Wood vinegar—used as a pesticide, a herbicide, fungal growth enhancer, plant growth promoter, and flavoring substance, Wood Vinegar Industry is set to mature. The wide-ranging applications make it an attractive market in the forecast period of 2020–2023. Wood Vinegar Industry is set to see a healthy CAGR, pulling up the market towards higher worth by 2023 from its earlier capital in 2020, as per a Market Research Future study. Considering COVID-19, MRFR’s report has provided a comprehensive and in-depth analysis of how the epidemic pushes this industry transformation and reform.
With the surged acceptance of global cuisines, the market for wood vinegar has expanded worldwide since it has an acrid smoky odor, typical to food products such as barbeque sauce, which are gaining global acceptance. Wood vinegar also has upward approval as a biofertilizer and a biopesticide in agriculture, which is booming owing to the established high demand for organic food products by consumers. These factors have emerged the market’s growth potentiality in the last decade and would persist in the analysis period positively.
MRFR also finds that the towering meat utilization among the consumers has resulted in livestock farmers to use wood vinegar in animal feed supplements to diminish the cholesterol level and to maintain the quality of meat. As cholesterol has remained a rising concern among consumers, this factor is actively driving the wood vinegar market in the animal feed industry. Other than this, wood vinegar market is observing utmost growth owing to escalating use of bio-fertilizers and pesticides among food manufacturers improve firmness, flavor, better crop yield, color, expanding government initiatives for the benefit of bio-based ingredient & pigments in food, and a substitute to agrochemicals.
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Moreover, escalating application of wood vinegar in various industries, low manufacturing cost, the potential for waste management, an upsurge in the food industry are some more factors that can boost the demand for wood vinegar over the analysis period. Furthermore, wood vinegar is also being increasingly used in animal feed for poultry, and other livestock like cattle and sheep to remove the prevalence of gastrointestinal diseases found in livestock. These have initiated the growth of the market broadly.
On the flip side, the factor of the prevalence of limited manufacturers for the production of wood vinegar and rigorous regime policies & regulations may impede the growth of wood vinegar market in the future timeframe.
The top players profiled in the Wood Vinegar Industry Report include Ace Singapore Pte Ltd (Singapore), NETTENERGY B.V. (Netherlands), Canada Renewable Bioenergy Corp (Canada), Byron Biochar (Australia), TAGROW Co., Ltd. (China), Red Arrow International LLC (US), Taiko Pharmaceutical Co., Ltd. (Japan), BAUMER Foods, Inc. (US), and B&G Foods, Inc. (US).
Global Wood Vinegar Market is studied under segments such as pyrolysis method and application.
By the segment of pyrolysis method, the market has included fast pyrolysis, slow pyrolysis, and intermediate pyrolysis.
Global Wood Vinegar Industry by the segment of application has included animal feed, agriculture, food & beverages and others.
Asia-Pacific emerges as the fastest-growing market. Asian countries like India, where the agriculture sector has a significant share in the country’s GDP, the wood vinegar has cemented a prominent way to boost crop yielding capacity while maintaining quality at the same time. Besides, the growing inclination of consumers across the region towards organic food products has also primarily led to an escalating number of farmers adopting organic agricultural practices, which in turn is strongly driving the market of wood vinegar in the farming sector. Such factors have led to mounting wood vinegar manufacturers across the region to meet the promising demand for different industries, mainly food products, food and beverage, feed supplements, cosmetics, and more.
North America and Europe wood vinegar market might also expand at a moderately high growth rate owing to the widespread use of chemical fertilizers in diverse industries including agricultural and chemical processing.
Latin America and the Middle East & Africa regions for wood vinegar market is also projected to witness sluggish growth with severe political and economic turmoil in the region.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.