Global COVID-19 Impact on Propionic Acid Market is growing rapidly. The market growth attributes to the growth of the application industries such as animal feed, personal care, food & beverages, pharmaceuticals, and others. Also, propionic acid is widely used as a preservative in animal feed and several packed food products to restrict mold growth in feed and food products. Such increasing applications of propionic acid escalate the market growth to furthered height. According to Market Research Future (MRFR), the global propionic acid market is poised to reach USD 2 BN by 2024, registering 7% CAGR throughout the review period (2019-2024). Besides, large consumer markets of propionic acid, including personal care products, F&B, and pharmaceuticals, drive the market growth exponentially. Moreover, cost-competitive economics acts as a key driving force behind the fast and successful market introduction of propionic acid.
Additionally, the ever-increasing population that is continually creating a massive demand for quality healthcare increases the consumption of propionic acid in pharmaceutical products. On the other hand, the lack of technological innovation in product offerings and rising environmental concerns regarding the use of herbicides are the major factors expected to hamper the market growth. Also, the rising challenge of reducing margins on product sales would affect overall revenues. Also, the personal care and cosmetic industry absorb a considerable amount of Propionic acid each year. Moreover, the demand for convenience food led by the fast-paced lifestyle and the growing working population worldwide fosters market growth. Nevertheless, increasing R&D investments in biotechnology would support the growth of the market throughout the assessment period. Moreover, increasing focus on drug discoveries is estimated to increase the size of the market.
Global COVID-19 Impact on Propionic Acid Market appears highly competitive due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategic initiatives such as collaboration, mergers & acquisition, expansion, and product/technology launch.
Industry players make substantial investments locally as well as in the emerging countries to expand their production capacity, distribution network, and supply chain. In such a scenario, obtaining strong financial support becomes the sole strategy of suppliers to sustain in the market. Manufacturers strive to minimize the cost of their products by adopting cost-effective manufacturing techniques.
Players leading the Global COVID-19 Impact on Propionic Acid Market include Dow (US), BASF SE (Germany), Eastman Chemical Company (US), Perstorp Orgnr (Sweden), OXEA GmbH (Germany), Krishna Chemicals (India), BIOMIN Holding GmbH (Austria), Celanese Corporation (US), A.M. Food Chemical Co. Ltd (China), Kemin Industries Inc (US), Niacet (US), Daicel Corporation (Japan), and Impextraco NV (Belgium), among others.
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Industry/ Innovation/ Related News
June 16, 2020 – The Takeda Pharmaceutical Company Limited (Japan) and Neurocrine Biosciences (the US), announced their $2B+ CNS collaboration. Takeda is a multinational pharmaceutical and biopharmaceutical company. Neurocrine is a publicly traded biopharmaceutical company. Takeda Pharmaceutical will rely on Neurocrine Biosciences to commercialize three clinical-stage drug candidates and four preclinical programs.
Out of all three that have reached the clinic and completed Phase I studies, TAK-653 is a potential first-in-class Alpha-Amino-3-Hydroxy-5-Methyl-4-Isoxazole Propionic Acid (AMPA) potentiator is a Phase II study-ready compound with the potential to be developed for treatment-resistant depression. The strategic partnership with Neurocrine Biosciences would allow Takeda to continue to build on its leadership in psychiatry and deliver future medicines while advancing clinical assets for rare neurological diseases.
The report is segmented into two dynamics;
By Application: Animal Feed and Food & Beverages (Bakery & Confectionery, Dairy Products, Beverages, Convenience Food, Meat, Poultry, & Seafood Products, others), and others (Personal Care, Pharmaceuticals, Agrochemicals, others).
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Europe dominates the Global Propionic Acid Market. The largest market share attributes to the increasing consumption of packed convenience food and meat, poultry, and seafood products in the region. Additionally, the rising demand for propionic acid in the pharmaceutical industry fuels regional market growth. Besides, the increasing application of propionic acid in cosmetic & personal care products and feed products drive the growth of the regional market.
Also, the growing consumption of propionic acid in drug discoveries acts as a key tailwind for regional market growth. Moreover, the presence of major propionic acid manufacturers in the region impacts the market growth, positively. The European propionic acid market is estimated to retain its leading position in the global market throughout the assessment period.
North America stands second in the global propionic acid market. The market is driven by the presence of major industry players and well-developed end-user industries such as food, pharmaceuticals, and cosmetic & personal care. Besides, increasing investments in the burgeoning pharmaceutical industry, rising R&D expenditures, and increasing strategic deals of players in the region drive the market growth. The North American propionic acid market is projected to create a substantial revenue pocket over the review period.
The Asia Pacific propionic acid market is emerging as a profitable market globally. Factors such as the growing urbanization and industrialization in the region push the growth of the market. Moreover, the widening uptake of propionic acid in the food and cosmetic & personal products industry influences the growth of the regional market. Furthermore, the growing number of the working population augments the market demand, increasing the sales of on-the-go food products.
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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.
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