Allied Market Research published a new report, titled, “Wood Vinegar Market by Pyrolysis Method (Slow Pyrolysis, Fast Pyrolysis, and Intermediate Pyrolysis) and Application (Agriculture, Animal Feed, Food, Medicinal & Consumer Products, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027”, As per the report, the global wood vinegar market generated $4.5 million in 2019, and is expected to reach $6.4 million by 2027, portraying a CAGR of 7.0% from 2020 to 2027.
By region, Asia-Pacific accounted for the highest market share in 2019, holding nearly two-fifths of the total market share, and is expected to continue its lead status by 2027. Moreover, this region is estimated to portray the largest CAGR of 7.6% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
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By application, the agriculture segment accounted for the largest market share in 2019, contributing to more than two-fifths of the global wood vinegar market, and is projected to maintain its dominance in terms of revenue throughout the forecast period. In addition, this segment is expected to witness the highest CAGR of 7.2% from 2020 to 2027. The research also analyzes the segments including animal feed, food, medicinal & consumer products, and others.
- Animal Feed
- Food, Medicinal and Consumer Products
By pyrolysis method, the slow pyrolysis segment held more than two-thirds of the total market in 2019, and is estimated to maintain its leadership position during the forecast period. In addition, the segment is estimated to grow at the fastest CAGR of 7.1% from 2020 to 2027. The report also discusses the segments including fast pyrolysis and intermediate pyrolysis.
Improved crop yield and demand for personal care products with organic formulation drive the growth of the global wood vinegar market. However, lack of sufficient awareness hinders the market growth. On the other hand, trend of organic farming present new opportunities in the next few years.
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Leading players of the global wood vinegar market discussed in the report include Applied Gaia Corporation, Tagrow CO., Ltd. (Tagrow), Ace (Singapore) Pte Ltd. (ACE), Shandong Toroyal Group (Toroyal Group), Sane Shell Carbon (SSC), Dongying Runyi Biological Technology Co., Ltd. (DRBT CO., Ltd.), New Life Agro (NL Agro), and Nettenergy BV, DOI & Co., Ltd.
- Manufacturing activities have been stopped due to lockdown imposed by governments. However, supply chain has been disrupted. The prolonged lockdown lowered down the demand for wood vinegar.
- However, the government bodies across the world have been helping industries by introducing some relaxations on restrictions and begin manufacturing again. With some relaxations in place, the market is expected to come back on track soon.
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