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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Trends
among Manufacturers & Consumers
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.
Analysis
by Region: Quick Insights
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.
Vendor
Insights
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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