USD 1.05 billion
Propionic Acid Market Size, Share, Growth Analysis, By Application(Herbicides, rubber products, plasticizers, food preservative), By End-use industry(Pharmaceuticals, personal care, food & beverage, agriculture), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2345 |
Region:
Global |
Published Date: February, 2024
Pages:
265
|Tables:
67
|Figures:
75
Propionic Acid Market Insights
Propionic Acid Market size was valued at USD 1.05 billion in 2019 and is poised to grow from USD 1.1 billion in 2023 to USD 1.42 billion by 2031, growing at a CAGR of 3.78% in the forecast period (2024-2031).
Propionic acid is a colourless, clear liquid with a strong smell. Propionic acid is created through the hydro carboxylation of ethylene using nickel carbonyl as a catalyst. Animal feed additives and food preservatives both use propionic acid and its esters. Due to its anti-fungal and anti-bacterial properties and high boiling point, propionic acid is used as a crop protecting agent. It is also fit to work well for cattle drinking water also acting as an anti-bacterial agent. A type of carboxylic acid is propionic acid, sometimes referred to as carboxylic acid, methane carboxylic acid, or ethyl formic acid. In its natural state, it can be utilised as an ester in essential oils. It is a natural preservative that is used to increase the shelf life of baked goods like tortillas and bread and cheese. Additionally, they are used in the preservation packaging of certain ready-to-eat foods. Futuremarket expansion will be aided by a quickening pace of developments in sectors that employ propionic acid.
US Propionic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Food preservative
Fastest Growth
Food preservative
Growth Rate
3.78% CAGR
Global Propionic Acid Market ($ Bn)
Country Share for Europe Region (%)
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Propionic Acid Market Segmental Analysis
Global Propionic Acid Market is segmented based on the application, end-use industry, and region. Based on application, market is segmented into herbicides, rubber products, plasticizers, food preservative, and others. Based on end-use industry, the industry is segmented into pharmaceuticals, personal care, food & beverage, agriculture, and others. Based on region, the global market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Propionic Acid Market Analysis by Application
Based on application, food preservative is the largest contributor. The majority of Americans prefer market-available, ready-to-eat foods. Propionic acid is an additive and preservative used in these goods to retain quality and prevent deterioration, which increases the demand for food preservatives. Additionally, the rising need for food preservatives fuels the expansion of the Global Propionic Acid Market. The market is expanding due to the rising demand for natural preservatives. During the projected period, the sector for rubber products is anticipated to increase at the high CAGR. One of the most adaptable materials, rubbers are employed in practically every industry. In addition to several other uses, rubber goods are increasingly used in the automotive, building & construction, industrial manufacturing, and polymer modification industries. The manufacturing of rubber requires the use of propionic acid as an intermediary. Due to its numerous uses in the industry, rubber products are in higher demand from the automobile sector. The market is expanding as a result of the usage of propionic acid in the production of rubber.
Propionic Acid Market Analysis by End-Use Industry
Based on end-use industry, the food and beverage sector are the largest contributors to the global market. The market is anticipated to grow as a result of rise in the use of propionic acid as a common food preservative in breads, cakes, cheese, non-alcoholic drinks, jams, jellies, and other processed foods to reduce the formation of mould and bacteria and extend shelf life. The economic and population robust growth are both contributing to the widening of global food and beverage business. Additionally, there has been a rise in the use of hydrating beverages.
Global Propionic Acid Market By Application
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Propionic Acid Market Regional Insights
Globally, the propionic acid market is dominated by Europe. An increase in the consumption of packaged convenience foods and meat, poultry, and seafood items in this region is one of the major reasons for the market expansion. Additionally, one of the key reasons driving the market expansion in this region is the rise in the use of propionic acid in the pharmaceutical industry. At a double-digit CAGR throughout the forecast period, Asia Pacific is projected to be the second-largest market. The expanding food & beverage, personal care, and animal feed industries are the causes of this expansion. Another factor driving market growth in this region, driven by India, China, and Japan, is the growing use of propionic acid in various agrochemicals. The agriculture industry is also a prominent one in this region.
