Propionic Acid Market Segmentation:
Application Segment Analysis
The herbicides segment is estimated to hold 45% share of the global propionic acid market in the year 2035. The rising global population will impose pressure on the agricultural industry to produce more food for the growing population and therefore herbicides are used to control the weeds to grow cultivation. The Food and Agriculture Organization (FAO) projects that by 2050, there will be 9.8 billion people on the planet, up from 7.55 billion in 2017. The demand for grain is predicted to rise at least 2.2 times between 1970 and 2020 (or 2.5 billion tons) to go along with this growth.
As a result, it is evident that at the current rates of grain production, it will not be possible to sustain the balance between the supply and demand of grain in the future. Apart from the adverse consequences of global warming, it is impractical to anticipate a swift increase in arable land in tandem with the escalating need for grain production due to population expansion. Considering all these aspects, the propionic acid market will witness significant revenue in this segment.
End User Segment Analysis
The food & beverage segment in the propionic acid market is anticipated to garner a significant share in the year 2035. The growth of this segment will rely on increasing lifestyle changes in people globally and the demand for packaged food with preservatives like propionic acid. Food availability has also expanded as a result of declining food prices and rising income levels. Over the past 50 years, this has led to significant shifts in food consumption. In addition to examining food consumption (availability) trends and forecasts for various parts of the world as well as for the year 2050.
To extend their shelf life, baked goods, and cheese are also treated with acid. Accordingly, rather than using the chemical counterparts, the acid's esters are used as synthetic flavorings or solvents. This increasing demand for natural preservatives will further increase the propionic acid market size expansion.
Our in-depth analysis of the global propionic acid market includes the following segments:
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