Organic Acids Market
Organic Acids Market - Global Industry Assessment & Forecast
#
Pages:
173
2022
Jan - 2022
VMR-1178
Segments Covered
By
Type Acetic Acid, Citric Acid, Formic Acid, Lactic Acid, Propionic Acid, Ascorbic Acid, Gluconic Acid, Fumaric Acid
-
By
Application Food & Beverages, Feed, Pharmaceuticals, Industrial
-
By
Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Snapshot
 Base Year:
|
2022 |
| Forecast
Years:
|
2023 - 2030 |
 Historical
Years:
|
2017 - 2021 |
 Revenue
2022: |
USD 11.64 Billion |
 Revenue 2030:
|
USD 18.29 Billion |
 Revenue CAGR
(2023 - 2030): |
5.80% |
Fastest Growing Region (2023 -
2030)
|
Asia Pacific |
Largest Region (2022):
|
Asia Pacific |
Customization Offered
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No Cost)
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Mentioned Countries)
- Country/Region-specific Report
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Organic Acids Market
Market Synopsis:
Global Organic Acids market is valued at USD 11.64 Billion in 2022 and is projected to attain a value of USD 18.29 Billion by 2030 at a CAGR of 5.80% during the forecast period, 2022–2028. Organic acid, as a substitute for conventional acid such as sulphuric and nitric acid, is used in several applications including oil & gas, chemical processing etc. They are also known to offer the advantages including lower toxicity and better biodegradability over their synthetic counterparts. Hence, they have been gaining momentum of late. Moreover, environmental regulations are being implemented across the globe which are favoring the use of Organic Acids over conventional ones for various applications.
Growing Preference of Natural Preservatives and Stringent Government Regulations to Drive Organic Acid Market
Organic Acids Market Size, 2022 To 2030 (USD Billion)
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Conventional acid such as sulphuric and nitric acid are often used for various applications. However, their residue can be detrimental to the environment. This is one of the major factors expected to drive growth of Organic Acids market in coming years. Moreover, shifting focus towards environmentally friendly substitutes than conventional acid has led to increased usage of Organic Acids across several application segments including chemical processing. The growing number of regulations regarding environmental concerns is another factor which will drive the demand for Organic Acids over conventional ones in coming years.
Growing demand for natural preservatives such as grapefruit seed extract and rosemary extract was highest among consumers who expressed a high concern on healthy eating habits, taste, appearance and freshness. The growing demand for Organic Acids in food & beverage sector is mainly attributed to the increasing preference of consumers towards healthy products along with increased usage of Organic Acids in food ingredient applications. Cost-efficiency, convenience in handling and application are some other factors which favor their use over conventional acid.
Market Segmentation:
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Global organic acid market is segmented by type (acetic acid, citric acid, formic acid, lactic acid, propionic acid, ascorbic acid, gluconic acid, fumaric acid), application (food & beverages, feed, pharmaceuticals, and industrial), and region.
By Application, Food and Beverage Industry to Lead Organic Acid Market
Food and beverages industry is the largest consumer of organic acid as the products containing Organic Acids become more and more popular among consumers. The high production of carbonated drinks, fruit juice and iced confectionery is expected to be a major driver for the growth of global organic acid market. Stringent government regulations on chemical preservatives is another factor which significantly increases the usage of Organic Acids in food and beverage industry. The increasing demand for bio-based ingredients also forms a major opportunity for the development of this market. For instance, acetic acid can be used as renewable feedstock for synthesis of plasticizers and other chemicals. In addition, the growing emphasis on natural preservatives is expected to create a huge opportunity for organic acid manufacturers in coming years.
By Type, Citric Acid to Continue Dominating Global Organic Acid Market
Organic acid is widely used across the globe. The major application involves use as a food additive which accounts for 55% of total volume consumed worldwide. Citric acid, one such organic acid, finds wide range of applications in several industries including pharmaceuticals and cosmetics. One of the main reasons behind its increasing demand is due to its versatile properties and safe usage (i.e., it's edible and biodegradable).
Citric is the largest organic acid being consumed around the globe across numerous end-use industries as it reduces acrylamide formation during coffee roasting process- an important parameter since most parts of Europe now have stringent regulations regarding this carcinogen. It enhances the color and flavor of juices. It helps maintain fruit firmness Organic Acids such as citric can be considered a natural preservative and a more effective alternative to some synthetic preservatives. Citric acid helps maintain freshness of bakery products, vegetables, fruits and jams It is used as a souring agent in the manufacturing of soft drinks.
Asia Pacific to Continue Dominating Organic Acid Market
Organic Acids are the most important compounds for food processing industry after salt. As per our findings, over 60% of all Organic Acids produced in the global market is used by food processing industry. It is also known as Manufactured Triglyceride (MTG). MTG is an important ingredient for confectionery formulations to impart low temperature properties like plasticity, smoothness and firmness required for chocolate cream manufacturing. From the above statements it can be concluded that Asia Pacific market has huge potentials for growth because most of the population resides here. Wherein, the food processing industry is continuously growing at a rapid pace because the number of people purchasing processed foods is increasing day by day as they find it easy to purchase, use and store.
The food processing industry uses vegetables, fruits and dairy products for preparing processed foods. The process requires the usage of acidulants which include different types of Organic Acids like adipic acid, citric acid, wine vinegar etc., hence fueling the demand growth of organic acid market across the Asia Pacific region.
Key Players:
Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cargill (US), Henan Jindan Lactic Acid Technology Co. Ltd (China), the Dow Chemical Company (US), Archer Daniels Midland Company (U.S.), Myriant Corporation (U.S.), Eastman Chemical Company (U.S.), Corbion N.V. (Netherlands) are some of the major players in the organic acid market.
The Organic Acids is Segmented as Follows:
Parameter
Details
Segments Covered
By Type
By Application
By Region
Regions & Countries Covered
Companies Covered
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
impact analysis
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By Region (Revenue: USD Million, 2016 - 2028)
Vantage Market
Research | 21-Jan-2022
FAQ
Frequently Asked Question
What is the global demand for Organic Acids in terms of revenue?
-
The global Organic Acids valued at USD 11.64 Billion in 2022 and is expected to reach USD 18.29 Billion in 2030 growing at a CAGR of 5.80%.
Which are the prominent players in the market?
-
The prominent players in the market are Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cargill (US), Henan Jindan Lactic Acid Technology Co. Ltd (China), the Dow Chemical Company (US), Archer Daniels Midland Company (U.S.), Myriant Corporation (U.S.), Eastman Chemical Company (U.S.), Corbion N.V. (Netherlands)..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 5.80% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
-
The driving factors of the Organic Acids include
- Growing Preference of Natural Preservatives and Stringent Government Regulations
Which region accounted for the largest share in the market?
-
Asia Pacific was the leading regional segment of the Organic Acids in 2022.
