by Fumaric acid is an organic acid that is colorless, odorless, crystalline solid. It is used as food acidulant and flavoring agent in food and beverages. It plays a key role in modifying pH and adding tartness in food products. Some common applications of fumaric acid include beverages, dairy products, sweets, bakery products and meat products. It is also used in pharmaceutical industry for making medicines.
The Fumaric acid Market is estimated to be valued at US$ 278.65 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Fumaric acid market is driven by the growing food and beverages industry globally. Rising consumption of processed food, drinks and changing food habits have increased the demand for acids, flavors and preservatives in the food industry. This is positively impacting the growth of fumaric acid. Additionally, increasing pharmaceutical industry is also boosting the market growth. Fumaric acid derivatives are commonly used in many medicines due to their anti-inflammatory and antimicrobial properties. This increasing use of fumaric acid in drug formulations is projected to propel the market over the forecast period.
Segment Analysis
The Global Fumaric Acid Market Size can be segmented by type into food grade fumaric acid and technical grade fumaric acid. The food grade fumaric acid segment currently dominates the market due to increasing demand from food and beverage industry. Food grade fumaric acid is widely used as an acidulant in baked goods, soft drinks, jams, jellies and fruit juices to enhance flavor and add tartness.
PEST Analysis
Political: There are no significant political risks impacting the fumaric acid market currently.
Economic: The growing food processing and chemical industries in emerging economies of Asia Pacific are driving economic growth of the fumaric acid market.
Social: Increasing health consciousness among consumers have fueled demand for packaged food and beverages containing natural and organic ingredients like fumaric acid.
Technological: Manufacturers are focusing on developing efficient production technologies to reduce production costs and meet the growing market demand.
Key Takeaways
The global fumaric acid market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand from food and beverage industry. The Asia Pacific region currently dominates the market owing to presence of large food processing industries in China, India and other developing nations.
Regional analysis
The Asia Pacific region is projected to be the fastest growing as well as the largest market for fumaric acid during the forecast period. China dominates the Asia Pacific fumaric acid market due to presence of huge food processing industry in the country. Growth in food processing industry in India is also contributing to market growth.
Key players analysis
Key players operating in the fumaric acid market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. Players are focusing on expanding their production capacities and global footprint to leverage growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
