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Wood Vinegar Market ScenarioWood Vinegar or pyroligneous acid is a liquid produced during carbonization of charcoal. It also goes by the names of smoke water, pyrolysis water, liquid smoke, and wood distillate. The use of wood vinegar for protection of crops to enhance their quality is one of the prime advantages for the high demand for the chemical. The global wood vinegar market report by Market Research Future (MRFR) contains current trends, factors, and drawbacks carefully extracted by our reputed analysts after careful study.
Market Outlook
The Global Wood Vinegar Market is expected to touch a towering valuation by exhibiting 7.1% CAGR from 2018 to 2023 (forecast period). It is driven by the immense demand for organic pesticides by home care enthusiasts and farmers. Initiatives by government for the preference of bio-based chemicals over synthetic chemicals can be a positive indicator for the market growth. Concerns over the use of chemicals on crops can influence the market sales during the forecast period.
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The expansion of the organic food sector, expanding application of food & beverage industry, and low manufacturing costs are other major drivers of the market. Stringent environmental regulations as well as increased emphasis on quality yields due to demand for organic food can augur favorably for the market growth. The application of wood vinegar in rural regions for attaining high yields can be a future trend to watch for market participants.
Competitive Outlook
Red Arrow International LLC, B&G Foods, Inc., Baumer Foods, Inc., Tagrow Co., Ltd., Canada Renewable Bioenergy Corp, Taiko Pharmaceutical Co., Ltd., Nettenergy B.V., VerdiLife, LLC., Byron Biochar, Ace Singapore Pte Ltd, and others are some of the noteworthy players in the global wood vinegar market. Mergers and acquisitions are major strategies employed by these players to stay ahead of the competition.
Segmentation Analysis
The Global Wood Vinegar Market is segmented by pyrolysis method and application.
By Pyrolysis Method, it is segmented into fast pyrolysis, intermediate pyrolysis, and slow pyrolysis. The slow pyrolysis segment is expected to register the largest revenue till the end of the forecast period due to its large application base. Slow pyrolysis produces better wood vinegar as compared to its counterparts.
By Application, it is segmented into food & beverages, agriculture, animal feed, and others. The agriculture segment is expected to generate significant revenue for the global wood vinegar market due to large number of agrarian economies. Development of crops for creating suitable feedstock which act as a base for various processing companies can fuel the segment growth. Moreover, the use of wood vinegar in fertilizers for enriching soil quality, boosting cell growth, and strengthening roots and leaves of plants can work well for the market.
Regional Analysis
Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW) are regions covered in the wood vinegar market report.
The APAC region has captured a major market share due to acceptance as a fertilizer in farming. Rising adoption of organic methods can work in favor of the wood vinegar market. Countries of India, China, Japan, New Zealand, and Australia are fostering the market growth due to its adoption. Renewable energy targets by these countries can lead to the procurement of wood vinegar in large quantities in the coming years. This can culminate in large crop yields.
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The North America region is expected to display the fastest growth rate during the forecast period due to massive demand of bio-fertilizers and bio-pesticides. Extensive use of fertilizers in chemical processing can drive the market demand. Advocation of sustainable farming policies by farmer organizations and governments can induce the need for wood vinegar. Rising interest among millennials and encouragement of organic farming are other catalysts driving the regional wood vinegar market.
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