ALBANY, New York, May 22, 2019 /PRNewswire/ -- The global organic acids market features a competitive vendor landscape, Transparency Market Research (TMR) examines during their detailed study. Archer-Daniels-Midland Company, BASF S.E., Cargill Incorporated, Genomatica, Inc., and BioAmber Inc. are some of the prominent players in the organic acids market. Additionally, the key players are increasingly involving in joint ventures, partnerships, and collaborations with livestock feed manufacture and food & beverage manufacturers. These strategies are helping them to meet the demand for organic acids.
TMR's report based on the global organic acids market estimated to grow at a CAGR of 5.7% over the forecast period from 2018 to 2026. With the vigorous CAGR, the market is expected to attain a value of US$13.2 bn by 2026 from a value of US$8.0 bn in 2017.
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Based on the product type, the acetic acid segment dominated the global organic acids market in 2017. Based on the applications, the bakery & confectionery segment dominated the global organic acids market by accounting for a 25% share of the market in 2017. Regionally, the Asia Pacific dominated the global acetic acid market in the same year and is expected to remain dominant over the forecast period. This growth is attributable to the changing lifestyle of mid-earning people and changing eating habits in the developing countries present in the region.
High Demand from Food & Beverages Industry to Boost Growth
Organic compounds that have acidic properties are generally known as organic acids. Organic acids are synthetically produced on a wide scale to be used as surfactants, catalysts, and dyes. These acids are extensively used in the fermentation process in several microorganisms, which are used in the food & beverages. In the food & beverages industry, the organic acids are used as rheology modifiers, preservatives, and additives. Thus, along with booming packaged food & beverage industry, the organic acids market is gaining traction. Apart from these, the petrochemicals, textile, pharmaceuticals, and adhesives industries are widely demanding for organic acids, this in turn driving the market growth.
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However, implementation of stringent regulations on the production of organic acids primarily in the developed countries of North America and Europe are limiting the growth of the global organic acids market. Additionally, due to the lack of proper demand and supply ratio; the cost of the organic acids is increasing and is likely to restrain the growth of the organic acids market.
High Demand from Petrochemicals & Pharmaceuticals is Likely to Boost Market's Growth
Nonetheless, factors such as the high adoption of organic acids from petrochemical industries for producing end products from intermediates in the industries. Growing demand for fuel is boosting its production and is expected to offer growth opportunities for the global organic acids market in the coming years. Moreover, demand from the pharmaceutical industry regarding intermediate and improved catalysts is predicted to support growth of the organic acids market in the years to come.
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Additionally, the global organic acids market is witnessing substantial demand from the developing countries including India and China due to the presence of non-stringent regulations in these countries. Manufacturers in the food & beverage industry are increasingly demanding for the organic acids to be used in the products on a large scale globally and especially across Asia-Pacific and Latin America and the Middle East & Africa. This is leading to a boosted demand from pharmaceutical products and food & beverage products.
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This information is encompassed in the report by TMR, titled, "Organic Acids Market (Product Type - Acetic Acids, Citric Acids, Formic Acids, Propionic Acids, Lactic Acids, Fumaric Acids, Ascorbic Acids, Gluconic Acids; Application - Bakery and Confectionery, Dairy, Beverages, Poultry, Meat, Seafood, Livestock Feed, Animal Feed, Pharmaceuticals, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
For the study, the global organic acids market has been segmented as follows:
- Acetic Acids
- Citric Acids
- Formic Acids
- Propionic Acids
- Lactic Acids
- Fumaric Acids
- Ascorbic Acids
- Gluconic Acids
- butyric acid
- uric acid
- oxalic acid
- Bakery & Confectionery
- Poultry, meat, and seafood
- Livestock Feed
- Animal Feed
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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