New York, April 18, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global propionic acid market was valued at US$ 1.57 billion in 2022 and is expected to grow US$ 3.12 billion in 2032. this market is estimated to register the highest CAGR of 7.3% Between 2023 and 2032. A naturally occurring carboxylic acid is called propionic acid. It is a clear, greasy liquid with a strong, rotten smell. Propionic acid is produced when ethylene and carbon monoxide are combined. The market for propionic acid is being driven by the expanding use of canned food items, which has increased the demand for food preservatives. Propionic acid is used as a preservative in food for humans and animals because it prevents the growth of germs and fungi. Food products like cheese and baked goods employ propionic acid as an addition, preservative, and flavoring agent.
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Key Takeaway:
- By purity, in 2022, the Propionic Acid market was dominated by up to 99% segment due to its increased usage.
- By application, the food preservative segment dominated the largest market share in application type analysis and accounted for the largest revenue share in the Propionic Acid market in 2022.
- By end-user, the food and beverage segment dominated the largest market share in end-user type analysis
- In 2022, Europe dominated the market with the highest revenue share of 35%.
- APAC is anticipated to have the highest CAGR among all the regions.
- APAC is expected to grow at a greater pace owing to the increasing demand for food and feed products in the region.
Factors affecting the growth of the Propionic Acid industry?
There are several factors that can have an impact on the growth of the Propionic Acid market. Some of these factors include:
- Increasing demand from the food and feed industry: Propionic acid is widely used in the food and feed industry as a preservative to prevent the growth of bacteria and mold. With the growing global population and increasing demand for food, the demand for propionic acid is also increasing, driving the growth of the industry.
- Growing demand for animal feed: Propionic acid is used in the animal feed industry to prevent the growth of mold and bacteria in feed, which can cause health problems for animals. With the increasing demand for meat and dairy products, the demand for animal feed is also growing, driving the demand for propionic acid.
- Rise in demand from the pharmaceutical industry: Propionic acid is used in the pharmaceutical industry as an intermediate for the production of various drugs, including ibuprofen and naproxen. As the global population continues to age, the demand for pharmaceutical products is expected to increase, driving the demand for propionic acid.
- Regulatory requirements: Regulatory bodies in various countries are mandating the use of preservatives in food products to ensure food safety and extend shelf life. This is driving the demand for propionic acid, which is widely used as a preservative in food and feed products.
- Advancements in technology: Advances in technology have led to the development of new and innovative production methods for propionic acid, making it easier and more cost-effective to produce. This has led to an increase in supply and a reduction in prices, driving the growth of the industry.
- Availability of raw materials: Propionic acid can be produced from various raw materials, including sugar, glycerol, and ethanol. The availability and cost of these raw materials can affect the growth of the industry, as changes in availability or cost can impact the production cost and profitability of propionic acid.
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Market Growth
The global market for propionic acid is expected to grow in the forecasted period, driven by the increasing demand from various industries. Propionic acid is a colorless liquid with a pungent odor and is widely used as a preservative, intermediate, and flavoring agent. The demand for propionic acid is expected to increase due to the growth of the Food and beverage industry, Animal feed industry, Pharmaceutical industry, Herbicide industry, and Other industries, as well as the increasing global population and demand for food, feed, and pharmaceutical products. Moreover, the increasing awareness regarding food safety and preservation is expected to further drive the growth of the propionic acid market.
Regional Analysis
The European market for Propionic Acid is expected to be the most lucrative, both in terms of revenue and market share, during the period 2022-2032. In 2022, the region saw a boom in propionic acid due to the presence of major industry players in the region. The regional market for Propionic Acid reached a revenue share above 35%. It is projected that the region's abundance of propionic acid sources and producers will accelerate market growth. The region's leading market for the food and agriculture industries in Germany. The continued investments in the food industry together with the use of propionic acid in the industry both contribute to the market's growth. Because of the expanding population and increased production of food and feed in the region, the market in the Asia Pacific is expected to grow quickly over the projected period. As of 2022, it is predicted that the animal feed additives market in India, China, and Australia will develop at a CAGR of over 3.5%. India and China together held a sizeable portion of the Asia-Pacific market. Furthermore, the rising need for pharmaceuticals and preservatives is expected to increase the Chinese market.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 1.57 Billion |
| Market Size (2032) | USD 3.12 Billion |
| CAGR (from 2022 to 2032) | 7.3% |
| Europe Revenue Share | 35.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Propionic acid is used as a preservative in both packaged food and animal feed. The market is expected to grow over the course of the forecasted period as a result of the expanding need for secure grain and animal feed preservatives. Propionic acid is a building block for herbicides. Propionic acid is also used in the production of cellulose acetate propionate. These further applications are anticipated to drive market growth. By 2022, it is expected that 538 kilotons of propionic acid would have been used. Increasing customer demand for convenience foods is expected to fuel market growth. The need for sanitary packaged food products is rising as a result of people's evolving lifestyles. Propionic acid is employed as a preservative to prevent the growth of mold, bacteria, and fungi on food products. Food products can be stored for longer with the use of propionic acid.
Market Restraints
The growing environmental concerns around the use of pesticides would likely limit market expansion in the ensuing years. Despite the availability of a variety of products, another factor that is projected to limit market progress is a lack of innovative ideas. The entire market revenue is being affected by the current situation, which is forcing market competitors to cut margins on product sales.
Market Opportunities
Propionic acid esters serve as alternatives to synthetic flavors and chemical solvents. Propionic acid esters are used as solvents or artificial flavorings and have a fruity aroma. Propionic acid is a frequent intermediate product produced in biogas facilities by fermentation with propionic acid bacteria. Propionic acid esters are projected to present profitable opportunities for industry participants.
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Report Segmentation of the Propionic Acid Market
Purity Insight
Based on purity, up to 99% accounted for the largest market share in 2022 at over 60%. It is expected that this will continue to rise through the forecast period. Industrial production involves hydrocarboxylating ethylene while using nickel carbonyl as a catalyst. It has been found that PA reduces food intake, reduces fat levels in the liver and plasma, may boost tissue insulin sensitivity, and suppresses the immune system. The advantages of propionic acid as a raw material include its dependability, affordability, and security. Even food can have it added to it.
Application Insight
The market is further broken down into herbicides, sodium salts, plasticizers, animal feed, food preservatives, and other products based on application. With a predicted CAGR of 7.4%, the food preservative segment was the market's greatest contributor. The vast majority of Americans choose readily available, prepared foods. The use of propionic acid as a preservative and additive helps these products maintain their quality and avoid deterioration, which raises the demand for food preservatives. The demand for food preservatives is also driving the growth of the global propionic acid market. Due to the rising demand for natural preservatives, the market is growing.
End User Insight
The market is divided into medicines, personal care, food & beverage, agriculture, and others based on the end-user industry. The food and beverage industry made up the greatest portion of the global propionic acid market. Propionic acid is being used more frequently as a common food preservative in bread, cakes, cheese, non-alcoholic beverages, jams, jellies, and other processed foods to limit the growth of mold and bacteria and lengthen shelf life, which is expected to drive market growth.
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Market Segmentation
Based on Purity
- Upto 99%
- Above 99%
Based on Application
Based on End-User
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Some of the major players include:
Recent Development of the Propionic Acid Market
- Construction on Afyren Neoxy, the first industrial-scale facility for the manufacture of organic acids utilizing green chemistry, such as acetic acid, propionic acid, butyric acid, isobutyric acid, valeric acid, isovaleric acid, and hexanoic acid, began in January 2021. Fine chemicals, medications, flavors, cosmetics, and scents all employ this material.
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