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| Global Fumaric Acid Market Size |
Fumaric acid is an organic acid that occurs naturally in some plants and fungi.
It is a white crystalline powder that is soluble in water. It is used as an
acidity regulator in food products and as an intermediate in the production of
other chemicals. The increasing demand for food grade fumaric acid from food
processing and pharmaceutical industries has been a major factor fueling growth
of this market.
The
global Fumaric Acid Market is estimated to be valued at US$ 278.65 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 key trends:
One of the key trends in the fumaric acid market has been the shifting demand
towards food grade fumaric acid. Food grade fumaric acid is used as an
acidulant in recipes and food processing to add tartness, sourness and control
pH. It replaces citric acid in some food and beverage products as it is less
sour. The food and beverage industry has been expanding rapidly creating
sustained demand for food grade fumaric acid. Its demand has been significantly
outpacing that of technical grade fumaric acid used in other industrial
applications.
Segment Analysis
The Global
Fumaric Acid Market Size is segmented by application and region. Based
on application, the fumaric acid market is divided into Food and Beverages,
Rosin papers and others. The food and beverages segment is expected to be the
largest segment in the global fumaric acid market during the forecast period.
Fumaric acid is widely used as an acidulant in food and beverages such as
bakery products, confectionery, soft drinks, dairy products and others to
improve their taste and shelf life. Thus, the increasing use of fumaric acid as
an acidulant in food and beverages industry is driving the growth of this segment.
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 beverages industry.
Regional analysis:
Regionally, Asia Pacific is expected to witness fastest growth in the global
fumaric acid market during the forecast period. This is mainly attributed to
rising demand from countries such as China, India and Japan. China is expected
to be the largest and fastest growing market in the region followed by India.
Factors such as growing population, increasing health consciousness and rising
disposable incomes are driving the growth of fumaric acid market in these
countries.
Market size:
The global fumaric acid market size was valued at US$ 278.65 Mn in 2023 and is projected to reach US$ 408.39 Mn by
2030, expanding at a CAGR of 4.6% from
2023 to 2030.
Key players:
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. Anmol Chemicals and Merck KGaA are identified
as the market leaders and account for major market share in the global fumaric
acid market.
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