The ‘Globaland Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global organic acids market, assessing the market on the basis of its segments like product types, sources, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Organic Acids Market Size, Share, Price, Trends, Industry Report, Key Players, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 8.4%
|Growth Rate CAGR
|Celanese Corporation, BASF SE, Eastman Chemical Company, Dow Chemical Company,
Henan Jindan Lactic Acid Technology Co. Ltd., Myriant Corporation and among others.
Organic acids are becoming more and more popular due to their sustainability, biocompatibility, and environmental friendliness. These acids have numerous end-uses in sectors including food and beverage, textiles, and pharmaceuticals. One of the main factors fostering a positive outlook for the organic acids market is the significant global growth of the food and beverage industry. The demand for ready-to-eat (RTE) food products made with organic acids to stop the growth of bacteria is rising as a result of consumers’ hectic schedules and busy lifestyles, thereby propelling the market growth.
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Additionally, the organic acids market is expanding as a result of their wide use as an alternative to antibiotic growth promoters (AGP) in animal feed. Organic acids are also frequently used in the food processing industry since they provide antibacterial action and are highly effective against fungi like yeast. It helps in dietary acidification, maintaining the pH of the food that is consumed.
Further, a shift in consumer preferences away from synthetic chemicals and toward natural additives will boost organic acids market growth in the years to come. Eatables produced in the food industry typically have a short shelf life and must be adequately maintained so they can be consumed even after a few months of creation. Due to their antibacterial qualities, organic acids serve as preservatives and are essential for extending shelf life by preventing any reactions between oxygen and food components.
Organic Acids Industry Definition and Major Segments
Organic acids are organic substances with low molecular masses and moderate acidity. They can be made by fermenting biomass, molasses, starch, or agricultural wastes including cassava bagasse, coffee husk, apple pomace, soybean, sugarcane, maize cobs, press-mud, wheat bran, citrus pulps, and fruit peels. Organic acids like carboxyl, formic, lactic, propionic, gluconic, malic, and benzoic acid are some of the ones that are frequently used.
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Based on product type, the market can be divided into:
- Acetic Acid
- Lactic Acid
- Citric Acid
- Fumaric Acid
- Gluconic Acid
- Itaconic Acid
On the basis of source, the market can be segmented into:
- Chemical Synthesis
- Argo-Industrial Residue
Based on application, the market can be divided into:
- Food and Beverages
- Animal Feed
- Chemical and Industrial
- Personal Care
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Organic Acids Market Trends
The key trends driving the expansion of the market for organic acids are the growing preferences of consumers for multipurpose cosmetic and personal care items enhanced with citric and formic acids. Other factors expected to propel the organic acids market growth, include the adoption of favourable policies by various government encouraging the production of bio-based organic acids using renewable resources, as well as the rising use of organic acids for the creation of various intermediates and petrochemical products.
The textile industry also uses organic acids like lactic acid for dyeing and finishing. They are used to fix colour and neutralise dye to produce images with excellent resolution. Due to these factors, demand for organic acids is anticipated to increase globally. Many speciality and commodity chemicals, such as those used in polymers, pharmaceuticals, food, metals, coatings, cosmetics, fibres, solvents, lubricating oils, diesel fuel oxygenates, and other products, are produced using bio-organic organic acids as building blocks.
North America holds a major share of the global market due to its superior production processes and significant demand from end-use industries. Meanwhile, the Asia Pacific presents lucrative growth opportunities to the organic acids market. Growing demand for organic acids due to the region’s large population, emerging economies such as China and India, as well as China’s aggressive growth ambitions, continue to be major drivers of market expansion.
Key Market Players
The major players in the global organic acids market report are BASF SE, Celanese Corporation, Dow Chemical Company, Eastman Chemical Company, Myriant Corporation, and Henan Jindan Lactic Acid Technology Co. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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