Used as a herbicide, pesticide, plant growth promoter, fungal growth enhancer, and as a flavoring substance, the wood vinegar market is set to grow. The varied applications make it an attractive market in the forecast period of 2017 to 2025. The market is set to see a CAGR (Compound Annual Growth Rate) of 4.9%, pulling up the market worth to USD 1896.8 mn by 2025 from 1295.4 mn in 2017, as per a Transparency Market Research study. One of the most attractive segments would be agriculture and the dominant one would be food and beverage, rising due to increase in demand in distinct smoky flavor in processed food products.
Another factor adding to growth is that it is also used as an ingredient in medicine as well as in animal feed. Some deodorants also have it as a component. Other uses include facilitator in fermentation, mordant and a filter in sewage treatment to name only a few.
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Consolidated Competitor Landscape over the forecast period 2017-2025
The global wood vinegar market is fairly consolidated with players like as Dongying Runyi Biotechnology Co. Ltd., Canada Renewable Bioenergy Corp., Merck KGaA (Sigma Aldrich), Kerry Group PLC, and Frutarom Industries Ltd. Holding major share. To widen presence, most players focus on entering partnerships. Companies are also focused on coming up with better products. Experiments with different woods and multiple permutations are done to achieve differentiation and attract customers.
Asia pacific to Dominate the Global Wood Vinegar Market over the Forecast Period
Increasing population in the Asia Pacific region will increase demand for wood vinegar, creating untapped opportunities for the market to grow. To contribute to this growing demand is also growing westernization in countries in this region that has raised plenty awareness that was previously lacking. This will lead to an increase in demand for processed foods fueling market growth. The other region to have eyes set on is Europe. The region to follow these two growth-wise is North America owing to already extant high levels of awareness about the product and high disposable incomes. Besides in both Europe and North America, there is a preference for smoked foods.
Growing Demand for Variety of Wood Vinegar Products to Propel Growth
There is a widespread inclination observed towards biomass-based items. The use of wood vinegar as a characteristic plant-determined yield enhancer is therefore, improving market prospects for the product. And, it is not just growing acceptance but also growing approval of the products. This rising demand for natural nourishment products will, thus, drive the market forward. It includes its rising popularity as organic soil enhancer. This also involves contribution by government policies that are encouraging the uptake of these non-hazardous alternatives in agriculture.
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Lack of Sources and Environmental Concerns Restraining Growth of Wood Vinegar Market
One of the biggest restraints of the global wood vinegar market is that it can be sourced from a very small number of natural resources. And, the problem goes beyond the number of sources to include logistics, from sourcing to assembling and everything in between. This comes in the way of reliable outcomes, constraining growth of the discussed market to full potential. Then there is also the issue of using timberlands for obtaining charcoal, which provides with wood vinegar. It is a major factor behind massive deforestation. It is a growing concern for both environmentalists as well as users. With government guidelines is place, this issue is set to be resolved.
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