The butyric acid industry has witnessed increasing rise in demand over recent times due to its key application in biofuel, pharmaceuticals, food additives and flavoring, cosmetics, animal feed, leather tanning, and plasticizer, among others. The market is also projected to draw growth from rising concerns about the environmental degradation.
Increasing employment levels in both developed, as well as developing economies, over time, has led to a considerable change in lifestyle of both men and women. Busy schedules, along with the lack of time to prepare and eat healthy food alternatives, is shifting the attention of these consumers towards ready-to-eat packaged food products, creating ideal conditions for the industry to draw in revenue gains from the global F&B sector.
Increasing demand for aesthetic packaging solutions is one of the main factors supporting the use of butyric acid from plasticizer applications. Meanwhile, an increase in infrastructural development along with favorable government regulations will also steer the use of butyric acid in paints and coatings applications as solvent.
As per a report by Global Markets Insights, Inc. the global butyric acid market size is slated to amass USD 405 million in value through 2027.
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Expounded below are some of the leading factors expected to influence the industry size in the forthcoming years:
- Increasing demand for processed food
Butyric acid finds extensive use in plasticizers due to the increasing demand for ready-to-eat and packaged food products. Butyric acid is used in plastic as a raw material for the cellulose acetate butyrate. With rising disposable income and the ensuing change in people’s food preferences and eating habits, processed food sales have growth exponentially across various nations. The use of the product as a food flavoring agent owing to its pleasant aroma makes it a widely accepted flavoring additive.
- COVID-19 and the need for cosmetic items
The rising purchasing power of the global population, coupled with a rapidly increasing awareness regarding personal grooming, has created ideal conditions that have boosted the demand for cosmetics across the globe. Most cosmetic products contain methyl butyrate as it is a concentrated aromatic and flavoring ingredient that are used in flavor and fragrance compounds.
In 2020, the Europe cosmetics and personal care market was valued at USD 90.32 billion in terms of retail sales. As such, the burgeoning demand for luxurious goods such as cosmetics will supplement butyric acid market growth in the near future. Additionally, some key manufacturers are heavily investing in R&D activities to introduce cosmetic items like new soaps, shower gels, and other personal hygiene products to their portfolio. These have witnessed an increase in demand during the coronavirus pandemic, due to the need to maintain utmost hygiene to keep germs at bay.
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- Evolving pharmaceutical sector in Europe
Europe is home to some of the world’s most advances healthcare infrastructures, which has made them ideal growth ground for pharmaceutical industries, evident from the plethora of global pharma companies calling Europe their home. These pharmaceutical companies, supported by favorable government policies, have been heavily investing in research and development efforts to manufacture advanced medication solutions, augmenting the use of butyric acid.
Increasing incidences of chronic diseases in the region along with the discovery of new illnesses has also complemented the need for reliable and effective medicative solutions.
Additionally, an increasing demand for natural and less toxic chemicals across the region due to the rising government regulations has pushed many industry players towards butyric acid. The regional market is set to keep growing at a steady pace, fueled by increasing innovations, economic developments, and expansion of the chemical industry.
People today are more inclined to buy personal care products that are safe to use, smell good, and also help them keep themselves away from bacteria and viruses like the COVID-19. This has encouraged further innovations, and research efforts.
The industry is also fragmented with many leading butyric acid producers such as OXEA GmbH, Blue Marble Biomaterials, Alfa Aesar GmbH & Co KG., Perstorp Holdings AB, and Dmitrievsky Chemical Plant, to name a few.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.