the study.
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