The North America Propionic Acid Market would witness market growth of 3.5% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 174.42 kilo tonnes, showcasing a growth of 2.7% (2019-2022).
Fermentation yields propionic acid, an odorless, fragrant liquid organic acid. It prevents the growth of various molds. It also possesses antibacterial properties. In addition, it is a natural preservative utilized in cheese and baked goods like tortillas and bread for preservation to expand their shelf life. They are also used in packaging various ready-to-eat foods with the objective of preservation. The uses of this in the food & beverage industry drive market growth.
Moreover, propionic acid is a natural preservative and can be safely used as an intermediate in several production processes. Approved for use to control fungi and bacteria in grain storage areas, poultry litter, stored cereals, hay, and drinking water for livestock and poultry is propionic acid. Antibiotic growth promoters can benefit from it, which ensures the safety of animal products and human health. The acid esters are used as solvents or artificial flavorings, replacing the chemical ones. These uses offer lucrative opportunities for the growth of the market.
The agriculture sector in the US has witnessed diversification in crops grown. Farmers are exploring alternative and specialty crops to meet changing consumer demands and tap into new industries. Government policies, subsidies, and support programs play a crucial role in shaping the agriculture sector in the US. Various initiatives aim to provide farmers with financial support, risk management, and infrastructure development, fostering growth and resilience. This is widely utilized in the preservation of grains, especially in the storage of harvested crops. With the expansion of the agriculture sector, the demand for effective grain preservation methods increases. As a result, these aspects will boost the market growth in the coming years.
The US market dominated the North America Propionic Acid Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $336.1 Million by 2030. The Canada market is experiencing a CAGR of 5.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 4.9% during (2023 - 2030).
Free Valuable Insights: The Propionic Acid Market is Predict to reach USD 1.7 Billion by 2030, at a CAGR of 3.7%
Based on Application, the market is segmented into Food Preservatives, Herbicides, Rubber Products, Plasticizers, and Others. Based on End-user, the market is segmented into Food & Beverages, Agriculture, Pharmaceuticals, Personal Care, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-user (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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