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The fumaric acid market size is forecast to increase by USD 308.14 million at a CAGR of 6.2% between 2022 and 2027. The market's growth relies on a multitude of factors. Among them, the introduction of ethnic and innovative flavors drives consumer demand, while the rising consumption of unsaturated polyester resins (UPRs) in the construction industry fuels market expansion. Additionally, the versatile nature of fumaric acid plays a pivotal role in its widespread adoption across various sectors. Together, these dynamics contribute to the market's sustained growth and underscore the significance of fumaric acid as a versatile ingredient with diverse applications in both industrial and consumer sectors.
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This report extensively covers market segmentation by type (fermentation, maelic anhydride, and fumaria officinails), application (food and beverages, unsaturated polyester resins, rosin paper sizes, alkyd resins, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa.) It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is influenced by various factors, including its extensive use in the food and beverage industry as an acidulant and flavor enhancer. Regulatory guidelines from organizations like the Food and Agriculture Organization of the United Nations (FAO) also shape market dynamics. With rising urbanization and population growth, the demand for processed food and beverages escalates, further driving market growth. Additionally, fumaric acid finds applications in the pharmaceutical and industrial sectors, contributing to its market expansion. As a pH regulator and acidity regulator, fumaric acid plays a crucial role in various industries, including cereals trade, food processing, and oilseeds production. Its versatility as a synthetic resin component underscores its significance in diverse applications.
By Type
The market share growth by the fermentation segment will be significant during the forecast period. The increasing use of fumaric acid as a raw component in the polymer industry, along with the rising price of petroleum-based acid, has increased interest in the fermentation method for producing this molecule from renewable resources. The fermentation procedure produces 85% fumaric acid, which is three times less expensive. Submerged fermentation systems, in conjunction with product recovery methods, have produced economically appealing yields and productivity.
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The fermentation segment was valued at USD 333.87 million in 2017. Owing to rising fossil feedstock prices, fermentatively produced fumaric acid may become a less expensive option to petrochemically derived maleic acid as unsaturated dibasic acid in polyester resins during the forecast period. Future opportunities for fumaric acid production enhancement include metabolic engineering techniques to accomplish low-pH fermentations. Thus, the fermentation process of extraction is expected to hold its dominance and contribute toward the growth of the market during the forecast period.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow at a considerable pace during the forecast period. China, India, Indonesia, Bangladesh, Thailand, Vietnam, and Singapore are expected to witness high growth in the construction sector during the forecast period. This, in turn, will increase the demand for unsaturated polyester resins as well as alkyd resins, thereby contributing to the growth of the market. Moreover, the purchasing power parity and average household income in APAC have been rising steadily over the last few years, which will increase the demand for functional and packaged food and beverage products during the forecast period.
The market is driven by the burgeoning Food and Beverage industry's demand for acidity regulators and flavor enhancers, underscored by health concerns. As per the Food and Agriculture Organization of the United Nations (FAO), rising urbanization and population contribute to increased processed food consumption, further boosting market growth. Additionally, the expanding pharmaceutical industry's need for organic acids fuels demand. However, challenges such as health hazards associated with food additives and stringent regulations pose barriers to market expansion. Nonetheless, the market continues to witness a trend toward the use of fumaric acid in various industrial products, indicating promising growth prospects. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The introduction of ethnic and innovative flavors is the key factor driving the market growth. Companies are introducing unique flavors in the food sector, and culinary experts are increasingly using various flavoring agents. Unique flavors are being used in beverages, with mixologists incorporating organic products, herbs, and other ingredients to enhance the taste. With the spread of Asian food and flavors such as green tea, lemongrass, and soy, buyers are getting accustomed to more bitter flavors.
This acid is non-hygroscopic; hence, it is used in pre-blends. It is extensively used as a flavor blender in ethnic cuisine and is also used widely in dry mixes to prevent moisture absorption and product degradation associated with it. Such rising demand for food and beverages will directly influence the need for fumaric acid positively and foster the market's growth during the forecast period.
An increase in disposable income among the middle class is the primary trend in the market growth. Globally, the disposable income of the middle-class population has been increasing rapidly mainly due to geopolitical factors and macroeconomic policies such as increasing economic stability, improving comprehensive growth, decent job creation, and economic transformation. All these factors accelerate the revenues in commodity-exporting countries.
