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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
Report Format: PDF+Excel | Report ID: SR112024A3404
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Market Overview 2024-2032:
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.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 1.8 Billion |
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Market Forecast in 2032
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US$ 2.3 Billion |
| Market Growth Rate (2024-2032) | 2.7% |
Propionic acid (PA) refers to a naturally occurring colorless and corrosive carboxylic acid. It is produced by the chemical reaction of carbon monoxide and water and consists of a short-chain saturated fatty acid attached to a carboxyl carbon. Propionic acid is available in the liquid state and can be commercially synthesized through fermentative, biosynthetic and amino acid catabolic pathways. It is commonly used as a preservative and an additive in packed foods and animal feed to prevent microbial and fungal growth. It also finds extensive applications across various industries, including chemical, cosmetics and pharmaceuticals.
Significant growth in the agriculture industry, along with the increasing consumption of dairy, livestock and poultry products across the globe, represents one of the key factors creating a positive outlook for the market. Propionic acid is widely used as an efficient grain preservative as it aids in reducing microbial growth in stored grains, hay, poultry litter and water for the livestock. Furthermore, the increasing demand for natural preservatives for ready-to-eat (RTE) and canned food products is also augmenting the market growth. The acid is also added to cheese and baked products to increase their shelf life. In line with this, the esters of the acid are utilized as artificial flavorings or solvents as an alternative to the chemical variants. Additionally, various technological advancements, such as the utilization of co-culture, metabolic and genetic engineering, immobilization technique and bioreactor systems, in the biological production of propionic acid through microorganisms and renewable biomass, are acting as other growth-inducing factors. Moreover, the increasing concerns regarding food safety, along with extensive research and development (R&D) activities in the field of biotechnology, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global propionic acid market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on application and end use industry.
Breakup by Application:
- Animal Feed
- Grain Preservatives
- Cellulose Acetate Propionate
- Herbicides
- Plasticizers
- Others
Breakup by End Use Industry:
- Pharmaceuticals
- Personal Care
- Food and Beverage
- Agriculture
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being BASF SE, Celanese Corporation, Daicel Corporation, Dow Chemical Company, Eastman Chemical Company, Hawkins Inc., Impextraco NV, Macco Organiques Inc., OQ Chemicals GmbH and Perstorp Holding AB.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Application, End Use Industry, Region |
| Regions Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | BASF SE, Celanese Corporation, Daicel Corporation, Dow Chemical Company, Eastman Chemical Company, Hawkins Inc., Impextraco NV, Macco Organiques Inc., OQ Chemicals GmbH and Perstorp Holding AB |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global propionic acid market was valued at US$ 1.8 Billion in 2023.
We expect the global propionic acid market to exhibit a CAGR of 2.7% during 2024-2032.
The rising demand for propionic acid as a preservative and an additive in packed foods and animal feed, as it aids to prevent microbial and fungal growth, is primarily driving the global propionic acid market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for propionic acid.
Based on the application, the global propionic acid market has been segregated into animal feed, grain preservatives, cellulose acetate propionate, herbicides, plasticizers, and others. Among these, animal feed currently holds the largest market share.
Based on the end use industry, the global propionic acid market can be bifurcated into pharmaceuticals, personal care, food and beverage, agriculture, and others. Currently, food and beverage exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global propionic acid market include BASF SE, Celanese Corporation, Daicel Corporation, Dow Chemical Company, Eastman Chemical Company, Hawkins Inc., Impextraco NV, Macco Organiques Inc., OQ Chemicals GmbH, and Perstorp Holding AB.
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