Wood Vinegar Market Poised to Reach USD 6.6 million By 2025
The global Wood Vinegar Market size is expected to value at USD 6.6 million by 2025. The market is subject to witness a substantial growth due to the rising initiatives taken by local governments across the globe involving adoption of organic farming methods to improve overall crop yield. Rapid growth associated with organic farming mainly in developing economies to meet rising demand of the growing population is one of the key driver for the sustained growth of the wood vinegar industry in recent years. Wood vinegar is commonly identified as a natural extract derived from woods, is considered as ideal choice in comparison with the animal feed and natural pesticides in agriculture pesticide segment, is key factor responsible for the growth of the market over forecast period.
Wide range of application of the wood vinegar includes agriculture and animal husbandry sector, and as a nutrient supplement. Wood vinegar is mainly utilized by farmers and livestock producers in order to improve overall agriculture production with the help of bio pesticides. Globally, the wood vinegar market is predicted to grow at CAGR of 6.7% in forecast period, providing numerous opportunity for market players to invest for research and development in the wood vinegar industry.
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With the rising adoption of wood vinegar in the agriculture as a soil enhancer and organic pesticide, is expected to generate highest market share in the agriculture segment. The need for bio-degradable and non-hazardous chemicals in farming is on the rise due to numerous governmental initiatives, such factors are propelling growth of the wood vinegar market in coming years. Subsequently, rising popularity of the wood vinegar globally and growing approval for its regular use are attributing to the market expansion over the forecast period. Also, large-scale availability of the base material is enabling local farmer to adopt and produce wood vinegar domestically, is pertaining to the market growth as well. Specially, farmers who cannot afford premium synthetic chemicals, wood vinegar serves as an ideal choice.
Influence of organic farming on farmers is on the rise as it offers essential economic stimulus and poverty alleviation by creating a sustainable agricultural yield to provide excess of income from the available farm size and conditions. With an addition of essential economic value for farmers, number of government across the globe are directing the organic farming initiatives at local, regional, and international stages. Adoption of different methodologies during the production of the bio-mass is significantly impacting growth of the market in recent years. Though, cheaper price associated with production of the non-biomass based products is expected to hamper growth of the market in coming years.
Wood vinegar also referred as pyroligneous acid or mokusaku, is produced and used in organic farming with the help of traditional methods. Wood vinegar or the liquid fuel is derived from bio-mass by carbonization, and consists of as much as two hundred organic variants such as acetic acid and formaldehyde. Primary variants such as acetic acid acts as a soil disinfectant, while methanol is influential in increasing overall crop yield by minimizing consummation of water. Similarly, phenols,one of the primary variant of the wood vinegar acts as an antioxidant.
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The wood vinegar market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the adoption of latest methodologies in the agriculture sector to improve overall crop yield and existence prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the wood vinegar industry with massive growth in forecast period.
Countries such as India, China and Australia are leading the Asia-Pacific industry with growing use of the wood vinegar as a food additive and in animal feed coupled with significant investment by industry players considering potential for sustained growth in the region. The key players in the wood vinegar market are Vinegar Australia Co., Sort Of Coal Chemicals, VerdiLife Ltd., Taiko Pharmaceutical Corporations, Nettenergy B.V., and Applied Gaia Co.
Market Segment:
Application Outlook (Revenue, USD Million, 2014 - 2025)
• Agriculture
• Animal-Feed
• Food, Medicinal, and Consumer Products
• Others
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