Propionic Acid Market to Garner $ 1.6 Bn, Globally, by 2026 at 3.5 % CAGR: Allied Market Research
According to the report, the global propionic acid industry generated $1.25 billion in 2018, and is estimated to garner $1.6 billion by 2026, witnessing a CAGR of 3.5% from 2019 to 2026.
- According to the report, the global propionic acid industry generated $1.25 billion in 2018, and is estimated to garner $1.6 billion by 2026, witnessing a CAGR of 3.5% from 2019 to 2026.
- Significant increase in application in the food & beverage industry as a preservative and packaging of ready-to-eat food along with rise in demand for safe animal feed drive the global propionic acid market.
- On the other hand, application of propionate esters as solvents and propionic acid as antibiotics provide new opportunities in next few years.
- This is due to presence of many producers and suppliers of propionic acid and surge in investments in the food industry.