Wood Vinegar Market to grow at a CAGR of 7.80% between 2017 and 2023
The report published by Knowledge Sourcing Intelligence titled “Wood Vinegar Market- Forecast From 2018 to 2023” studies the various factors affecting the demand for Wood Vinegar across the globe. The report has been segmented by application (agriculture, animal feed, medicinal, and others), by method (slow pyrolysis, intermediate pyrolysis, and fast pyrolysis), and by geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.
Increasing applications of wood vinegar is driving the growth of wood vinegar market. Growing use of wood vinegar in agriculture applications is attributed to rising demand for chemical-free pesticides and other agrochemicals which is driving the growth of wood vinegar market. Increasing use of energy from biomass is another factor that is boosting the growth of wood vinegar market. Pyroligneous acid is a bi-product formed during the pyrolysis method of biomass which, in turn, has increased its commercial sale across different industries such as cosmetics, agriculture, and pharmaceuticals, thus positively impacting the growth of wood vinegar market. Rapid rise in the shift towards organic farming will continue to bolster the growth of wood vinegar market during the forecast period. However, low awareness regarding the use of wood vinegar for different applications in developing economies is restraining the growth of wood vinegar market.
Agriculture segment holds significant market share
By application, Wood Vinegar market is segmented into agriculture, animal feed, medicinal, and others. Agriculture segment accounted for significant market share owing growing concerns towards harmful impact of chemical-based agrochemicals on both environment and human health. Increasing demand for wood vinegar to improve soil fertility is also boosting the growth of wood vinegar market.
North America holds major market share
Geographically, Wood Vinegar market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America accounted for the major market share in 2017 owing to the presence of major market players in the region and high demand for organically-grown crops and food. Rising investments in R&D to use wood vinegar in cosmetics and medicines will further drive the growth of wood vinegar market in this region.
This report also includes a study of strategies and product portfolios of some of the leading companies in the Wood Vinegar market. It consists of company profiles of the leading companies- VERDILIFE, LLC, wood Vinegar Australia, Nettenergy BV, TAGROW CO., LTD, Ace (Singapore) Pte Ltd, AGROBOLICS, New Life Wood Vinegar, DOI & Co., Ltd, and Canada Renewable Bioenergy Group.
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