Wood Vinegar Market- Global Forecast to 2022
The wood vinegar market, in terms of value, is projected to reach around USD 6.7 Million by 2022, at a CAGR of 7.2% from 2016 to 2022. The wood vinegar market has grown steadily in the recent years. It has a significant impact on agriculture as a bio-based agricultural input, in terms of increasing the yield, quality, and nutrition-level of the produced crops, and this has led to its high demand across the world. This is due to the need for food products that are required to be safe for consumption as busy lifestyles of people, especially in the developed regions, opt for convenience food products. However, health conscious people nowadays are demanding for organic food products which are produced using organic agricultural practices and organic agricultural inputs and this has led to the increase in use of biopesticides and bio-based fertilizers, such as wood vinegar in agriculture. The market, by region, has been segmented into North America, Europe, Asia-Pacific, and RoW. The wood vinegar market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. The major drivers for the growth of the wood vinegar market include the rapidly growing demand for biopesticides and biofertilizers. Low awareness about the application of wood vinegar is the factor restraining the market.
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