A rise in the disposable income of the middle-class population has had a considerable positive impact on the growth of the market. Asia’s middle class has grown more than the middle class in other parts of the world. The four largest middle classes by population share in this region are Azerbaijan, Malaysia, Thailand, and Kazakhstan. The four smallest are Bangladesh, Nepal, Uzbekistan, and India. The growing disposable income among the middle-class population is expected to impact the market positively during the forecast period.
The increased threat of substitutes from citric and malic acid is a major challenge to market growth. Citric acid can be found in a wide range of processed foods and carbonated drinks as it is a natural preservative and produces tartness in carbonated drinks. It is a weak organic acid; hence, it acts as a water softener by breaking down trace amounts of metal found in water. Citric acid has several applications in the cosmetics and pharmaceutical industries, wherein it is used as a pH-adjusting agent in skin lotions.
Thus, due to the wide range of applications, several manufacturers prefer to produce this acidulant on a massive scale in comparison with the acid. Malic acid is the most preferred acidulant and flavor enhancer in the food processing industry due to its rapid dissolution rate and compatibility with a wide range of fruits and flavors. It also decreases the pH of products, thereby restricting the growth of microorganisms. It is also used in fruit juices and soft drinks to enhance the acidic flavor of beverages. Thus, the intense competition from substitutes will hamper the market's growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Actylis - The company offers fumaric acid, which is used as a lubricant in capsule and tablet formulations.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is driven by diverse factors, including its use in various industries and applications. Manufacturers worldwide contribute to the global fumaric acid supply chain, catering to consumer preferences and industry demands. With applications ranging from alcoholic beverages to convenience foods, fumaric acid serves as a vital ingredient. Its production involves the conversion of dicarboxylic organic acid into a white crystalline powder, meeting the quality standards set by regulatory agencies like the Ministry of Agriculture & Farmers Welfare. Recognized as safe by regulatory bodies, including its GRAS status, fumaric acid finds usage in pharmaceuticals and personal care products. As a precursor to synthetic resins and plastics, it plays a pivotal role in industries such as automotive coatings and cosmetics. The market's growth is further fueled by emerging trends in dietary patterns and the expanding pharmaceutical industry, emphasizing fumaric acid's versatility and importance in various sectors.
Further, the market is driven by a multitude of factors, with key players being global fumaric acid manufacturers. While being beneficial in various applications, including food grade fumaric acid production plants, it's crucial to address concerns regarding its potential health hazard and ensure compliance with regulatory standards like GRAS and ADI. This versatile acid finds applications in diverse sectors such as pharmaceuticals, where it's utilized in pharmaceutical grade fumaric acid formulations for treating conditions like psoriasis. Additionally, it serves as a key ingredient in personal care products and RTD beverages, contributing to its growing demand amidst a rising population. With advancements in production techniques and understanding of its various forms like trans- and cis-fumaric acid, the market continues to expand, catering to the needs of industries ranging from cosmetics to alcohol and agriculture.
Additionally, the market exhibits robust growth, driven by diverse factors like wheat trade and rice production, fueling demand for malic and food-grade fumaric acid. Recognized for its health benefits, it's widely used in medical conditions like acne and hyperpigmentation, adhering to GRAS and ADI standards. With applications in technical grade fumaric for alkyd paints and succinic acid for RTD beverages, its versatility extends to personal care products and pharmaceuticals, aiding in psoriasis treatment. Additionally, its role in vegetable preservation and rosin-sized sheathing paper underscores its significance across multiple industries, reflecting a promising market trajectory
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.2% |
Market growth 2023-2027 |
USD 308.14 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.6 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Actylis, Agarwal Life Sciences Pvt. Ltd., Anmol Chemicals Group, Bartek Ingredients Inc., Central Drug House Pvt. Ltd., Changmao Biochemical Engineering Co. Ltd., Changzhou Yabang Chemical Co. Ltd., Dastech International Inc., Fuso Chemical Co. Ltd., Henan GP Chemicals Co. Ltd., Joshi Agrochem Pharma Pvt. Ltd., Merck KGaA, Nippon Shokubai Co. Ltd., Paari Chem Resources Pvt. Ltd., Polynt Spa, RXChemicals, SIP Chemical Industries, The Chemical Co., UPC Technology Corp., and XST Biological Co. Ltd. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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