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The wood vinegar market is witnessing significant growth in the global marketplace due to the consumers shifting preferences towards bio-based products. Wood vinegar, also known as wood acid, is used widely in organic farming and traditional agriculture due to its ability to eliminate pests and improve crop yield. As a natural pesticide, wood vinegar provides a suitable alternative to chemical pesticides that are harmful for both plants and animals. The increasing demand for natural alternatives to chemical pesticides acts as a major boost that propels the demand for wood vinegar in the market globally.
With the increasing emphasis on a healthier lifestyle among younger generations, the demand for bio-based products or organic products is continually increasing. As wood vinegar is one of the natural alternatives of chemical fertilizers that are used in agriculture, the demand for wood vinegar is expected to rise globally.
Wood vinegar also acts as a natural food additive and is used to prevent the growth of microbes in the food. Regulatory bodies such as food and drug administration (FDA) also permitted the use of wood vinegar for the preservation of ham, sauce, bacon and other food products.
Availability of large number of alternatives and stringent regulatory measures set by the government may act as major factor restraining the growth of wood vinegar market globally.
Key Market Driver -
Rising Preferences Towards Bio-Based Products
Key Market Restraint -
Availability of Substitutes
The key players of the global wood vinegar market are ACE Pte Ltd, Canada Renewable Bioenergy Corp., Nettenergy BV, TAGROW CO., LTD., Byron Biochar, New Life Agro, Verdi Life, Nakashima Trading Co. Ltd., Penta Manufacturer, Doi & Co., Ltd and others.
Diluted form of wood vinegar obtained by mixing it with water in the ratio of 1:50 when applied to the plants acts like a hormone for the plants, making them stronger, greener and resistant to disease. Hence they are used in orchard as well to increase the yield of fruits from the plants. Furthermore, wood vinegar also helps in improving the quality of the soil and due to its natural composition, the application of wood vinegar does not cause any harmful effects on the food chain. Apart from agricultural use, wood vinegar also acts as a major source for the extraction of acetic acid which is used in various industries.
The cost of production associated with wood vinegar is comparatively lower than chemical pesticides, enabling producers to manufacture wood vinegar easily.
Favorable government regulations aimed at increasing the production and adoption of bio-based fertilizers also acts as a major factor that is expected to increase the demand of wood vinegar globally.
North America is witnessing a significant growth in the wood vinegar market owing to consumers increasing preferences towards bio-based products. In the year 2018, the U.S. was the leading consumer as well as producer of organic products across the globe. The increasing demand for organic products among households is expected to drive its regional market.
Asia Pacific region is anticipated to witness substantial growth in the foreseeable future due to the increasing awareness about organic products and the negative affect of chemicals on food products. The increasing health and environmental consciousness, especially among the younger cohort, is also expected to boost the wood vinegar in the region.
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