Propionic Acid Market - Global Industry Analysis by Size, Share and Forecast 2020 – 2027
Market Overview The global propionic acid market is segmented on the basis of its application as animal feed & food preservative, propionates, herbicides, plasticizers, rubber products, and others. Among these, the animal feed and food preservative segment holds a major share of the global market in terms of both, value and volume. Around 50-55% of propionic acid is consumed in the manufacture of animal feedstock and food preservative and is likely to dominate the market in coming years. This growth is attributed to increasing demand for high-quality feed products and animal nutrition. Furthermore, the increasing demand for packaged food products coupled with high disposable income is the major driver of the market growth. Moreover, the use of propionic acid and its various salts such as calcium, sodium, magnesium, retard bacterial growth and are thus, used in protection of cosmetics. Propionic acid is also used to control pH of the cosmetic products and in plastic industry. Cell