Market Size of Propionic Acid Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 412.06 kilotons |
| Market Volume (2029) | 484.93 kilotons |
| CAGR (2024 - 2029) | 3.31 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Propionic Acid Market Analysis
The Propionic Acid Market size is estimated at 412.06 kilotons in 2024, and is expected to reach 484.93 kilotons by 2029, growing at a CAGR of 3.31% during the forecast period (2024-2029).
.
The COVID-19 epidemic harmed the propionic acid sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the business is recovering since 2021 and is expected to rise significantly in the coming years.
- Over the short term, increasing demand for grain preservatives and safe animal feed and a significant increase in adoption in emerging economies are major factors driving the market studied.
- On the flip side, the detrimental effects of propionic acids on human health and environmental concerns regarding herbicides are some factors hindering the growth of the market studied.
- Moreover, novel process development for propionic acid production may provide opportunities for market growth shortly.
- Europe dominated the global propionic acid market, and Asia-Pacific will likely witness the highest growth rate during the forecast period.
