Wood Vinegar Market Projected to Have a Stable Growth for the Next Few Years
The global wood vinegar market was valued at $3.2 million in 2015, and it is expected to grow at a CAGR of 7.1% during 2016–2023. The factors driving the growth of the global market include improved crop yield, increasing base of end-use industries, increased government initiatives for bio-based products, and stringent environmental regulations.
The key trend witnessed in the global market is poverty alleviation. Wood vinegar can be produced at either small scale or large scale in villages, utilizing local resources and feedstock.
Based on application, the agriculture segment dominated the global wood vinegar market during 2013–2015 in terms of value and volume, and it is expected to retain its dominance throughout the forecast period.
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As wood vinegar is a byproduct of char or biochar production, the government initiatives indirectly creates abundant opportunities for the growth of the wood vinegar market globally.
The growth of agriculture application segment in the market is primarily driven by several advantages offered by wood vinegar in agricultural practices, such as root growth stimulation, improved seed germination, increased disease resistance in plants, and soil enrichment.
In 2015, Asia-Pacific held the largest share in the global wood vinegar market. The major reasons behind the growth of the market in the region are the large base of end-use industries and presence of a large number of local manufacturers in the region.
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Some of the major players operating in the global wood vinegar market are Ace (Singapore) Pte Ltd., TAGROW CO. LTD., Byron Biochar, Canada Renewable Bioenergy Corporation, NAKASHIMA TRADING CO. LTD., Nettenergy B.V., and Taiko Pharmaceutical Co. Ltd.
GLOBAL WOOD VINEGAR MARKET SEGMENTATION
By Manufacturing Process
• Fast and Intermediate Pyrolysis
• Slow Pyrolysis
• Others
By Application
• Food
• Agriculture
• Waste Water Treatment
• Animal Husbandry
• Wood Tar
• Others
By Region
• North America
• Europe
• Asia-Pacific
• Rest of the World (RoW)
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