Portland, OR, March 10, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global propionic acid market generated $1.25 billion in 2018, and is expected to generate $1.6 billion by 2026, growing at a CAGR of 3.5% from 2019 to 2026. The report offers an extensive analysis of top winning strategies, market size & estimations, key segments, major market players, and competitive scenario.
Considerable rise in applications in the food & beverage industry for usage as preservatives & packing ready-to-eat food and increase in safe animal feed demand propel the global propionic acid market. However, fatal side effects that may occur on human health and concerns related to utilization of herbicides restrain the growth up to certain extent. On the other hand, usage of propionate esters as solvents and implementation of propionic acid as antibiotics offer new opportunities in next few years.
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On the basis of application, the food preservative segment held more than two-fifths of the total market share in 2018, and is projected to maintain its dominance throughout the forecast period. This is due to adoption of ready-to-eat food and utilization to lower down spoilage. However, the rubber products segment is estimated to maintain the largest CAGR of 5.1% during the forecast period.
In terms of end-use industry, the food & beverage segment accounted for the highest market share, contributing to more than two-fifths of the total market share in 2018, and is estimated to maintain its highest contribution during the forecast period. However, the agriculture segment is expected to register the largest CAGR of 4.4% from 2019 to 2026.
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Geographically, North America is expected to witness the fastest CAGR of 4.0% from 2019 to 2026, owing to rise of the agriculture sector and surge in demand for poultry products. However, Europe accounted for the largest market share in 2018, accounting for nearly two-fifths of the total market share, and is expected to maintain its dominant position in terms of revenue by 2026. This is attributed to the presence of many manufacturers and suppliers and significant increase in investments in the food industry.
Leading market players analyzed in the research include BASF SE, Eastman Chemical Company, Dow Inc., Hawkins, Inc., Perstorp Holding AB, Otto Chemie Pvt. Ltd., Corbion N.V., Oman Oil Company SAOC, Merck KGaA, and Celanese Corporation.
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