Global Wood Vinegar Market Set For Rapid Growth, To Reach USD 1796 Million by 2024
Sarasota, FL -- (SBWIRE) -- 10/11/2018 -- Zion Market Research has published a new report titled "Wood Vinegar Market, by Application (Agriculture, Animal Feed, Pharmaceutical, Personal Care and Cosmetic, Food & Beverages, and Other), by Method (Slow Pyrolysis, Intermediate Pyrolysis, and Rapid Pyrolysis): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, the global wood vinegar market was valued at around USD 1302 million in 2017 and is expected to reach approximately USD 1796 million by 2024, growing at a CAGR of around 4.7% between 2018 and 2024.
Wood vinegar is used in organic farming due to its application as a biofertilizer and biopesticides. It is used as an additive in various food products in order to produce smoked food products. It is used in animal feed in order to prevent contamination by other microorganisms due to its antimicrobial activity. It is used in medicinal industry as an effective remedy for indigestion, diarrhea, vomiting, peptic ulcers, poison ivy, snake bites, diabetic ulcers, gout and maintaining bowel, liver, prostate, and oral health. Acetic acid and methanol are the main components of the wood vinegar.
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Wood vinegar is anticipated to witness considerable growth during the forecast period. The market is primarily driven by increasing demand for organic food products and increasing acceptance of organic farming globally. Moreover, growing demand for biopesticides, biofertilizer, herbicides, and chemical free animal feed is anticipated to impact positively the global wood vinegar market in the years to come. However, increasing environmental norms by governments regarding charcoal production and preventing deforestation may restrain the wood vinegar market.
On the basis of the type of application, the market can be classified into agriculture, animal feed, pharmaceutical, personal care and cosmetic, food & beverages, and other. Agriculture is dominating the application segment owing to the increased application of wood vinegar such as in herbicide, natural plant-derived pesticide, fungicide, soil health, and plant growth enhancer.
The market can be segmented on the basis of method as slow pyrolysis, intermediate pyrolysis, and rapid pyrolysis. Slow pyrolysis segment is having advantages over other processes due to the growing demand for different grades of wood vinegar for different applications, which is expected to drive the growth of the global slow pyrolysis method.
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In 2017, Asia Pacific appeared as a leading region in terms of wood vinegar demand. The growth is mainly due to the increasing adoption of wood vinegar in natural and organic farming products. Increasing demand for bio-based renewable feedstock sources supported the growth of wood vinegar in the region owing to increasing government support for renewable energy sources which is likely to boost the demand for wood vinegar in the Asia Pacific. Europe and North America are other leading regional markets and are projected to show considerable growth in the near future on account of increasing demand for smoked food items. The Middle East & Africa is likely to show considerable growth due to growing demand for bio-based products and stringent environmental regulations. Moreover, increasing use of wood vinegar in agriculture to develop disease-resistant plants, root stimulation, improve seed germination, and soil enrichment is expected to drive the wood vinegar demand in the region.
The global wood vinegar market is consolidated, with the major players accounted for significant share of the market in 2017. Some of the key companies have been investing in technological advancement, maintaining standards and product innovation in order to retain their dominance in the market. Some of the key players Canada Renewable Bioenergy Corp., Vinegar Australia Tagrow Co., Ltd., Byron Biochar, Taiko Pharmaceutical Co., Ltd., Nettenergy BV, and ACE Pte Ltd., Sort Of Coal, VerdiLife LLC, and others.
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This report segments the global wood vinegar market as follows:
Global Wood Vinegar Market: Application Segment Analysis
Personal Care & Cosmetic
Food & Beverages
Global Wood Vinegar Market: Method Segment Analysis
Global Wood Vinegar Market: Regional Segment Analysis