The Acetic Acid Market is estimated to grow at a CAGR of 6.2% during the forecast period of 2022-2027 and reach the market value of US$12.4 billion by 2027. The growth of the acetic acid market will be remarkably dependent on the food and beverages industry. Acetic acid is an organic compound also referred to as ethanoic acid, ethylic acid, vinegar acid and glacial acetic acid. It is a colorless liquid with a pungent smell and is extensively used as a food additive and food preservative. It owns benefits such as food acidity regulator and antimicrobial food preservative, thus, it can be used in a range of food applications. Further, in the processing industry, it can be employed as cleaning and disinfecting products. According to National Restaurant Association, the food service industry is projected to reach US$898 billion by 2022.
Acetic Acid Market: Leading Segment is Food and Beverages
On the basis of the end-use industry, the acetic acid market can be segmented into textile, medical and pharmaceutical, Oil and Gas, Food and Beverages, Agriculture, Household Cleaning Products, Plastics, Paints & Coating and Others. The food and beverages segment is expected to grow at the fastest CAGR of 7.5% during the forecast period of 2022-2027. Acetic acid is extensively used in the food industry in the form of vinegar. Vinegar is considered a commonly used food ingredient in several applications such as salad, marinades, vinaigrettes and pickling liquids. It is also used in several food preparations to reduce salmonella contamination in poultry and meat products. For instance, as per US Food and Agriculture Organization, in 2019, global fruit production went up to 883 million tonnes, showing an increase of 54% from 2000, while global vegetable production was 1128 million tonnes showing an increase of 65%. Further, world meat production reached 337 million tonnes in 2019, showing an increase of 44% from 2000. Thus, the surge in food production is boosting the growth of the acetic acid market.
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Acetic Acid Market: Leading Region is the Asia Pacific
On the basis of geography, the acetic acid market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryARC’s analysis, Asia-Pacific has emerged as one of the most lucrative regions in the market. In 2021, the Asia-Pacific region held a market share of 41% of the overall market. Acetic acid is extensively used in a range of industries such as textile, plastic, paints and coatings, food and beverages, agriculture and household and cleaning products. The presence of these industries in the Asia Pacific increases the demand for acetic acid. For instance, according to Plastic Europe, China accounted for 32% of the world's plastic production. Thus, the increase in demand for acetic acid in several industries is boosting market growth.
The Asia Pacific is followed by North America which is expected to gain demand for the Acetic Acid market. The major countries in North America include the U.S., Canada and Mexico.
Acetic Acid Market: Competitive Landscape
The key companies holding a major share in the acetic acid market are Celanese Corporation, Eastman Chemical Company, LyondellBasell, British Petroleum, Helm AG, Pentoky Organy, Dow Chemicals, Indian Oil Corporation, Daicel Corporation and Jiangsu Sopo (Group) Co. Ltd.
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