Global Organic Acids Market: Overview
Organic compounds comprising acidic properties are called organic acids, and find wide applications in a variety of manufacturing sectors. Ranging from chemical analysis of compounds and industrial manufacturing to food preservation and cosmetic manufacturing, organic acids are indispensable components in different production environments. The global organic acids market is primarily being driven by rapidly-advancing food and beverages industry. Organic acids are extensively used for regulating the acidic content of foods, and also to enhance the flavor. The antioxidant and preservative properties of the these compounds makes them highly preferred by businesses dealing in food manufacturing, thereby boosting the market’s growth. These properties are also relevant for production of drugs and medicines. Thus, the expanding pharmaceutical industry has been significantly propelling the global organic acid market to make it achieve tremendous growth.
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Statistically speaking, the global organic acid market had gained a valuation of US$8.02 bn in 2017, which is further expected to rise up to US$10.61 bn by 2022. This increase is projected to occur at a healthy CAGR of 5.8% during the forecast period from 2017 – 2022.
Acetic Acid Holds Leading Position in Terms of Maximum Applications
Production type and applications are two major criteria, which serve as the basis of several segments in the global organic acid market. Under product type, acetic acid, formic acid, lactic acid, citric acid, propionic acid, ascorbic acid, gluconic acid, fumaric acid, and malic acid are key segments in this market. Of these, acetic acid has attracted maximum revenue in recent times, mainly due to its widespread use in the food and beverage market. This acid type also possesses antibacterial and antifungal properties, which are highly useful for food preservation, thereby showcasing a high demand.
North America Grabs Lion’s Share in Context of Market Revenue
The global organic acid market is mainly spread across North America, Asia Pacific excluding Japan, the Middle East and Africa, Japan, Europe, and Latin America. Of these, North America portrayed maximum utilization of the acids due to its widespread use in foods and beverages industry. Existing healthy economic conditions also have led towards this market performing well in this region. A splendid industrial infrastructural setup in North America ensures that the production of the compounds remains bountiful. During forthcoming years, the global organic acids market is expected to hold onto its leading position in this region, possible for a long duration.
The global organic acids market is expected to perform outstandingly in countries having a high GDP growth rate, which is mostly in case of emerging nations. The market is bound to get bolstered with the help of momentum provided by a high rate of organic acids utilization witnessed in emerging economies. Considering this trend, the market is expected to witness notable growth in Asia Pacific, mainly due to the mushrooming food industry in this region.
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The global organic acid market exhibits a highly tough competitive competition in the form of widespread product differentiation existing thanks to presence of innumerable companies. Most companies are focusing on carrying out extensive research and development. A few businesses are tapping onto the production of bio-based organic acids, which also has been a recent trend in this market. Key companies operating in the global organic acids market 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.