The global organic acids market is forecast to exhibit strong growth between 2017 and 2022 on the back of the expanding food and beverages industry and the surging demand for environmentally acceptable additives. Over the years, the demand for organic acids has continued increasing at a steady pace, and is expected to remain so on account of their wide use in downstream industries. Factors such as the rising awareness regarding diseases and side-effects caused by preservatives and additives in food products or in cosmetics has led to the high demand for organic and natural compounds. Against this backdrop, the Global Organic Acids Market is forecast to exhibit a promising CAGR during the forecast period.
Prospects are likely to be much lucrative in emerging nations, as they demonstrate a high GDP growth. While the developed nations will continue accounting for the lion’s share in the global market, growing population and rising investment toward industrial sector will enable the organic acids market up its ante in developing nations.
According to Transparency Market Research, the global organic acids market is forecast to exhibit a CAGR of 5.8% between 2017 and 2022. At this pace, the market will reach US$10.61 bn by the end of 2022, from its valuation of US$8.02 bn in 2017.
Acetic Acid Emerges as Dominant Product Segment
On the basis of product, acetic acid constituted the leading segment in the global organic acids market. Acetic acid is primarily used in the food and beverages sector. Owing to its antifungal and antibacterial properties, the use of acetic acid is forecast pick further pace in the coming years, thus enabling growth in the overall organic acids market. Besides this, the rising demand from bakeries and confectionaries to prevent fungal and bacterial growth in their food products will enable the acetic acid segment to clock an accelerated pace of gains. In addition, the market is also expected to witness rising demand for citric acid in applications such as chelating or cleaning agent and water treating solvent in cosmetics and other industries.
Rising Application in Food and Beverages Industry to Steer Growth
The extensive use of organic acids in the food and beverages industry has remain one of the chief drivers of the global market. This acidic extract comes to the benefit of leading names in the industry as it helps in regulating acidity and enhances flavor. Besides this, antioxidants and preservative properties of organic acids have made them indispensable for the food and beverages industry. While organic acids are used to counter pathogens in food for the past many years, it is important to gauge and improve their sustainability and efficacy from time to time. Besides the food and beverages sector, the rising demand witnessed in the pharmaceutical industry has enabled the market witness accelerated pace of gains in the last few years.
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North America Projected to Remain Dominant through Forecast Period
Among its regional markets, organic acids have found maximum lucrative prospects in North America, thus sealing its dominance in the global market. Over the course of the forecast period, growth witnessed across various industries in the region will creative an environment conducive to the expansion of the organic acids market in North America. Furthermore, the region boasts a steady GDP post economic rebound that has helped industries gain pace, subsequently fuelling the demands for organic acids.
The market is also expected to witness attractive prospects in Asia Pacific on account of high GDP and population growth in emerging economies such as India and China.
Some of the most prominent companies profiled in the report are Archer Daniels Midland Company, BASF SE, BioAmber Inc., BP Plc, Cargill, Celanese Corporation, Corbion N.V., E. I. Dupont De Nemours and Company, Eastman Chemical Company, Elekeiroz S.A, Fuso chemical co. ltd, Genomatica, Henan Jindan Lactic Acid Technology Co. Ltd, Koninklijke DSM N.V., LUXI GROUP CO., LTD., Myriant Corporation, Nature Works LLC, Polynt-Reichhold, Tate & Lyle, and The DOW Chemical Company.