Used as a herbicide, pesticide, plant growth promoter,fungal growth enhancer, and as a flavoring substance, the wood vinegar market is set to grow. The variedapplications make it an attractive market in the forecast period of 2017 to2025. The market is set to see a CAGR (Compound Annual Growth Rate) of 4.9%,pulling up the market worth to USD 1896.8 mn by 2025 from 1295.4 mn in 2017, asper a Transparency Market Research study. One of the most attractive segmentswould be agriculture and the dominant one would be food and beverage, risingdue to increase in demand in distinct smoky flavor in processed food products.
Another factor adding to growth is that it is also used as an ingredientin medicine as well as in animal feed. Some deodorants also have it as acomponent. Other uses include facilitator in fermentation, mordant and a filterin sewage treatment to name only a few.
Consolidated Competitor Landscape over the forecastperiod 2017-2025
The global wood vinegar market is fairly consolidated with players likeas Dongying Runyi Biotechnology Co. Ltd., Canada Renewable Bioenergy Corp.,Merck KGaA (Sigma Aldrich), Kerry Group PLC, and Frutarom Industries Ltd.Holding major share. To widen presence, most players focus on enteringpartnerships. Companies are also focused on coming up with better products.Experiments with different woods and multiple permutations are done to achievedifferentiation and attract customers.
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Asia pacific to Dominate the Global Wood VinegarMarket over the Forecast Period
Increasing population in the Asia Pacific region will increase demandfor wood vinegar, creating untapped opportunities for the market to grow. Tocontribute to this growing demand is also growing westernization in countriesin this region that has raised plenty awareness that was previously lacking.This will lead to an increase in demand for processed foods fueling marketgrowth. The other region to have eyes set on is Europe. The region to followthese two growth-wise is North America owing to already extant high levels ofawareness about the product and high disposable incomes. Besides in both Europeand North America, there is a preference for smoked foods.
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Growing Demand for Variety of Wood Vinegar Productsto Propel Growth
There is a widespread inclination observed towards biomass-based items.The use of wood vinegar as a characteristic plant-determined yield enhancer istherefore, improving market prospects for the product. And, it is not justgrowing acceptance but also growing approval of the products. This risingdemand for natural nourishment products will, thus, drive the market forward. It includes its rising popularity as organic soil enhancer. This alsoinvolves contribution by government policies that are encouraging the uptake ofthese non-hazardous alternatives in agriculture.
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Lack of Sources and Environmental ConcernsRestraining Growth of Wood Vinegar Market
One of the biggest restraints of the global wood vinegar market is thatit can be sourced from a very small number of natural resources. And, theproblem goes beyond the number of sources to include logistics, from sourcingto assembling and everything in between. This comes in the way of reliableoutcomes, constraining growth of the discussed market to full potential. Thenthere is also the issue of using timberlands for obtaining charcoal, whichprovides with wood vinegar. It is a major factor behind massive deforestation.It is a growing concern for both environmentalists as well as users. Withgovernment guidelines is place, this issue is set to be resolved.
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