Global Wood Vinegar Market Is Expected To Grow Steadily At CAGR Of 6.5% In The Forecast Period Of 2023-2028
Wood Vinegar Market - Industry Size, Share, Trends, Opportunity and Forecast 2023-2028
The new report by Expert Market Research titled, ‘‘Global Wood Vinegar Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global wood vinegar market, assessing the market based on its segments like pyrolysis method, application and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2023-2028)
- Forecast CAGR (2023-2028): 7%
Due to the rising global economy, wood vinegar has had a significant impact on agriculture as a bio-based agricultural input in terms of increasing production, quality, and nutrition levels of developed crops, resulting in a strong global demand for it. This is due to the demand for food products that must be consumed in a healthy manner, as people with busy lifestyles, especially in developing regions, prefer convenience foods. Wood vinegar promotes crop cell growth by stimulating the growth of a variety of enzymes and microbes that help in nutrient absorption and cell growth. It has many applications and is used as a pesticide and fertiliser. It also aids in the prevention of crop-damaging insect effects. When mixed with manure, it reduces odour and helps in composting. As a result, increasing demand from various application sectors is expected to boost wood vinegar demand in the forecast period as well.
Wood Vinegar Industry Definition and Major Segments
Wood vinegar, also known as pyroligneous acid, is a form of acid that is extracted from wood and other plant materials. Wood vinegar is produced through a distillation process in which wood and plant matter are heated to high temperatures in the absence of oxygen. Wood vinegar contains a lot of methanol, acetone, and acetic acid.
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Based on pyrolysis method, the market is bifurcated into:
- Slow pyrolysis
- Intermediate pyrolysis
- Fast pyrolysis
Based on Application, the market is categorised into:
- Animal Feed
- Consumer Products
The regional markets for wood vinegar include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Wood Vinegar Market Trends
The Asia Pacific wood vinegar industry is expected to develop at the fastest rate during the forecast period. One of the major drivers of the global market for wood vinegar is the increasingly growing demand for biopesticides and biofertilizers. Furthermore, widespread applications of wood vinegar in a variety of end-use industries, as well as shifting dietary patterns, are expected to drive demand for wood vinegar. Wood vinegar is produced by heating wood and plant matter to high temperatures without the use of chemicals. As a result, it is not classified as a chemical fertiliser. As a result, stringent environmental regulations governing the use of pesticides and chemical fertilisers are propelling the demand for wood vinegar and are projected to do so in the forecast period as well.
Key Market Players
The major players in the market are VerdiLife Inc, Tagrow Co. Ltd, Nettenergy BV, ETIA Group, Byron Biochar, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, mergers and acquisitions, among other latest developments of these market players.
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