In 2015, the global wood vinegar market generated revenue of $3.2 million, and it is expected to register a CAGR of 7.1% during the forecast period (2016–2023). The key factors contributing to the growth of the market are the increasing use of natural carbon sequestration by biochar, increasing government initiatives for popularizing bio products, and growing end-use industries.
Based on application, the wood vinegar market is categorized into food, waste water treatment, agriculture, animal husbandry, wood tar, and others. Among these, the agriculture category held the largest share in the market during the 2013–2015 period, and it is expected to dominate it throughout the forecast period. This is attributed to the various benefits offered by wood vinegar in agriculture, such as improved seed germination, root growth stimulus, increased resistance to diseases in plants, and enrichment of soil.
Based on geography, Asia-Pacific (APAC) accounted for the largest share in the wood vinegar market in 2015. The major factors driving the market include the large end-user base and significant presence of local producers in APAC.
The major trend being observed in the wood vinegar market is the involvement of poverty-ridden people in the production of wood vinegar. Wood vinegar is produced either at a large scale or small scale in villages, by using feedstock and local resources. As farmers are learning improved agricultural practices, organic farming is becoming an economic stimulus in rural areas. Hence, the production of wood vinegar in villages is a key trend in the market.
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The key players in the global wood vinegar market include Byron Biochar, Ace (Singapore) Pte Ltd., Canada Renewable Bioenergy Corporation, TAGROW CO. LTD., Nettenergy BV, Nakashima Trading Co. Ltd., and Taiko Pharmaceutical Co. Ltd.
GLOBAL WOOD VINEGAR MARKET SEGMENTATION
By Manufacturing Process