According to a new report, published by KBV research, The Global Propionic Acid Market size is expected to reach $1.7 billion by 2030, rising at a market growth of 3.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 626.12 Kilo tonnes, experiencing a growth of 2.9% (2019-2022).
The Food & Beverages segment is leading the Global Propionic Acid Market, by End-user in 2022; thereby, achieving a market value of $647.8 Million by 2030. Anti-microbial, bacterial, and propionic acid preservatives are increasingly utilized in processed foods such as bread, cakes, cheese, non-alcoholic beverages, preserves, and jellies. This trend is anticipated to stimulate market expansion. As a result of strong economic expansion and population growth, the global food and beverage sector is expanding. Additionally, the intake of hydrating beverages has increased. The demand for propionic acid in the food and beverage industry is expected to increase due to this factor.
The Herbicides segment is anticipating a CAGR of 3.4% during (2023 - 2030). Herbicides typically contain active ingredients that target specific weeds or unwanted plants. Propionic acid can contribute to stabilizing these active ingredients, preventing their degradation due to environmental factors or chemical reactions within the formulation. This stabilization ensures that the herbicide remains effective when applied in the field. The pH level of herbicide formulations is a critical factor influencing their stability and performance. Propionic acid can be used to adjust and control the pH of herbicidal products. Maintaining the optimal pH range enhances the chemical stability of the formulation, ensuring that the active ingredients remain in a suitable state for effective weed control.
Full Report: https://www.kbvresearch.com/propionic-acid-market/
The Europe region dominated the Global Propionic Acid Market, by region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $631.6 Million by 2030. The North America region is registering a CAGR of 3.5% during (2023 - 2030). Additionally, The Asia Pacific region would showcase a CAGR of 4.5% during (2023 - 2030).
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-user (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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