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

Q: Who are the key vendors in the Global Propionic Acid Market?

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. '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'

Report ID: SQMIG15E2345 | Region: Global | Published Date: February, 2024
Pages: 265 | Tables: 67 | Figures: 75

Propionic Acid Market News

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 Market Report Snapshots

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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 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'

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

Propionic Acid Market News

Propionic Acid Market Report Snapshots

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Who are the key vendors in the Propionic Acid Market?

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