NEW YORK, Jan. 5, 2017 /PRNewswire/ --
"The wood vinegar market projected to grow at a CAGR of 7.2%"
The wood vinegar market is projected to reach USD 6.7 million by 2022 at a CAGR of 7.2% from 2016 to 2021. The market is driven by factors such as high demand for organic food products, rise in demand for bio-based agricultural inputs, and the use of wood vinegar for food, animal feed, and medicinal applications in various countries across the globe.
"Agriculture led the wood vinegar market by application, with the largest share in 2015"
Wood vinegar is most widely used in agricultural applications, which accounted for the largest share in the wood vinegar market. It is used as a pesticide and fertilizer as it has multifunctional benefits. It also helps in controlling the impact of harmful insects on crops. Wood vinegar, when applied to the soil in high concentrations, prevents the growth of eelworms and the damage caused due to soil diseases. However, when used in low concentrations in the soil, it enhances the number of useful microbes in the soil. Wood vinegar also helps crops to develop stronger and healthier roots, which eventually helps in better uptake of nutrients.
"Asia-Pacific to lead the market in terms of market share between 2016 and 2022"
Wood vinegar is rapidly gaining acceptance as an essential natural farming input in the Asia-Pacific region. Locally produced wood vinegar is used as a pesticide in countries where synthetic chemicals are not available, or where the price of the chemicals is too high for small-scale farmers. Globally, the need to minimize environmental risks resulting from chemical pesticides has fueled the use of wood vinegar as a biopesticide. The growth in demand for organic farm inputs is expected to have a high impact on the wood vinegar market in Asia-Pacific right through 2022.
The breakdown of the primaries on the basis of company type, designation level, and region, conducted during the research study, is mentioned as follows:
By Company Type: Tier 1 – 15%, Tier 2 – 30%, and Tier 3 – 55%
By Designation: C Level – 35%, Director Level – 45%, and Others – 20%
By Region: North America – 30%, Europe – 15%, Asia-Pacific – 45%, and RoW – 10%
The market for wood vinegar consists of players from the agricultural and chemical industries, which include ACE (Singapore) Pte Ltd., Canada Renewable Bioenergy Corp., Nettenergy BV (Netherlands), TAGROW CO., LTD. (China), and Byron Biochar (Australia). Other players include New Life Agro (U.S.), Verdi Life (U.S.), Nakashima Trading Co. Ltd. (Japan), Penta Manufacturer (U.S.), and Doi & Co., Ltd (Japan).
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