Report : South America Natural Butyric Acid Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Dietary Supplement, Animal Feed, Flavor and Fragrances, Chemical Intermediates, Pharmaceuticals, and Others)
At 5.9% CAGR, the South America Natural Butyric Acid Market is speculated to be worth US$ 27.89 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America natural butyric acid market was valued at US$ 19.77 million in 2022 and is expected to reach US$ 27.89 million by 2028, registering a CAGR of 5.9% from 2022 to 2028. Use of natural butyric acid as precursor to biofuels and rising demand for specialty chemicals are the critical factors attributed to the South America natural butyric acid market expansion.
The demand for specialty chemicals is rising across industries such as food, chemical, and flavors, wherein they are used to formulate or manufacture another product. There are various applications of specialty chemicals such as natural butyric acid used in food flavors, as additives for increasing fruit fragrance, and as an aromatic compound in perfumes. Butyric acid esters with low molecular weight, such as methyl butyrate, mostly have pleasant aromas or tastes. Hence, they are majorly used as food additives and flavoring agents. Thus, the growing use of natural butyric acid as a specialty chemical in industries such as the food and fragrance industry are leading to significant trends in the market. Growing demand for plant-based food & beverages products, which are manufactured by utilizing bio-based food ingredients, along with the demand for clean and ethical label food products, is expected to boost the growth of the South America natural butyric acid market.
On the contrary, rising demand for specialty chemicals hurdles the growth of South America natural butyric acid market.
Based on application, the South America natural butyric acid market is segmented into dietary supplement, animal feed, flavor and fragrances, chemical intermediates, pharmaceuticals, and others. The pharmaceuticals segment held 33.6% share of South America natural butyric acid market in 2022, amassing US$ 6.64 million. It is projected to garner US$ 9.40 million by 2028 to expand at 6.0% CAGR during 2022–2028.
Based on country, the South America natural butyric acid market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 57.2% share of South America natural butyric acid market in 2022. It was assessed at US$ 11.31 million in 2022 and is likely to hit US$ 16.15 million by 2028, exhibiting a CAGR of 6.1% during the forecast period.
Key players dominating the South America natural butyric acid market are Berje Inc, Biosynth AG, Eastman Chemical Co, Elan Chemical Co, Ernesto Ventos SA, Merck KGaA, and Phoenix Aromas & Essential Oils LLC among others.
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