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The Propionic Acid Market size is estimated to grow at a CAGR of 3.4% during the forecast period 2022-2027 and would reach an estimated revenue of US$1.7 billion by 2027. Propionic acid is a type of carboxylic acid that is produced through the fermentation of undigested food in the colon by the microbiota. Due to its rich chemical nature, this acid has high applicability in the food & beverage sector as a preservative agent for various food items such as dairy products like cheese, non-alcoholic beverages and confectionaries including chocolates. The rapid population growth of millennials, coupled with improvements in living standards and disposable income, has increased the consumption of such food items. According to the National Confectioners Association, in 2021, chocolate and candy sales increased by 11% in the U.S., as compared to 2020’s sales figure. With such an increase in the consumption scale of confectionaries, the demand and usage of propionic acid as a preservative agent have also accelerated, thereby improving its market growth.
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Propionic Acid Market: The Food & Beverage Segment Leads the Market
Based on the end-use industry, the Propionic Acid market can be segmented into agriculture, food & beverage, rubber, cosmetics & personal care, pharmaceuticals and chemical sectors. The leading segment in the propionic acid market is evaluated to be food & beverage. During the forecast period 2022-2027, the food & beverage segment is expected to grow at a CAGR of 3.7%. This can attribute to factors such as the rapid increase in the production and consumption of baked goods and dairy products such as cheese which is one of the major users of propionic acid. According to the US Department of Agriculture, in 2020, cheese production in the U.S. stood at 13.25 billion pounds, showing a 2% increase from 2016. Such an increase in production & consumption has raised the scope of Propionic Acid usage in the food & beverage sector.
Propionic Acid: Europe Holds the Largest Share
Based on geography, the Propionic Acid market can be segmented into North America, South America, Europe, APAC and the Rest of the World. According to the analysis, in 2021, the European region emerged as the most profitable region in the market and held a 37.4% share of the total revenue earned by the market, globally. The region is the hub for major dairy products such as cheese. Due to the increase in demand for such items, their production level in the region has increased significantly. According to Food and Agriculture Organization, in 2020, Europe’s cheese production stood at 1.38 million tons, showing a 33.4% increase in production level in comparison to 2018. With such an increase in the production of the major users of Propionic Acid, the demand for the acid has also been boosted in the region.
Propionic Acid: Competitive Landscape
Key companies holding a major share in the Propionic Acid market are BASF SE, Dow Inc, Eastman Chemical Company, Merck KGaA, Perstorp Holding AB, Hawkins Inc, Otto Chemical Pvt Ltd, Celanese Corporation, Kemin Industries Inc and Niacet Corporation.
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