IMARC Group, a leading market research company, has recently released a report titled “Propionic Acid Market Report by Application (Animal Feed, Grain Preservatives, Cellulose Acetate Propionate, Herbicides, Plasticizers, and Others), End Use Industry (Pharmaceuticals, Personal Care, Food and Beverage, Agriculture, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global propionic acid market share, trends, size, and industry growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global propionic acid market size reached US$ 1.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.3 Billion by 2032, exhibiting a growth rate (CAGR) of 2.7% during 2024-2032.

Global Propionic Acid Market Trends:

The growing demand for food preservation and animal feed is a primary factor driving the growth of the propionic acid market. Manufacturers are leveraging the increasing need in these areas to develop focused marketing strategies that address a broad spectrum of food and agricultural applications. The significance of producing high-purity and consistent quality propionic acid is essential in enhancing product effectiveness and building confidence among consumers and businesses.

Moreover, the versatility of propionic acid, from its use as a preservative in baked goods to its role in preventing mold and bacteria in animal feed, caters to the varied needs of industries like food processing, agriculture, and pharmaceuticals, thereby facilitating the expansion of the market.

Request to Get the Sample Report:

https://www.imarcgroup.com/propionic-acid-market/requestsample

Factors Affecting the Growth of the Propionic Acid Industry:

·         Growing Demand in Food Preservation and Animal Feed Sectors:

The propionic acid market is experiencing significant growth driven by the increasing demand in the food preservation and animal feed sectors. Propionic acid, recognized for its preservative properties, is widely used to extend the shelf life of various food products, including baked goods and cheese. This growing demand is fueled by the global rise in food safety concerns and the need for longer-lasting food products.

Additionally, in the animal feed industry, propionic acid is used as a mold inhibitor, ensuring the safety and nutritional value of feed. The expansion of the food and animal feed industries, particularly in emerging economies, is continuously amplifying the demand for propionic acid, thereby contributing to the market growth.

·         Advancements in Production Technologies:

The market for propionic acid is being propelled by advancements in production technologies. These advancements are aimed at making the production process more efficient and environmentally friendly. Innovations in biotechnological methods, such as fermentation using renewable raw materials, are becoming more prevalent. This shift toward sustainable production methods is helps reduce the environmental impact as well as aligns with the growing consumer preference for green and sustainable practices.

Furthermore, technological improvements are enhancing the purity and quality of propionic acid, which is crucial for its application in sensitive industries like food and pharmaceuticals, thereby driving its market growth.

·         Diverse Industrial Applications Beyond Food Preservation:

The versatility of propionic acid in various industrial applications is a key factor driving its market growth. Beyond its traditional use in food preservation and animal feed, propionic acid finds applications in the production of herbicides, plastics, and synthetic fibers. Its role as an intermediate in the production of various chemicals, including cellulose acetate propionate (a key component in photographic films and coatings), is expanding its market reach. The research and development (R&D) in the field of synthetic materials and chemicals are opening new avenues for the application of propionic acid, thereby broadening its market potential and contributing to its growth.

Propionic Acid Report Segmentation:     

By Application: 

·         Animal Feed

·         Grain Preservatives

·         Cellulose Acetate Propionate

·         Herbicides

·         Plasticizers

·         Others

By application, animal feed represented the largest segment due to its extensive use as a preservative and mold inhibitor, ensuring the quality and longevity of animal feed products.

By End-Use Industry:

·         Pharmaceuticals

·         Personal Care

·         Food and Beverage

·         Agriculture

·         Others

By end use industry, food and beverage represented the largest segment on account of its widespread application as a food preservative and flavoring agent.

Regional Insights:

·         North America

·         Asia-Pacific

·         Europe

·         Latin America

·         Middle East and Africa

Region wise, Europe emerged as the largest market due to its stringent food safety regulations that favor the use of natural preservatives like propionic acid, coupled with a large animal feed industry.

Competitive Landscape with Key Players:

The competitive landscape of propionic acid market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

·         BASF SE

·         Celanese Corporation

·         Daicel Corporation

·         Dow Chemical Company

·         Eastman Chemical Company

·         Hawkins Inc.

·         Impextraco NV

·         Macco Organiques Inc.

·         OQ Chemicals GmbH

·         Perstorp Holding AB

Ask Analyst for Customized Report:

https://www.imarcgroup.com/request?type=report&id=3404&flag=C

Key Highlights of the Report:

·         Market Performance (2018-2023)

·         Market Outlook (2024-2032)

·         Market Trends

·         Market Drivers and Success Factors

·         Impact of COVID-19

·         Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group

134 N 4th St

Brooklyn, NY 11249, USA

Website: imarcgroup.com

Email: sales@imarcgroup.com

Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800

Content Source: https://industryinformation.wordpress.com/2024/06/07/propionic-acid-market-size-trends-industry-outlook-and-forecast-2024-2032/