Food
and beverages manufacturers, today, are responding by reformulating
products and providing clean label products. Processed food
manufacturers are focusing on investing in the expansion of existing
production plants, and setting up of new plants to increase the
production of processed food such as meat and seafood products. This,
in turn, is expected to boost the demand for liquid smoke/wood
vinegar that is used to add a distinct flavour in certain processed
food products.
Wood
vinegar manufacturers across the globe are increasingly focusing on
using different types of wood as raw materials to produce products
with distinct flavors. In addition, these manufacturers also focus on
blending two or more raw materials for product differentiation. The
global wood vinegar market is, however, currently restrained by the
lack of consumer awareness about liquid smoke products in certain
developing countries. Revenue generated from wood vinegar market was
approximately US$ 1,295.4 Mn in 2017 and is expected to increase at a
CAGR of 4.9% over the forecast period, 2017-2025. By the end of 2025,
the market is expected to be valued at around US$ 1,896.8 Mn.
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Wood
vinegar is a by-product of charcoal production, and is produced from
the destructive distillation of wood. Wood vinegar has several
applications where it can be used as a natural plant-derived
pesticide, herbicide, plant growth promoter, fungal growth enhancer,
and in several other applications. Biomass-based products are
becoming immensely attractive, and the introduction of effective and
more efficient pyrolysis technologies has improved overall yield,
resulting in valuable production generation. Furthermore, the growing
consumer demand for organic food products is compelling manufacturers
to bring in all 'natural' and 'organic' products to the marketplace.
This has, in turn, fueled farmers’ interest in organic farming, and
hence, the concept of organic fertilizers and pesticides.
Collaborative efforts to bring such products are in process, thus
creating opportunity for the market growth of wood vinegar in the
near future.
Companies
in the market are focusing on new product launches, and brining
products in the marketplace that are natural and at the same time
very affordable. Wood vinegar is obtained from charcoal, and is
widely used in the agriculture industry in order to improve the
overall production of crops. Wood vinegar acts as a fertilizer, where
it improves soil fertility, allows better uptake, and reduction of up
to 50% of fertilizers, herbicides, and pesticides. Manufacturers of
wood vinegar need to efficiently meet the requirements of various end
users in different applications, while ensuring the supply of the
required products, as quality and positive outcome are of utmost
importance to the end-use industry.
Some
of the restraints that are potentially restricting the growth of the
wood vinegar market is that wood vinegar is produced from several
organic sources. However, there are various challenges associated
with the sourcing and manufacturing of wood vinegar from these
similar natural sources, which may lead to repeatable/dependable
results, thus limiting their use across several industrial domains.
Furthermore, much of the wood needed for charcoal production comes
from natural forests, leading to forest harvesting. Charcoal
production is one of the major reasons for deforestation across the
globe. As the standard of living across developed and developing
countries rises, the demand for charcoal and its by-products,
including wood vinegar for energy production, also increases. This
has pushed governments to release regulations on the production and
distribution of charcoal and its derivatives, thus limiting overall
charcoal production, hence the production of wood vinegar.
By
end use, the wood
vinegar market is segmented into agriculture, food and
beverages, animal feed, pharmaceuticals, and personal care and
cosmetics market. Agriculture segment is further sub-segmented into
pesticides, fertilizers, bactericides, and others and food and
beverages sub-segmented into mat and seafood, sauces, dairy products,
snacks, and others. The agriculture segment is likely to be the most
attractive segment in the forecast period owing to its several
applications where it is used as a natural plant-derived pesticide,
herbicide, plant growth promoter, fungal growth enhancer, and in
several other applications.
On
other side, among food and beverage segment, meat and seafood
sub-segment is anticipated to occupy the largest market share of
60.1% in 2017 end. The dairy products sub-segment is expected to
register high growth rate during forecast period. On the basis of
production method, the wood vinegar market can be segmented into
rapid pyrolysis, intermediate pyrolysis, and slow pyrolysis. Among,
production method segment, slow pyrolysis segment is expected to be
valued at approximately US$ 48.2% by the end of 2025.
On
the basis of region, wood vinegar market is segmented into North
America, Latin America, Europe, Asia-Pacific, and Middle East and
Africa. Wood vinegar market in APAC and Europe is expected to
dominate over the forecast period followed by North America. The
rapidly increasing population and rampant Westernization across Asia
Pacific is leading to the rising consumption of meat products,
worldwide. This, in turn, is projected to increase the intake of
processed meat products, thus boosting the demand for liquid
smoke/wood vinegar for imparting flavor and preservation. An
important observation highlights the fact that consumers in Western
regions such as North America and Europe have a strong preference for
smoked food products, whereas those in other regions such as Asia and
Africa have a palate for non-smoked food.
Some
of the major companies operating in the global wood vinegar market
are Dongying Runyi Biotechnology Co. Ltd., Merck KGaA (Sigma
Aldrich), Canada Renewable Bioenergy Corp., Kerry Group PLC, Frutarom
Industries Ltd., Agribolics Technology Sdn Bhd, VerdiLife LLC., Red
Arrow International LLC, B&G Foods, Inc., Baumer Foods, Inc.,
TAGROW CO., LTD., and New Life Wood Vinegar.
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