Global propionic acid market is expected to reach USD 1.53 billion by 2020, according to a new study by Grand View Research, Inc. Animal feed application dominated the propionic acid market accounting for over 50% of global demand in 2013. Increasing demand for mold & bacteria curbing additives in animal feed coupled with growing concern for improving animal nutrition is expected to drive market growth.
Europe was the largest regional market accounting for over 35% of global propionic acid market demand in 2013. Favorable regulatory scenario along with growing food preservative & animal feed market in the region has favored propionic acid demand over the past few years. The regional market is expected to continue dominance over the forecast period on account of new market supporting regulations and expanding niche applications including herbicides & bakery preservatives. ‘The European Union Hygiene Directive’ by REACH aims towards maintaining hygiene and quality of mixed-feed products and is expected to fuel propionic acid market growth over the next six years.
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/
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Grand View Research, Inc
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