The butyric acid market was valued at US$ 183.48 million in 2021 and is projected to reach US$ 484.55 million by 2028; it is expected to grow at a CAGR of 14.9% from 2021 to 2028.
Market Overview:
Butyric acid is a colorless liquid with a penetrating and unpleasant odor. The butyric acid market is a competitive one due to the presence of many domestic and global players. Market players adopt strategies such as research and development investments, and new product innovations to gain an edge over their competitors.
Based on application, the global butyric acid market is segmented into printing inks, animal feed, food flavors and food fragrances, chemical intermediates, pharmaceutical, and others. The animal feed segment held the largest share of the market in 2020. The butyric acid market for the animal feed segment is growing at a significant rate due to the rising demand for quality meat products across the world.
The global butyric acid market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest market share in 2020. In Asia Pacific, there is a growing number of livestock farms because of the increased demand for superior-quality meat products due to improving per capita income and growing health consciousness among people in several Asia Pacific countries. This is subsequently leading to the proliferation of the market.
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Impact of COVID-19 Pandemic on Butyric Acid Market
Many economies were adversely affected due to the COVID-19 pandemic. The butyric acid market in North America also experienced the tremors of the disturbed raw material supply chains and limited operational efficiencies. The disruptions in the raw material supply chain and reduced demand from the downstream sectors has adversely impacted the growth of the market. In Europe, animal feed production fell because the pandemic affected consumer demand for products of animal origin. In Europe, during the Q3 of 2021, the prices of butyric acid escalated due to the recovery of the various industrial activities.
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The report includes the segmentation of the global butyric acid market as follows:
Based on source, the global market is segmented into renewable butyric acid and synthetic butyric acid. Based on application, the market is segmented into printing inks, animal feed, food flavors and food fragrances, chemical intermediates, pharmaceutical, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. North America includes countries like the US, Canada, and Mexico. Europe includes Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific includes China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) includes South Africa, Saudi Arabia, UAE, and the Rest of MEA. South & Central America includes Brazil, Argentina, and the Rest of South & Central America.
Butyric Acid Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source (Renewable Butyric Acid and Synthetic Butyric Acid) and Application (Printing Inks, Animal Feed, Food Flavors and Food Fragrances, Chemical Intermediates, Pharmaceutical, and Others)
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