Growth in Processed Food and Pharmaceutical Industry Will Propel Growth of Market
Produced by chemosynthesis from petroleum-based feedstocks, butyric acid has received growing attention because of consumer demand for green products, and natural ingredients in foods, pharmaceuticals, animal feed supplements, and cosmetics. Rising demand for renewable butyric acid and clean energy sources, as well as increased use of butyric acid in food processing, and flavouring are expected to boost the growth of global butyric acid market even further. Significant expansion in the pharmaceutical business worldwide is one of the primary drivers offering a favourable outlook to butyric acid market. Butyric acid is used to produce pharmaceutical medications that potentially aids in weight loss, and even in treatment of cancers, and irritable bowel syndrome (IBS). The worldwide processed food business is driven by changing lifestyles, safety, and convenience. Food processing technology innovation and increased demand for processed foods will drive the industry in the coming years. The growing adoption of automated technologies in processed food, as well as expanding R&D in food processing machinery, are expected to enhance the progress of butyric acid market in future.
Processed foods account for about 70% of the American diet, and around one-third of US adults are obese. With the growing penetration of processed food, the demand for butyric acid will grow in the coming years. With new technology, cost-effective, and more efficient manufacturing processes, the pharmaceutical landscape has experienced enormous transformation, driving the growth of butyric acid market. As of 2022, there are 2,091 pharmaceutical manufacturing firms in the United States, a rise of 8% from 2021 and generating 46 percent of US revenue. Increased investment flow in the pharmaceuticals sector has significantly benefited the butyric acid market.
Use of Butyric Acid for Animal Feed Will Dominate Market due to its Nutritional Benefit
Butyric acid is becoming increasingly used as an animal feed additive. Butyric acid is the primary feedstock for various butyrate salts and glycerine esters, often known as butyrins. Butyric acid derivatives are widely utilized as feed additives in the cattle, poultry, and aquaculture industries. Butyric acid is vital for animals and is used as a component to assist animals in meeting their health requirements. Butyric acid products increase animal health, provide a good diet for animals, and aid in the effective raising of animals. The increased use of butyric acid in animal feed in several regional markets has resulted from rising rates of animal diseases. The expanding penetration of large food firms such as KFC and McDonald's, which have made low-cost meat more accessible in Asian markets, contributes to this growth. The top eight countries are China, the United States, Brazil, Russia, India, Mexico, Spain, and Turkey. They account for 55 percent of global feed production and contain 59 percent of international feed mills. These growth indicators in animal feed consumption are boosting the butyric acid market over the forecast period.
Asia Pacific Will Acquire a Sizeable Share, China Continues to Surge Ahead
The Asia Pacific is likely to emerge as the largest market for butyric acid, with butyric acid animal feed application because of the constantly developing pharmaceutical, and agricultural sectors. During the projection period, agro-based economies such as India are expected to account for a sizable market share. The presence of many important regional players, combined with fast-increasing end-use industries, is projected to help the Asia Pacific butyric acid market flourish. The Asia Pacific region is predicted to lead the global market, owing to China's highly developed healthcare sector and the country's ongoing investments to advance the food processing and chemical sectors over the years.
China is the world's second-largest pharmaceutical market. The pharmaceutical market is quickly expanding due to the country's growing middle-class and ageing society, rising earnings, and increasing urbanisation. The government has a vast and diverse domestic drug sector, with over 5,000 manufacturers, many of which are small or medium-sized businesses. This is likely to increase the use of butyric acid in the pharmaceutical industry. China's food and beverage business is rapidly expanding. China accounts for over one-fourth of the global population, and the country has one of the world's fastest-growing consumer markets, providing a significant boost to the food and beverages industry. The causes above are projected to drive butyric acid demand over the forecast period.
North America shows a significant growth rate in the butyric acid market because of changing lifestyles and increased demand for processed foods. The growing demand for meat products emphasizes the need for animal feed and feed additives. The increased domestic demand for beef promotes rapid development of the region's feed industry. Greater need for animal feed products in the areas is driving the demand for butyric acid. The United States dominates the North American region due to rising packaged food consumption, which increases the region's need for butyric acid. Packaged foods saw a significant increase in sales during the initial months of the coronavirus outbreak in the United States in 2020. During the peak panic week, packaged food sales increased 87.6 percent over the previous year. With the continual increase in demand for packaged and processed food in the country, the regional market will grow in the upcoming years.
Global Butyric Acid Market: Competitive Landscape
In July 2020, Eastman Chemical Company was named Project of the Year for its recycling innovation. The award assists the company in expanding its sales by introducing new products to the market. In June 2020, Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, announced today the acquisition of its subsidiary, Celanese (Nanjing) Chemical Co. Ltd. recently signed a tri-party agreement with SWCHEM, headquartered in Teng Zhou, China, to construct a Pilot Scale-up Unit (PSU) to evaluate industrial-scale synthesis of acrylic acid utilising acetic acid as the primary raw material in Teng Zhou, China.
Few of the players in the butyric acid market include OXEA GmbH, Beijing Huamaoyuan Fragrance Flavor Co., ltd., Perstorp Holding AB, Dmitrievsky Chemical Plant, Eastman Chemical Company, Tokyo Chemical Industry Co. Ltd., Snowco Industrial Co., Ltd., Blue Marble Biomaterials, and Alfa Aesar GmbH & CO KG.
Global Butyric Acid Market is Segmented as Below:
Key Elements Included In The Study: Global Butyric Acid Market
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