"Wood Vinegar Market Growth Analysis: USD 0.08 Billion Target by 2030"
Global Wood Vinegar Market Outlook
Wood vinegar market size is projected to reach USD 0.08 billion by 2030, growing at a 6.80% CAGR over the forecast period (2023-2030).
The liquid obtained from pyrolysis process of fresh wood is known as wood vinegar. Wood vinegar contains germicidal ingredients such as methanol & phenol, which leads to strong germicidal effect on plants. Due to this, it improves the crop yield and also improves seeds for germination.
Based on pyrolysis method, the global wood vinegar market has been segmented into slow pyrolysis, fast pyrolysis, and intermediate pyrolysis. The slow pyrolysis segment is expected to garner the highest revenue share and grow at the highest rate in the global wood vinegar market owing to the increasing number of applications. Additionally, slow pyrolysis process produces better quality of wood vinegar compared to fast and intermediate pyrolysis. The wood vinegar is used in agriculture, animal feed, and food & beverage industry.
By application, the global wood vinegar market has been segmented into agriculture, animal feed, food & beverages, and others. The agriculture segment is expected to garner the highest revenue share of the global wood vinegar market owing to the growing agriculture industry worldwide. It is used as a bio-pesticides and fertilizer, as it has various benefits such as improving soil quality, stimulating cell growth and strengthening leaves and roots of the plants.
Regional Analysis
The global wood vinegar market has been segmented by region, into North America, Europe, Asia-Pacific, and Rest of the World.
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Asia-Pacific is expected to lead the global wood vinegar market due to growing preference for organic pesticides in agriculture industry. Owing to this, governments in Asian countries such as India, China, Australia, New Zealand and Japan are promoting the organic farming culture.
The wood vinegar market in North America is expected to be the fastest-growing during the review period owing to the growing demand for bio fertilizers and bio-pesticides. Wood vinegar is a bio-fertilizer, which aids to increase soil microbial weight, improves soil, firmness, and preservation of fruit and also to stimulate development of crops.
Segmentation
The global wood vinegar market has further been segmented by pyrolysis method and application.
By pyrolysis method, the global wood vinegar market has been classified as slow pyrolysis, fast pyrolysis, and intermediate pyrolysis.
The global wood vinegar market has also been segregated, on the basis of application, into agriculture, animal feed, food & beverages and others.
Key Players
Some of the key players in the global wood vinegar market are Ace Singapore Pte Ltd (Singapore), Canada Renewable Bioenergy Corp (Canada), Nettenergy B.V. (Netherlands), Tagrow Co., Ltd. (China), Byron Biochar (Australia), Red Arrow International LLC (US), B&G Foods, Inc. (US), Baumer Foods, Inc.(US), VerdiLife, LLC.(US), and Taiko Pharmaceutical Co.,Ltd. (Japan).
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