Westford USA, March 02, 2023 (GLOBE NEWSWIRE) -- Asia Pacific region dominated the ethyl pyruvate market in 2021 and it is expected to keep leading the market by gaining a significant chunk of market revenue during the forecast period. The growth of the market can be ascribed to the increasing demand for agrochemicals in the region. Moreover, ethyl pyruvate has many significant usages in the various end-use industries such as in the pharmaceutical industries, flavors and fragrance sector, and also acts as an excellent electronic solvent. Additionally, in the production of agricultural chemicals like fungicides, herbicides, and insecticides, it serves as a solvent. Moreover, ethyl pyruvate can be used to increase the solubility of pesticides like neonicotinoids that are not water-soluble. Hence, the growing demand for agrochemicals and pesticides is predicted to fuel market growth.
SkyQuest latest insight on the consumption of agrochemicals and pesticide shows that worldwide consumption of pesticides is estimated to be 2.1 million tons per year, with the usage of 407.81 thousand metric tons, the United States consumed the most pesticides globally in 2020. With a consumption of 377 thousand tons, Brazil came in second. 2.65 million metric tons of pesticides were consumed globally that year. Usage of agrochemicals rose by more than 50% during the last decade.
Browse in-depth TOC on " Ethyl Pyruvate Market"
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Organic compounds include ethyl pyruvate. It is a member of the chemical group known as phenols and alcohols, which includes molecules with an oxygen atom linked to a carbon atom by a single or double bond. Ethyl pyruvic acid, commonly referred to as ethyl pyruvate, is created by converting fat into sugars, a process that happens naturally when people digest meals.
Prominent Players in Ethyl Pyruvate Market
- Toray Industries Inc (Japan)
- Zhonglan Industry Co. Ltd (China)
- Jinon Pharma (Wuhan) Co. Ltd (China)
- Jiangyin Kangda Chemical Co. Ltd (China)
- Musashino Chemical Laboratory, Ltd (Japan)
- Sigma-Aldrich (US)
- Guangzhou Reullei Pharmaceutical Technology Co., Ltd (China)
- Shanghai Jinli Biotech Co. Ltd (China)
- Hairui
- Kouting Chemical
- Jinli Bio-tech
- Zhucheng Haotian Pharm Co. Ltd.
- Anderson Global Group
- Dezhou Huiyang Biotechnology Co. Ltd.
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99% Purity Segment to Dominate the Market Growth Owing to Its Increasing Usage in Pharmaceutical Sector
According to Type, 99% type purity is predicted to rule the global ethyl pyruvate market. Pharmaceuticals and agrochemical applications both frequently use materials with 99% purity. Alcohol has been found to enhance brain cells by encouraging their growth and repair. Ethanol helps to reduce neurodegeneration and chronic inflammation, both of which can be factors in Alzheimer's disease and other neurological conditions like traumatic brain injury (TBI). Additionally, it is anticipated that increased R&D initiatives into the use of ethyl pyruvate to treat chronic human ailments and the rising prevalence of neurological diseases across the globe will fuel market expansion.
SkyQuest found during research that among the one billion persons affected worldwide, 50.1 million have epilepsy and 24 million have Alzheimer's disease and other dementias. People worldwide are affected by neurological problems, and it is estimated that 6.81 million individuals worldwide pass away each year as a result of neurological disorders.
The Asia Pacific region is predicted to dominate the ethyl pyruvate market by gaining maximum market share during the forecast period. The growth of the market can be ascribed to the rising demand for agrochemicals and pesticides as well as the developing pharmaceutical sector in the region. Further, the prominent presence of key market players and significant investment by them in research and development is predicted to boost the market growth.
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Agrochemical Segment to Gain Largest Market Share Thanks to Increasing Farming Activities
On the basis of application, the global ethyl pyruvate market has been divided into pharmaceuticals, agrochemicals, flavors and fragrances, electronic solvents, and others. In 2021, the agrochemicals segment dominated the rest of them with a share of more than 50%. The growth of the segment can be ascribed to the significant usage of ethyl pyruvate in the production of agrochemicals and the rising usage of agrochemicals and pesticides across the globe owing to rise in farming activities to meet the food demand of the globally growing population. SkyQuest noted that India consumed 62,192 MT of agrochemicals in the 2020–21 period). The consumption in 2020–21 is around 2.1% higher when compared to the average consumption over the previous five years.
In addition to this, the ethyl pyruvate market in North America is predicted to gain significant market share over the forecast period. The growth of the market can be attributed to the rising consumer demand for taste and fragrances and the rapidly growing food and beverages sector in the region. By serving as a carrier of other taste compounds into the end product, ethanol pyruvate can play a significant part in flavoring products. In some food applications, such as beverages with added sugar, it helps preserve sugar levels with less added sugar than sucrose alone. Hence, making them ideal for diabetic patients.
The most recent study by SkyQuest on the ethyl pyruvate market provides a thorough analysis of the top rivals in the market, including their alliances, mergers, and creative business policies and tactics. The study also gives a comprehensive evaluation of the market shares of the leading segments and a thorough geographic analysis of the industry. Also, this study offers insightful information about the market's present state, including its size, potential for growth, and major trends.
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Ethyl Pyruvate Market: Key Takeaways
- In flavors and perfumes, ethyl pyruvate is frequently used as a solvent or carrier chemical. Ethyl pyruvate can be a crucial component in flavoring products since it serves as a carrier for other taste compounds to enter the finished product.
- The use of tastes and scents containing ethyl pyruvate has expanded as a result of changing lifestyles and population growth. The market in India, Japan, and Europe is predicted to lead in this segment.
- To maintain their position in the industry, the major firms regularly use different growth methods. These major competitors use a variety of growth methods to succeed in the cutthroat market, including product launches, innovations, purchase and sale agreements, partnerships and partnerships, and intense R&D. The major market competitors are also always concentrating on R&D to offer industries the most effective and economical solutions.
Key Questions Answered in the Ethyl Pyruvate Market Research Report
- What are the regions and market segments that businesses should focus on over the projected period?
- How can participants customize their goods, services, and marketing plans to satisfy particular consumer demands?
- What technological, economic, and other elements are anticipated to fuel the market's expansion?
- What tactics can successfully adjust to shifting market conditions over the projection period while yet remaining flexible?
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