The major application of the Propionic Acid Market is in animal feed and grain preservatives, sodium and calcium propionate, cellulose acetate propionate and others. The other application includes the use of the product as a chemical intermediate in pharmaceuticals, textiles, herbicides, plastics, perfumes, etc. In the food & beverage industry, the product is used as a flavoring and antimicrobial agent and it is recognized safe as it is listed as Generally Recognized as Safe (GRAS) by the U.S. FDA. The use of propionic acid in the food & beverage industry is majorly in bakery products (2.1% of U.S. GDP is makeup of bakery products). Besides, some of the European countries are the major consumers of bread and all these together describe that these regions are the demand centers for this product. Europe is expected to hold the largest chunk in the global propionic acid market share.
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Propionic Acid Market is a preservative which finds major application in animal feed and grain industry. According to the Food & Agriculture Organization (FAO), between 2012 to 2014, it is estimated that around 805 million people were suffering from hunger and almost 98% of them belong from developing nations. Changing climatic conditions across the globe due to global warming has also resulted in irregular rainfalls, thus affecting the agricultural yield. Arable lands are not proliferating at a fast rate in order to cater to the demand of food grains for a growing population.
Asia Pacific also holds a decent share in the overall propionic acid market owing to its usage in food additives and animal feed products as rising meat consumption and improving the standard of living has bolstered their demand. The salt forms are propionic acids such as calcium and sodium propionate are majorly utilized for agricultural applications as these are less corrosive in nature. Their demand in tropical countries is more as preservative, as they help in protecting high moisture grains such as oats, wheat, barley and corn to be get infected from fungi and mold.
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Some of the key players in propionic acid market are
Daicel Corporation, Biomin Holding, Eastman Chemical Company, BASF SE, Dow Chemical Company, Celanese Corporation, Perstorp Holding, etc.