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. A colorless liquid with a strong and unpleasant odor, butyric acid is a highly competitive market that boasts numerous domestic and global players. These market participants implement strategies such as research and development investments, as well as new product innovations, to gain a competitive advantage over their rivals.
The global butyric acid market is segmented by application, which includes printing inks, animal feed, food flavors and food fragrances, chemical intermediates, pharmaceutical, and others. In 2020, the animal feed segment dominated the market share. This segment is experiencing a notable growth rate in the butyric acid market, primarily due to the increasing worldwide demand for high-quality meat products.
The global market for butyric acid is categorized into five key regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. In 2020, Asia Pacific emerged as the dominant region in terms of market share. This can be attributed to the rising number of livestock farms in the region, driven by increasing demand for high-quality meat products owing to growing health awareness and per capita income in several Asia Pacific nations. Consequently, the butyric acid market is proliferating in the region.
Impact of COVID-19 Pandemic on Butyric Acid Market
The COVID-19 pandemic had a negative impact on various economies, including the North American butyric acid market, which faced challenges such as disrupted raw material supply chains and reduced operational efficiencies. The market growth was adversely affected due to the supply chain disruptions of raw materials and decreased demand from downstream sectors. In Europe, the animal feed production declined because of the pandemic's impact on consumer demand for animal products. However, in Q3 of 2021, the prices of butyric acid in Europe rose due to the recovery of various industrial activities.
The report includes the segmentation of the global butyric acid market as follows:
The global market for butyric acid is categorized by source into renewable butyric acid and synthetic butyric acid. The market is further segmented based on application into printing inks, animal feed, food flavors and fragrances, chemical intermediates, pharmaceutical, and others. The market is broadly divided into five geographic regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. North America encompasses countries such as the US, Canada, and Mexico, while Europe includes Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific comprises China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific, while the Middle East & Africa (MEA) includes South Africa, Saudi Arabia, UAE, and the Rest of MEA. South & Central America comprises Brazil, Argentina, and the Rest of South & Central America.
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