Categories: Market Research

Propionic Acid Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Propionic Acid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Propionic Acid Global Market Report 2024, The propionic acid market size has grown strongly in recent years. It will grow from $1.42 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing demand in animal feed preservatives, expanding food and beverage industry, focus on grain preservation, growing awareness of food safety, rise in livestock farming, application in cellulose acetate propionate (cap) production..

The propionic acid market size is expected to see steady growth in the next few years. It will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to continued growth in livestock farming, increasing focus on sustainable agriculture, rising demand for processed food, global food security initiatives, growing application in derivatives production, environmental regulations and sustainable practices.. Major trends in the forecast period include emergence of propionic acid as a herbicide, technological innovations in production processes, growing adoption in pharmaceutical and cosmetic industries, regulatory compliance and quality standards, market expansion in developing regions..

Growth in the agricultural industry is expected to propel the growth of the propionic acid market going forward. The agriculture industry refers to a sector of the economy that encompasses all activities related to cultivating plants and raising animals for various purposes, including food production, fiber, and materials production. Propionic acid is used in the agriculture industry as an antimicrobial and antifungal agent employed in managing poultry litter and treating livestock drinking water. For instance, in May 2023, according to the National Statistical Institute of Iceland, an Iceland-based official statistics institution, the agricultural industry in Iceland experienced an increase in production value from $0.54 billion in 2021 to $0.61 billion in 2022, a growth of 12%. Therefore, the growth in the agricultural industry is driving the growth of the propionic acid market.

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The propionic acid market covered in this report is segmented –

1) By Product: Oxo Process, Reppe Process, By-product Process

2) By Application: Herbicides, Rubber Products, Plasticizers, Food Preservatives, Other Applications

3) By End-User Industry: Pharmaceuticals, Personal Care, Food And Beverage, Agriculture, Other End-User Industries

Major companies operating in the propionic acid market are focused on developing novel processes for propionic acid production, such as biomimetic fermentation for producing bio-sourced organic acids. Biomimetic fermentation of bio-sourced organic acids is based on the fermentation technology used to produce pure organic acids, primarily propionic acid. For instance, in October 2022, AFYREN SA, a France-based chemicals manufacturing company, launched a plant for the industrial production of bio-sourced acids utilizing Afyren technology based on the biomimetic fermentation of GMO-free co-products. This helps produce a high-quality and pure organic family of seven fully bio sourced acids, including afyren propionic acid.

The propionic acid market report table of contents includes: