What is the Global market size of the Propionic Acid Market?

Global Propionic Acid Market size was valued at USD 1.05 billion in 2021 and is poised to grow from USD 1.1 billion in 2022 to USD 1.42 billion by 2030, growing at a CAGR of 3.78% in the forecast period (2023-2030).

What is the key driver of the Global Propionic Acid Market?

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.

What is the key market trend for the Global Propionic Acid Market?

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.

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 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

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Who are the key vendors in the Propionic Acid Market?

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. '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'

Which region accounted for the largest share in Propionic Acid Market?

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.

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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

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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

Propionic Acid Market Competitive Landscape

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Who are the key vendors in the Propionic Acid Market?

What is the key driver of Propionic Acid Market?

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