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.
