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.
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Key Limitations to Market Growth
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.
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Market Taxonomy: Overview
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.
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.
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.