Global Propionic Acid Market By Region
- Largest
- Fastest
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Propionic Acid Market Dynamics
Propionic Acid Market Driver
Packaged food to witness major use of propionic acids in the packing stages
- One of the major causes of the market expansion is the increasing usage of propionic acid as a preservative in packaged foods and animal feed. Another important factor driving the industry's expansion is the use of propionic acid in the production of cellulose acetate propionate and herbicides. The demand for packaged food, particularly hygienic food products, has increased as a result of changes in consumer lifestyles. This market is also growing as a result of the use of propionic acid, which is primarily used as a preservative to extend the shelf life of food products and prevent the growth of bacteria and fungus. In 2020, 471 kilo tonnes of propionic acid were consumed and 538 kilo tonnes were consumed in 2025.
Propionic Acid Market Restraint
Rising Environmental Concerns
- One of the key factors limiting the market growth is the escalating environmental concerns regarding the use of herbicides. Another aspect that impedes the industry development is the lack of creativity in packaging.
- Another reason that can serve as a roadblock to the expansion is how the industry participants are being pressured to cut margins on product sales. This is having an impact on overall revenue. Lack of production facilities and the variety of negative effects caused by direct contact to propionic acid are two additional reasons that could restrain this market expansion.
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Propionic Acid Market Competitive Landscape
Global Propionic Acid Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Propionic Acid Market Top Player's Company Profiles
- BASF SE
- Dow Chemical Company
- Eastman Chemical Company
- Perstorp Holding AB
- Celanese Corporation
- Daicel Corporation
- A.M. Food Chemical Co. Ltd.
- Biomin Holding GmbH
- Hawkins, Inc.
- Kemin Industries, Inc.
- Macco Organiques Inc.
- Merck KGaA
- Niacet Corporation
- Prathista Industries Ltd.
- Qingdao Jiutai Biotechnology Co. Ltd.
- Shandong Tong Tai Wei Run Chemical Co. Ltd.
- Sinopec Qilu Petrochemical Corporation
- Taminco Corporation
- The Good Scents Company
- Yancheng Huade Biological Engineering Co. Ltd
Propionic Acid Market Recent Developments
- In January 2021, with the aim of manufacturing, by green chemistry method, different organic acids such as propionic acid, acetic acid, VALERIC acid, butyric acid, ISOBUTYRIC acid, HEXANOIC acid, and ISOVALERIC acid biotechnology start-up named AFYREN started construction of its first industrial-scale industry named AFYREN NEOXY.
The demand for propionic acid in the animal feed industry is major participants are introducing novel products in the global market.
Propionic Acid Key Market Trends
- Growing use of applications: Numerous applications exist for the end-users in the global market. It has been proven to be effective as a fungicide and bactericide to inhibit the bacteria and fungi growth in grain storage, poultry litter, and livestock and poultry drinking water.
- Effective use as growth promoter to increase the usage: Propionic acid is regarded as a successful antibiotic growth promoter for the preservation of the safety of animal products and human health. Esters of propionic acid can be employed efficiently as solvents or as artificial flavourings in place of chemicals.
Propionic Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the Global Propionic Acid Market analysis report, in terms of application, the food preservative segment held larger market share owing to rising need for food preservatives. In terms of end-use industry, the food and beverage segment dominated the global market. Moreover, the agricultural sector's expansion is improving the market prospects for propionic acid. Whereas, one of the key factors limiting the growth of this market is the rising environmental concerns regarding the use of herbicides throughout time.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.05 billion |
| Market size value in 2031 | USD 1.42 billion |
| Growth Rate | 3.78% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Propionic Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Propionic Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Propionic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Propionic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Propionic Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Propionic Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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