Propionic Acid Market Size to exceed USD 1.6 Billion by 2026

Propionic Acid Markets

Propionic acid market is anticipated to generate $1.6 billion by 2026. The market is projected to experience growth at a CAGR of 3.5% from 2019 to 2026

WILMINGTON, DELAWARE , UNITED STATES, March 27, 2024 /EINPresswire.com/ — The global propionic acid industry generated $1.25 billion in 2018, and is estimated to garner $1.6 billion by 2026, witnessing a CAGR of 3.5% from 2019 to 2026. Significant increase in application in the food & beverage industry as a preservative and packaging of ready-to-eat food along with rise in demand for safe animal feed drive the global propionic acid market. However, adverse side effects on human health and concerns regarding usage of herbicides hinder the market growth. On the other hand, application of propionate esters as solvents and propionic acid as antibiotics provide new opportunities in next few years.

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Leading market players:
BASF SE
Dow Inc.
Eastman Chemical Company
Perstorp Holding AB
Hawkins, Inc.
Corbion N.V.
Otto Chemie Pvt. Ltd.
Merck KGaA
Oman Oil Company SAOC
Celanese Corporation

Key Findings of the Study:

In 2018, the Europe market held 40.0% in the global propionic acid market share.
The U.S. and Canada collectively accounted for around 96.4% share in 2018, with the former constituting around 74.5% share.
The food preservative and herbicides segments collectively accounted for around 65.4% market share in 2018, with the former constituting around 42.8% share.
The rubber product segment is expected to grow with the highest CAGR during the forecast period.
The qualitative data in the report aims on the propionic acid trends, dynamics, and developments, while the quantitative data provides information about the market share and propionic acid market size in terms of revenue and volume.

The food preservative segment to dominate during the forecast period:
Based on application, the food preservative segment accounted for more than two-fifths of the total share of the global propionic acid market in 2018, and is expected to dominate during the forecast period. This is attributed to preference for ready-to-eat food and demand for propionic acid to reduce spoilage. However, the rubber products segment is expected to maintain the highest CAGR of 5.1% from 2019 to 2026. This is due to surge in usage as intermediate for production of rubber from the automobile industry.

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The food & beverage segment to contribute its highest share by 2026:
Based on end-use industry, the food & beverage segment held the largest share of the global propionic acid industry, accounting for more than two-fifths of the total share in 2018, and is expected to contribute its highest share throughout the forecast period. This is attributed to application of propionic acid as a food preservative in breads, cheese, cakes, jams, non-alcoholic beverages, jellies, and other processed foods for preventing development of mold and bacteria. However, the agriculture segment is projected to grow at the highest CAGR of 4.4% from 2019 to 2026.

North America to grow the fastest:
Based on region, North America is estimated to portray the largest CAGR of 4.0% from 2019 to 2026, owing to the growth of the agriculture sector and increase in demand for poultry products. However, Europe contributed to the highest market share in 2018, holding nearly two-fifths of the global propionic acid market, and is estimated to maintain its dominance in terms of revenue by 2026. This is due to presence of many producers and suppliers of propionic acid and surge in investments in the food industry.

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Originally published at https://www.einpresswire.com/article/699227875/propionic-acid-market-size-to-exceed-usd-1-6-billion-by-2026