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According to the latest research report by Transparency Market Research, the global butyric acid derivatives market was initially valued at US$144.0 mn in the year 2017. The research report expects the global market to exhibit a healthy CAGR of 10.3% over the course of the given forecast period of 2018 to 2026.
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Asia Pacific to Lead Global Market On Account of Growing Consumption in China
On the geographical front, the global butyric acid derivatives market is segmented into five key regions. These are North America, Latin America, Asia Pacific, Middle East and Africa, and Europe. Of these regional segments, the global market was primarily dominated by the Asia Pacific region. During the given forecast period, Asia Pacific region is expected to continue to dominate the global market. A key driving factor for the growth of the regional market is the growing consumption of butyric acid derivatives in China. The country has high demand for these products due to its growing use in the animal feed application.
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In 2017, China accounted alone accounted for over 30% of the overall share in the market. In addition to this, China is also a leading manufacturer of the butyric acid derivatives. With the growing presence of several butyric acid derivative processors and large feedstock in the region are also expected to drive the development of the market in the Asia Pacific region. The overall growth of the Asia Pacific market is expected to be driven by a healthy CAGR of 9% during the given projection period.
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Europe and North America to Exhibit Healthy Growth With Increasing R&D Activities
On the other hand, Europe is the second biggest regional segment of the global butyric acid derivatives market. The growth of the market is driven by the growing use of these products in the production of pork meat products. The region is the largest producer of pork meat in the world and hence is expected to have a considerable growth of the butyric acid derivatives market in the coming years of the projection period.
The North America segment too is expected to witness a healthy growth in the next few years of the forecast period. The growth of the regional segment is driven by the growing activities of research and development in several research centers and universities. Moreover, multiple calcium butyrate and sodium butyrate processors in the region are putting in heavy investments for these research and development activities. This is also expected to drive the growth of the butyric acid derivatives market in North America region.
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The competitive landscape of the global butyric acid derivatives market is a fragmented one with the presence of several key players. Majority of the leading players are focusing on the research and development activities to develop more efficient products. Moreover, the growing demand of the butyric acid derivatives from the animal feedstock sector is encouraging the manufacturers to expand their production capacities. In addition to this, aggressive strategies such as takeovers, joint ventures, and mergers are becoming increasingly common in the competitive landscape of the global butyric acid derivatives market.
Some of the prominent brands in the global butyric acid derivatives market include names such as Palital GmbH & Co. KG, Innovad, Bioscreen Technologies, Kemin Industries, Koninklijke DSM NV, Nutreco NV, and Perstorp Holdings AB among others.
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