ALBANY, New York, November 15, 2018
ALBANY, New York, November 15, 2018 /PRNewswire/ --
The global organic acids market is witnessing high competition among its players. Product differentiation is the strategy used by players to maintain their position in the market. A recent trend adopted by various players is that they are focusing on the production of bio-based organic acids. Leading players are also heavily investing in research and development activities extensively. Acquisition, partnerships, expansion, and agreements are some of the key strategies that are being adopted by the players to strengthen their position in the global market. E. I. Dupont De Nemours and Company, Celanese Corporation, Corbion N.V., Eastman Chemical Company, Fuso chemical co. ltd, Elekeiroz S.A, and Genomatica are some of the key players operating in the market.
In a recent report published by TMR, the global organic acids market is projected to rise at a steady 5.8% CAGR during the forecast period between 2017 and 2022. Rising at this rate, the market is anticipated to reach US$10.61 bn by 2022 progressing from US$8.02 bn earned in 2017.
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Based on the product type, acetic acid has generated the maximum amount of revenue in the past few years, as its demand is extensively high in food and beverages market. Antifungal and antibacterial properties of acetic acid have increased the demand for acetic acid for preserving food that led its dominance in the global market. On regional front, North America is leading the global due to widespread use in the food and beverage market. Presence of state-of-art infrastructural system and positive economic condition led to the growth of organic acid in this region.
Increasing Demand for Organic Acid in Pharmaceuticals to Fuel Market Performance
Application of organic acids is seen in various industries such as pharmaceuticals, food and beverages, and in industrials use. Rapid development in the pharmaceuticals industries has grown the demand for organic acid significantly. The use of organic acid is widely seen in the food and beverages industry as it in preserving food for longer hours. A type of organic acid named acetic acid is the form of citric acid and vinegar that is commonly used for preserving beverages. In addition, the demand for organic acid is also increasing in the petrochemical industry for the production of intermediates and end-use petrochemical products. These factors are expected to boost the demand for organic acids and expand the market at the global level.
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High Cost of Raw Material to Impede Demand for Organic Acids
Despite the growing demand for organic acid and rising application in various industries, there are certain restraining factors that could deter the market growth. One of the factors is rising government concerns on the growing use of synthetic acids and strict government regulations are likely to impede the market's growth. High price and availability of raw material and poor supply chain are also affecting the growth of this market. As the cost of raw material is high, the cost of production is also high, thus less profit has remained with the manufactures. However, players are now investing in developing bio-based acids that are expected to reduce the negative effects of synthetic organic acids.
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The information presented in this review is based on a TMR report, 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."
Global Organic Acids Market has been segmented as presented below:
Global Organic Acids Market, Product Analysis
Global Organic Acids Market, Application Analysis
Global Organic Acids Market: By Geography
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