The global organic acid market exhibits a tough competitive landscape, thus causing the market players to bank on product differentiation, says Transparency Market Research in a recently published report. To that end, they are increasing investments in research and development. A noticeable trend in the market is the rise of bio-based organic acids with most savvy players producing it to tap into the opportunity.
BASF SE, Cargill, Polynt-Reichhold, E. I. Dupont De Nemours and Company, BioAmber Inc., Eastman Chemical Company, Nature Works LLC, Elekeiroz S.A, and Fuso Chemical Co. ltd, are a few prominent businesses existing in the global organic acid market.
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As per Transparency Market Research, the global organic acids market is expected to record a valuation of US$10.61 bn until the end of 2022. This is a significant rise as compared to US$8.02 bn, which was the market’s valuation registered in 2017. As per predictions by our experts, the global organic acids market is expected to showcase a healthy CAGR of 5.8% during the forecast period that extends from 2017 to 2022.
On the basis of product type, acetic acid holds the leading spot in the global organic acids market. This is mainly due to the acid’s frequent use in beverage and food industry. As acetic acid has antifungal and antibacterial properties, it is highly used in applications such as food preservation, bakery foodstuff manufacturing, and antifungal powder manufacturing. The global organic acid market is mainly divided into six key segments based on geography: North America, Latin America, Europe, Asia Pacific excluding Japan, the Middle East and Africa, and Japan. Of these, the global organic acid market in North America is expected to gain maximum growth. This is mainly on account of a state-of-the-art infrastructural setup and good economic conditions that exist in this region.
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Most foodstuff have a relatively short shelf life and need to be preserved as properly as possible, in order to provide the customers with a relatively decent time frame for the product’s consumption. For such preservation, organic acids have been used since many years, mainly due to their antioxidant and antibacterial properties. The rapid development in the pharmaceutical industry is also another crucial factor that has managed to boost the global organic acid market. Acetic acid in the form of vinegar and citric acid are highly popular organic acid types that are used in preservation of beverages. These can significantly contribute to the market’s growth.
In contrast to these drivers, the global organic acid market is hindered by a few restraints. A prominent one of these pertain to strict regulations by governmental bodies in various regions to reduce the use of synthetic organic acids on account of rising environmental concerns. However, several key players have increased their investments to develop bio-based acids, thus reducing the ill-effects of synthetic organic acids.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Organic Acids Market (Product Type – Acetic Acid, Formic Acid, Lactic Acid, Citric Acid, Propionic Acid, Ascorbic Acid, Gluconic Acid, Fumaric Acid, Malic Acid; Application – Bakery and Confectionery, Dairy , Beverages, Poultry, Meat and Seafood, Livestock Feed, Companion Animal Feed, Pharmaceuticals, Industrial) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2022”.
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