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.
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.