Allied Market Research published a report, titled, "Wood vinegar Market by Pyrolysis Method (Slow Pyrolysis, Fast Pyrolysis, and Intermediate Pyrolysis) and Application (Agriculture, Animal Feed, Food, Medicinal & Consumer Products, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global wood vinegar industry generated $4.5 million in 2019, and is expected to reach $6.4 million by 2027, witnessing a CAGR of 7.0% from 2020 to 2027.
Prime determinants of
growth
Rise in demand for
personal care products with organic formulation and enhanced crop yield drive
the growth of the global wood vinegar market. However, low awareness regarding
wood vinegar hinders the market growth. On the other hand, growth in trend of
organic farming presents new growth opportunities.
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COVID-19 Scenario
- The
outbreak of the pandemic impacted the market immensely. The prolonged
lockdowns, in turn, have declined the demand for wood vinegar and
suspended the supply chain and manufacturing procedures all across the
world.
- However,
the government bodies all over the world are now assisting the industries
to maintain economic benefits by issuing relaxations on the restrictions.
With this, the market is anticipated to recoup soon.
The slow pyrolysis
segment to maintain its lead status during the forecast period
Based on pyrolysis
method, the slow pyrolysis segment accounted for more than two-thirds of the
global wood vinegar market in 2019, and is expected to maintain its lead status
during the forecast period. In addition, the segment is also projected to
register the highest CAGR of 7.1% from 2020 to 2027. This is attributed to its
capability of high yield at less temperature.
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The agriculture
segment to maintain its dominant share throughout the forecast period
Based on application,
the agriculture segment held the highest market share in 2019, accounting for
more than two-fifths of the global wood vinegar market, and is estimated to
maintain its dominant share throughout the forecast period. Furthermore, the
segment is projected to portray the fastest CAGR of 7.2% from 2020 to 2027.
This is due to rising trend of organic farming and its benefits in agricultural
applications such as enhanced yield of crop, protection from the dangerous insects
and diseases, and others.
Asia-Pacific to
maintain its leadership position, North America to grow significantly
by 2027
Based on
region, Asia-Pacific contributed to the highest market share in 2019,
accounting for nearly two-fifths of the global wood vinegar market, and is
expected to maintain its leadership position by 2027. The region is also
estimated to witness the fastest CAGR of 7.6% during the forecast period. This is attributed to
presence of key players in the region and fast establishing consumer base. On
the other hand, the North America region would grow at a CARG of 6.0%
during the forecast period.
Leading market players
- Applied
Gaia Corporation
- Ace
(Singapore) Pte Ltd. (ACE)
- Tagrow
CO., Ltd. (Tagrow)
- Sane
Shell Carbon (SSC)
- Shandong
Toroyal Group (Toroyal Group)
- New
Life Agro (NL Agro)
- Dongying
Runyi Biological Technology Co., Ltd. (DRBT CO., Ltd.)
- Nettenergy
BV, DOI & CO., LTD.
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