April 17, 2024
Pelargonic Acid Market

The Pelargonic Acid Market Poised to Garner High Revenue Backed by Growing Demand for Bio-pesticides and Bio-herbicides

Pelargonic acid, also known as nonanoic acid, is an organic compound derived from palm kernel oil. It is used as a bio-pesticide and bio-herbicide in agricultural applications due to its ability to control plant diseases caused by fungi, bacteria, and viruses. The growing demand for sustainable and eco-friendly plant protection solutions among farmers is fueling the demand for bio-pesticides and bio-herbicides based on pelargonic acid.

Pelargonic acid offers advantages such as a broad spectrum of activity against various plant pathogens, easy application through spraying, low toxicity to humans and mammals, minimal residues, and fast degradation in the environment. It is approved for use in organic farming systems as an alternative to synthetic pesticides. The rising trend of organic farming to produce fresh and chemical-free agricultural produce is propelling the pelargonic acid market. Additionally, growing awareness about hazards of excessive synthetic pesticide use on the environment and human health is stimulating the adoption of bio-pesticides and bio-herbicides.

The global pelargonic acid market is estimated to be valued at US$ 226.19 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period from 2024 to 2031.

Key players

Key players operating in the Pelargonic Acid Market Share are Matrox Imaging Ltd., Omron Adept Technology, Inc., Toshiba Teli Corporation, Ltd., Cognex Corporation, ISRA VISION AG, Panasonic Corporation, Omron Microscan Systems Inc., Perceptron, Inc., Sharp Corporation, Edmund Optics, AMETEK, Inc., Teledyne Technologies, Keyence Corporation, Datalogic S.p.A., Sony Corporation, Basler AG, Vitronic GmbH, SICK AG, IMS Messsysteme GmbH, Industrial Vision Systems Ltd., Allied Vision Technologies, Baumer Group, and Dark Field Technologies.

Key opportunities

The availability of pelargonic acid in liquid and powder forms is catering to varying application needs. The growing practice of integrated pest management globally also presents lucrative opportunities. Additionally, product innovation to enhance activity, expand applications, and ease of use will further aid business growth.

Global expansion

North America and Europe currently dominate the pelargonic acid market share. However, Asia Pacific is emerging as a high growth region attributed to rapid urbanization, population expansion, and evolving agricultural practices. Countries like China and India are key upcoming markets. Furthermore, growing preferences for sustainable solutions in Latin America and Middle Eastern nations are also opening new expansion avenues.

Market drivers

The rising adoption of organic farming practices across major agricultural economies is a key factor driving the demand. According to estimates, the global organic agricultural land has doubled between 2000-2018. Additionally, the growing need to curb the over-reliance on synthetic pesticides and their impact on soil quality and biodiversity is also motivating farmers to shift toward products like pelargonic acid. Stiff regulations restricting the usage of conventional pesticides in the European Union and other regions further propel the pelargonic acid market growth.

PEST Analysis

Political: Government regulations regarding use of natural and renewable chemicals are promoting growth of pelargonic acid market. Stringent emission norms are favouring bio-based acid production.

Economic: Cost effective production and multi-purpose applications of pelargonic acid in household, personal care and industrial sectors are boosting its adoption. Growing industrial sectors are driving pelargonic acid consumption.

Social: Rising awareness about toxic effects of synthetic chemicals and changing customer preference for natural ingredients in personal care products are positively impacting pelargonic acid market.

Technological: New emulsifying and antimicrobial properties of pelargonic acid are encouraging its utilization as preservative and emulsifier in various formulations. Advancements in extraction process from natural resources are reducing production costs.

Pelargonic acid market in terms of value is highly concentrated in North America and Europe regions. North America accounts for around 35% of global pelargonic acid market share owing to strong demand from personal care industry in United States. Europe holds around 30% share due to growing need of natural preservatives in cosmetics and household products across countries like Germany, United Kingdom and France.

The fastest growing regional market for pelargonic acid is Asia Pacific. Asia Pacific pelargonic acid market is projected to exhibit a CAGR of over 5% during the forecast period. Rapidly expanding personal care sector in China and India along with rising disposable income are major factors driving pelargonic acid consumption growth in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it