“Cassava segment” acquired the largest market revenue share among the vertical, in the overall Cambodia ethanol Market – 6Wresearch.
The outbreak of Covid-19 pandemic resulted in demand spike in the disinfectants segment leading to sudden multiplication in market revenues as ethanol serves as requisite raw material in the making of sanitizers and disinfectants. The upsurge in the market growth caused by the pandemic induced demand spike and price hike went back to the normal rate in the subsequent years. Additionally, the New National Cassava Policy (2021–2025), an initiative of the Ministry of Agriculture, Forestry and Fisheries and the United Nations Development Programme (UNDP), which would increase the production and export of Cambodian cassava, is anticipated to further increase the viability of cassava in ethanol production in the nation.
According to 6Wresearch, Cambodia ethanol market is projected to grow at CAGR of 4.5% during 2023-2029. The market would expand quickly in the upcoming years due to the nation's expanding manufacturing sector, which in 2022 was responsible for 40% of the GDP. As industrial output rises, ethanol sales for use in industrial solvents in the plastics, rubber, and textile industries will increase.
According to Shubham Deep, Research Analyst, 6Wresearch, owing to the favourable climate and soil conditions in Cambodia, cassava is produced in large quantities there. As a result, and due to the cassava's high starch content, ethanol has been produced there widely since 2008. Additionally, over the decade, the nation has improved its production and processing capabilities for cassava. As a result, it increases its cost advantage over other base materials used to produce ethanol, such as molasses, bagasse, and corn.
According to Parth Taneja, Research Analyst, 6Wresearch, By Applications, Due to its renewable nature and support of the idea of a green economy, fuel and fuel additives would experience the fastest growth. Additionally, bioenergy accounts for 91% of all renewable energy sources, and the continued use of ethanol as a fuel for cooking and in power infrastructure will increase demand for the substance and its production.
Cambodia ethanol market (2023-2029) report provides an in-depth analysis with 21 figures and 7 tables, covered in 64 pages. The report estimates and forecast the overall Cambodia ethanol market (2023-2029). The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.