Market Research Report
Global Wood Vinegar Market - 2019-2026
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|Global Wood Vinegar Market - 2019-2026|
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Global Wood Vinegar Market Overview
The global wood vinegar market was worth the US $XX billion in 2018 and is expected to reach US $XX billion by 2026, at a CAGR of 4.8% during the forecast period.
Wood vinegar, commonly known as pyroligneous acid or liquid smoke, is basically a byproduct obtained during the process of charcoal production. It is generated from the combustion of fresh wood burning in an airless condition. When this gas is cooled, it condenses into a liquid. It has more than 200 chemicals, such as acetic acid, formaldehyde, methanol, tar. Acetic acid is the key constituent of wood vinegar. The product is extensively used as a fertilizer especially in organic farming. In addition, it is also used to imbibe a smoky flavor to various food products. Wood vinegar also finds applications in various other industries including - animal feed, cosmetics, pharmaceuticals, and personal care, owing to its benefits. Thus, demand for this is expected to grow at a high CAGR over the forecast period.
Global Wood Vinegar Market - Market Dynamics
Growth in the applications of wood vinegar in various sectors is one of the major markets that is driving market growth. Its agricultural applications include the use of the product as pesticides and fertilizers, owing to its multifunctional benefits to farms. It helps to control the impact of harmful insects on crops and inhibits soil diseases. Also, growing health awareness among people nowadays are demanding for organic food products which are produced using organic agricultural practices and organic farming inputs, which led to the increase in the usage of biopesticides and bio-based fertilizers, such as wood vinegar in agriculture.
However, low awareness, limited manufacturers, and stringent government policies & regulations are hindering the market growth.
Global Wood Vinegar Market - Segment Analysis
Based on the method the global wood vinegar market is broadly segmented as slow pyrolysis, intermediate pyrolysis, and fast pyrolysis. Among all these slow pyrolysis segments accounted for major market share and is expected to grow at a high CAGR over the forecast period. It is owing to its superior properties including low temperature, long vapor resistance time and slow heating rate. Slow pyrolysis also offers better yields of wood vinegar, char, and other products compared to intermediate and fast pyrolysis.
By application, the global market for wood vinegar is segmented into - agriculture, food & beverages, personal care and cosmetics, pharmaceuticals, and others. The agriculture segment is a dominant segment owing to product's wide-range of applications in agriculture including its usage as bio-pesticide, bio-herbicide, and many others. The food & beverages segment also occupies a dominant market share and is anticipated to grow at a rapid rate over the forecast period. The rapidly increasing population is resulting in rise in consumption of all meat products, including the processed meat products. Thus rise in processed meat increases the market demand for wood vinegar for imparting flavor and preservation to meat products
Global Wood Vinegar Market - Geographical Analysis
The global Wood Vinegar market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region accounted for major market share and is expected to grow at a high CAGR over the forecast period. This is due to the consumer acceptance for wood vinegar as an essential natural farming input in this region. Also, wood vinegar is used as a biopesticide; this is due to the need to minimize environmental risk as a result of chemical pesticides. Additionally, the increasing demand for organic farming is expected to influence the wood vinegar market in this region positively. It is produced locally as a substitute for synthetic chemicals with low production costs. Increasing adoption of organic based food is an additional growth factor for wood vinegar market in the region.
Global Wood Vinegar Market - Competitive Analysis
Significant players of the global wood vinegar market are Canada Renewable Bioenergy Corp., Tagrow Co., Ltd., Nettenergy BV, ACE Pte Ltd., Applied Gaia Corporation, Taiko Pharmaceutical Co., Ltd., and others. Most of the key players in the market are focusing on product enhancements by using varied raw material types to innovate unique flavours. Manufacturers are also focusing on blending multiple material types at varied concentrations for production of distinctive end products. The diversified product portfolio is the major factor that is responsible for strengthening the position of these companies in the market. Also, they have been adopting key strategies, acquisitions, and expansions, to increase their share in the wood vinegar market.