Propionic Acid Market Overview:
The global Propionic Acid Market is expected to garner a revenue of USD 2 billion by 2024, with a CAGR of approximately 7% during the forecast period, 2019–2024. The global propionic acid market has seen a potential growth over the past few years and it has been analyzed that during the forecast period the global market will grow on a rapid pace. Rising demand of preservative food is one of the major growth factor of global propionic acid market. Increasing usage of propionic acid in the application areas such as preservative, animal feed, flavoring agent, pharmaceuticals, others has increased the demand of propionic acid. Propionic acid helps in preventing the food from getting fungal and bacterial infection also it is widely used in animal feeding and in flavoring agents.
BASF SE (Germany), Dow (US), Eastman Chemical Company (US), OXEA GmbH (Germany), Perstorp Orgnr (Sweden), Krishna Chemicals (India), Celanese Corporation (US), BIOMIN Holding GmbH (Austria), A.M. Food Chemical Co. Ltd (China), DAICEL CORPORATION (Japan), Kemin Industries Inc (US), Niacet (US), and Impextraco NV (Belgium) are some of the key players in the global propionic acid market.
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The global propionic acid market is segmented based on application and end-use industry. Based on 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.
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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