Global Wood Vinegar Market Report, published by Variant Market Research, forecast that the global market is expected to reach $6 Million by 2024 from $3.3 Million in 2016; growing at a CAGR of 7.6% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 7.9% and 7%, respectively, during the forecast period.
"Wood Vinegar Market (By Manufacturing Process: Fast & Intermediate Pyrolysis, Slow Pyrolysis, and Other Manufacturing Processes; By Application: Food, Agriculture, Waste Water Treatment, Animal Husbandry, Wood Tar, and Other Applications; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Wood vinegar is also known as pyroligneous acid, wood acid, or liquid smoke, which is a dark liquid extracted from wood. It has many biodegradable and non-toxic applications in the food and agriculture sector. Since it is obtained as a by-product in the biochar or charcoal production, its production is a very cost-effective and sustainable. High demand of wood vinegar in the food industry, to offer a variety of flavors and aromas to food products supplements the market growth. The emergent applications of wood vinegar in the cosmetics and pharmaceutical industries would show an increased market trend in the coming years.
Growing base of end-use industries fuels the global wood vinegar market
The factors driving the growth of the global wood vinegar market are growing base of end-use industries, strict rules regarding the use of crop protection chemicals, enhanced crop yield, and cumulative consumption of organic foods products. However, low responsiveness towards wood vinegar across the world may act as a restraining factor for the market growth. Though, high usage of wood vinegar in various applications is expected to generate numerous growth opportunities for the market in the upcoming years.
Manufacturing process, application, and geography are the major segments covered in the global wood vinegar market. The segmentation by manufacturing process includes fast & intermediate pyrolysis, slow pyrolysis, and other manufacturing processes. By application it is further bifurcated into food, agriculture, animal husbandry, waste water treatment, wood tar, and other applications. Based on geography, the global wood vinegar market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Slow Pyrolysis leads the manufacturing process segment
Slow pyrolysis dominated the manufacturing process segment in 2016. The growth in demand for distinct grades of wood vinegar for a variety of applications is one of the major driver for slow pyrolysis manufacturing process. Also, they have the advantage of wood vinegar being produced in terms of impressive yield & quality.
Agriculture accounted for the largest share in application segment
Agriculture sector have occupied the major market share in application segment throughout the forecast period 2016 – 2024, owing to their wide applications in fertilizers, and pesticides, and it helps to control the effect of harmful insects on crops.
Wood Vinegar Market By Applicatio
Asia-Pacific dominated the global wood vinegar market
In 2016, Asia-Pacific generated the highest revenue in the global wood vinegar market with market share of 74.4%, and is expected to continue its trend throughout the forecast period 2016 – 2024. The high growth is attributed due to consumer acceptance for wood-vinegar as an essential farming input, and rising demand for organic farming in this region.
GLOBAL WOOD VINEGAR MARKET SHARE BY GEOGRAPHY, 2016 (%)
In December 2016, Nettenergy Bv associated with Moerdijk for production of Pyrolysis Clusters. While, this production includes four different procedures to transfer waste materials into valuable energy and products. The key players operating in the market include Nettenergy Bv, Canada Renewable Bioenergy Corp., Tagrow Co., Ltd., New Life Agro, Penta Manufacturer, Byron Biochar, ACE Pte Ltd., Doi & Co., Ltd., Nakashima Trading Co. Ltd., and Verdi Life, among others.