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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Propionic Acid Market Growth
Propionic acid refers to naturally occurring carboxylic acid that has an unpleasant and pungent smell. It is readily absorbed through the skin as well as the gastrointestinal tract. The decomposition of various amino acids and oxidation of fatty acids containing the odd number of carbon atoms, results in the formation of propionic acid.
The rising consumption of packaged foods owing to increasing lifestyle complexities and convenience offered by the products is bolstering the propionic acid market growth as the acid acts as a flavouring agent and preservative in different types of packaged foods. The usage of propionic acid as a preservative can be attributed to its antibacterial properties and the ability to prevent the growth of moulds bolstering the demand of the propionic acid market.
Propionic Acid Market Report Snapshots
Propionic Acid Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of approximately 476.39 KMT in 2023.
The global propionic acid market is assessed to grow at a CAGR of 3.3% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 638.07 KMT by 2032.
The major market drivers include expansion of the pharmaceutical sector and rising requirement for feed due to increased consumption of livestock products.
The key trends fuelling the growth of the market include rising consumption of packaged foods and increasing prevalence of diseases.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The end uses of propionic acid include agriculture, food and beverage, personal care, and pharmaceuticals, among others.
The market's key players are BASF SE, The Dow Chemical Company, Eastman Chemical Company, OQ Chemicals GmbH, Perstorp Holding AB, Otto Chemie Pvt. Ltd., Impextraco NV, and Shanghai Jianbei Organic Chemical Co., Ltd., among others.
Based on the type, the market is divided into herbicides, food preservatives, chemical intermediates and others.
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