Wilmington, Delaware, United States, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global wood vinegar market was projected to attain US$ 5.5 billion in 2022. It is anticipated to garner a 6.3% CAGR from 2023 to 2031 and by 2031 the market is likely to attain US$ 9.6 billion by 2031.
Governments are devoting more and more time to studying the benefits of wood vinegar versus synthetic substitutes. The applications of organic wood vinegar in agriculture include transportation of fertilizer, addition to composting, and soil conditioning. It is also used as a feed addition, silage additive, and treatment for manure and stable bedding.
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Global Wood Vinegar Market: Key Players
Producers of wood vinegar are doing research to find new ways to make wood vinegar using various raw materials. Companies have also tried combining two or more already-existing substances to produce wood vinegar with unique scents.
The following companies are well-known participants in the global wood vinegar market:
- Dongying Runyi Biotechnology Co. Ltd.
- Merck KGaA (Sigma Aldrich)
- Canada Renewable Bioenergy Corp
- Kerry Group PLC
- Frutarom Industries Ltd.
- Agribolics Technology Sdn Bhd
- VerdiLife LLC.
- Red Arrow International LLC
- B&G Foods, Inc.
- Baumer Foods, Inc.
- TAGROW CO. LTD.
- New Life Wood Vinegar
Compared to cowpea farmers who use wood vinegar topically, those who soak their cowpeas in wood vinegar are likely to get larger net returns on their investment.
Key Findings of the Market Report
- The increasing usage of wood vinegar in a variety of sectors is driving its market share globally.
- It serves as an organic fertilizer, a bio-pesticide, an antibacterial agent, and a growth-stimulating agent for plants in agriculture.
- The growing unpopularity of genetically modified crops, industrial fertilizers, and pesticides has led to the emergence of wood vinegar as an alternative to already recognized approaches in these domains.
- One key factor driving their use in agriculture has been the rise in public awareness of synthetic components in the food chain.
- Since wood vinegar contains short-chain fatty acids that prevent the formation of dangerous germs, it is used in medications.
- It promotes the growth of prebiotics while inhibiting the growth of protozoa and enteropathogenic bacteria.
Market Trends for Wood Vinegar
- Manufacturers of food and drink goods are reformulating and offering clean label items these days. Manufacturers of processed foods are concentrating their efforts on building new plants and investing in the development of their current facilities to boost the production of processed foods like meat and seafood products. The market for liquid smoke and wood vinegar, which are used to give some processed foods a unique flavor, is thus anticipated to grow as a result.
- Wood vinegar producers must effectively satisfy the needs of diverse end customers in a range of applications while guaranteeing the availability of the necessary goods, as good quality and results are crucial.
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Global Market for Wood Vinegar: Regional Outlook
- Sales are expected to be dominated by Asia Pacific throughout the projection period, with Europe and North America following closely behind. The demand for beef products is rising due to the rapid population growth and broad Westernization in Asia Pacific. This is anticipated to lead to a rise in the region's need for wood vinegar and liquid smoke for taste and preservation as processed meat products are consumed more often.
- One interesting finding is that consumers in Western nations, such North America and Europe, usually order smoked food, but individuals in other regions, like Asia and Africa, would rather not have smoked food. Applications in the food processing industry are expected to increase as a result throughout North America and Europe.
Some key developments by the players in this market are:
- Leading wood vinegar manufacturer PyroAg asked organic farmers in Australia to adopt sustainable farming methods in the country's agricultural industry by lowering the price of its wood vinegar in December 2022.
- Two engineers in northern Gaza created a wood vinegar distillation apparatus in June 2022, saying it would address the region's issues with soil fertility.
- Byron Biochar introduced biochar + frass, a new product, to the market in May 2020. This product, which is 80% charcoal and 20% frass, is perfect for use as a fertilizer as well as soil conditioner.
Global Wood Vinegar Market Segmentation
Production Method
- Rapid Pyrolysis
- Intermediate Pyrolysis
- Slow Pyrolysis
End User
- Food and Beverages Industry
- Agriculture Industry
- Animal Feed Industry
- Pharmaceutical Industry
- Cosmetics & Personal Care Industry
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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