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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Propionic Acid Market Share
Food and beverages are expected to account for a significant propionic acid market share owing to the increased utilisation of the product in baked goods and bread as a food preservative for inhibiting the growth of bacteria and moulds. Propionic acid is also used to provide nutty flavour and holes in Swiss cheese.
The growth of the propionic acid market is supported by its ability to enhance hydrogen production during fermentation. When used in low concentrations alongside acetic acid, propionic acid promotes citric acid production, thereby improving the overall fermentation rate.
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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