The
ethyl acetate market is expected to grow
by 685.92 thousand tons during 2020-2024, according to the latest market
research report by Technavio.
Ethyl acetate is one of the major food processing ingredients
used in the food and beverage industry. It is used as an artificial flavoring
ingredient in artificial fruit essences, candies, baked foods, gums, ice
creams, and confectionery. Ethyl acetate is also used as a flavoring agent in
both alcoholic and non-alcoholic beverages. It is used to produce alcoholic
beverages such as vodka and gin. Similarly, in non-alcoholic beverages, ethyl
acetate is used to extract and concentrate flavors and aromas. Thus, the rising
demand for ethyl acetate from food processing industry will drive the growth of
the market during the forecast period.
As per Technavio, the increasing demand for green ethyl acetate
will have a positive impact on the market and contribute to its growth
significantly over the forecast period. This research report also analyzes
other significant trends and market drivers that will influence market growth
over 2020-2024.
Ethyl Acetate Market : Increasing Demand For Green Ethyl Acetate
In recent years, the global market has witnessed an increased
demand for green solvents, which are derived from natural or renewable
resources. The high demand for these solvents stems from customers focusing on
naturally-derived products with minimal impact on the environment. Furthermore,
the growing number of initiatives from federal and state governments to limit
or reduce environmental emissions and their health hazards are also boosting
the demand for green solvents, such as ethyl acetate. SEKAB and GreenYUG LLC
are some of the vendors that offer green ethyl acetate made from biologically
produced ethanol. Thus, the growing demand for green ethyl acetate will drive
the growth of the market.
Ethyl
Acetate Market: Segmentation Analysis
This market research report segments the ethyl acetate market by
application (coatings, personal care, F&B, pharmaceuticals and others), and
geography (APAC, Europe, MEA, North America and South America).
The APAC region led the ethyl acetate market in 2019, followed
by Europe, North America, MEA and South America. During the forecast period,
the APAC region is expected to register the highest incremental growth due to factors
such as rising demand for processed foods, increasing use of food flavors as an
active ingredient in snacks and other edible items, rising beer consumption and
increasing number of construction projects.
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