The global wood vinegar market is
expected to reach USD 6.6 million by 2025, growing at a CAGR of 6.7%, according
to a new report by Grand View Research, Inc. Increasing support from various
governments for adoption of organic farming methods by small-farm holders for
improved crop yield is the key factor driving the market growth. In addition,
rapid expansion of organic farming in Asia Pacific is expected to boost the
market demand further.
Wood vinegar, a natural extract from woods,
makes it a better choice in agriculture pesticides category, as compared to
animal feed and natural pesticides. The market is mainly driven by its varied
uses in agriculture and animal husbandry industry, as it is accepted as a
nutrient supplement by farmers and livestock producers, who seek to improve their
crop yield by using bio pesticides.
In terms of revenue, agriculture segment
accounted as the major application industry in 2016 and is estimated to
continue its dominance with a share of 42.6% by 2025, as it is preferred as an
organic pesticide and soil fertility enhancer. Globally, various governments
and institutions are promoting the use of bio-degradable and non-toxic
chemicals in farming. Such initiatives are boosting the growth of its
applications in agriculture sector.
The demand for wood vinegar market is
expected to surge owing to its increased acceptance from consumers globally.
Abundant resources of wood biomass in Asia Pacific region are helping the
farmers to produce wood vinegar domestically. In addition, it adds economic
value to those farmers who cannot afford premium synthetic chemicals.
Further key findings from the report suggest:
· Fast pyrolysis method is estimated to
experience the fastest growth in terms of value at a CAGR of 6.5% from 2017 to
2025 on account of its ability to increase bio-oil yield, upon increase in
temperature. Furthermore, growing innovation from producers of pyrolizers such
as mobile pyrolysis plant and large pyrolizers that enhance the production
capability is leading to the increased adoption of this method.
· Agriculture industry emerged as the largest
application segment in terms of revenue in 2016 and is estimated to reach USD
2.8 million by 2025. Increase in organic arable land in Asia Pacific and South
& Central America region is expected to boost the growth over the years ahead.
· The U.S. market in terms of revenue is
estimated to reach USD 1.05 million by 2025. The market in Asia Pacific is
projected to witness substantial growth over the next eight years particularly
due to the dominance of established organic farming in Australia and expansion
in China and India.
· Key players including Wood Vinegar
Australia, Sort of Coal ApS, VerdiLife LLC, Taiko Pharmaceutical Co., Ltd,
Nettenergy B.V. and Applied Gaia Corporation dominated the global market.
Grand View Research has segmented the global
wood vinegar market on the basis of Application, Method Type and Region:
Application Outlook (Revenue, USD Million,
2014 - 2025)
·
Agriculture
·
Animal-Feed
·
Food, Medicinal, and Consumer Products
·
Others
Method Type Outlook (Revenue, USD Million,
2014 - 2025)
·
Slow Pyrolysis
·
Intermediate Pyrolysis
·
Fast Pyrolysis
Regional Outlook (Revenue, USD Million,
2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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