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Propionic Acid Market Analysis, Distribution, Application, Trend Outlook, Type and Business Opportunities Forecast 2026

Propionic Acid Market Growth

Propionic Acid Market Growth

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

OREGON, PORTLAND, UNITED STATES, August 12, 2022 /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. Allied Market Research published a report, titled, "Propionic Acid Market by Application (Herbicides, Rubber Products, Plasticizers, Food Preservative and Others) and End-User Industry (Pharmaceuticals, Personal Care, Food & Beverage, Agriculture, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026."

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Prime determinants of growth:
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.

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

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.

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 market, 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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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Analytics LLP
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