Propionic Acid Market Size is projected to reach USD 1.74 billion by 2031, growing at a CAGR of 3.3%: Straits Research

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According to Straits Research, “The global propionic acid market was valued at USD 1.3 billion in 2022. It is estimated to reach USD 1.74 billion by 2031, growing at a CAGR of 3.3% during the forecast period (2023–2031).”

New York, United States, March 28, 2024 (GLOBE NEWSWIRE) — Propionic acid’s chemical name is carboxylic acid, and its chemical formula is CH3CH2COOH. Propionic acid is an odorless, colorless, liquid organic acid created via fermentation. Propionic acid is an authorized fungicide and bactericide for controlling fungi and bacteria in stored grains, poultry litter, and cattle and poultry drinking water. Mostly, propionic acid is utilized as a flexible preservative in human and animal food. As a synthetic intermediate, it is employed to manufacture crop protection agents, medicines, and solvents. Moreover, propionic acid is utilized in the production of esters, vitamin E and as a food additive.

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Increased Application in the Food and Beverage Industry and Agriculture Industry Drives the Global Market

Propionic acid inhibits the growth of various types of mold. It is also a natural preservative that increases the shelf life of cheese, bread, and baked goods such as tortillas. They are also applied in the packaging of many ready-to-eat foods to preserve the food. The use of propionic acid in the food and beverage industry is the primary driver of market expansion. The agriculture industry uses propionic acid to preserve grain and animal feed. It is used to sanitize grain and silage storage areas.

In addition, propionic acid is utilized as an antibacterial agent in animals’ drinking water. Even chicken litter is treated with antibacterial and antifungal agents. According to the OECD-FAO Agricultural Outlook 2020-2029, feed consumption will increase as the cattle sector expands. Predictions indicate that corn, wheat, and protein meal imports will cover 75% of the world’s feed requirements. This trend results from policies prioritizing the production of food crops above feed crops. Hence, these growth drivers are anticipated to propel the propionic acid market’s revenue growth throughout the forecast period.

Use of Propionic Acid as Antibiotics and Propionate Esters as Solvents Creates Tremendous Opportunities

Propionic acid is an authorized fungicide and bactericide used in grain storage facilities, hay, poultry litter, and animal and poultry drinking water. Propionic acid is an effective antibacterial growth promoter for human health and animal products. Acid esters are used instead of chemical flavorings as solvents or artificial flavorings. Several applications for propionic acid offer significant market growth opportunities.

Regional Analysis

Europe propionic acid market share is anticipated to exhibit a CAGR of 2.7% during the forecast period. Europe is predicted to expand at a moderate rate and is home to numerous producers and suppliers of propionic acid. Germany is the key market for the region’s food industry and agricultural sector. Hence, the utilization of propionic acid in both industries stimulates market expansion. In addition, Cosmetics Europe stated that the European cosmetics and personal care business was valued at 76.7 billion euros in 2021. As a result, the rise of the European cosmetics industry is anticipated to increase propionic acid demand in the region. These characteristics, in turn, raise the demand for propionic acid in various sectors. On the other hand, the quality of Italy’s industrial and medicinal systems has attracted foreign-based production activity formerly. The value and quantity of production have increased by more than 55 percent during the past decade. Hence, the market for propionic acid is predicted to grow during the following years.

North America is estimated to exhibit a CAGR of 3.6% over the forecast period. The market for propionic acid in the United States, Canada, and Mexico is evaluated. The U.S. has made a substantial contribution to the region’s economic progress. Many industrial sectors in the region contribute to economic expansion. In addition, North America is a significant market for packaged and prepared foods. The region’s hectic lifestyle stimulates the consumption of preserved foods. As a food preservative, propionic acid expands the propionic acid market. Also, the expanding agricultural sector and rising demand for poultry products have led to an increase in the use of propionic acid, which is driving market expansion. On the other hand, the adverse effects of residual herbicides and propionic acid on human health hinder market expansion.

Key Highlights

  • Based on application, the global propionic acid market is bifurcated into herbicides, rubber products, plasticizers, food preservatives, and others. The food preservative segment is the highest contributor to the market and is projected to exhibit a CAGR of 2.7% over the forecast period.
  • Based on the end-use industry, the global propionic acid market is segmented into pharmaceuticals, personal care, food and beverage, agriculture, and others. The food and beverage segment owns the highest market share and is estimated to exhibit a CAGR of 2.4% during the forecast period.
  • Europe is the most significant shareholder in the global propionic acid market and is anticipated to exhibit a CAGR of 2.7% during the forecast period.

Competitive Players

  1. BASF SE
  2. Eastman Chemical Company
  3. Dow Inc.
  4. Hawkins Inc.
  5. Corbion N.V.
  6. Perstorp Holding AB
  7. Oman Oil Company SAOC
  8. Otto Chemie Pvt. Ltd.
  9. Merck KGaA
  10. Celanese Corporation.

Market News

  • In September 2022, Kemin Industries debuted Shield Pure, a mold inhibitor that provides bakers with a one-to-one replacement for synthetic mold inhibitors, such as calcium propionate and propionic acid, at the International Baking Industry Exposition held in Las Vegas. Shield Pure has been demonstrated to extend the shelf life of baked products such as white bread and tortillas.
  • In October 2022, BASF started providing neopentyl glycol (NPG) and propionic acid (PA) with a zero-product carbon footprint (PCF). Manufactured by BASF at its Ludwigshafen Verbund facility in Germany, the NPG ZeroPCF and PA ZeroPCF products are available worldwide.

Global Propionic Acid Market: Segmentation

By Applications

  • Herbicides
  • Rubber Products
  • Plasticizers
  • Food Preservatives
  • Others

By End-User Industry

  • Pharmaceuticals
  • Personal Care
  • Food and Beverage
  • Agriculture
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/propionic-acid-market/segmentation

About Straits Research Pvt. Ltd.

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