Organic acids market is projected to expand at a CAGR of ~ 5% during the forecast period. The extensive usage of organic acids in the food & beverages industry mostly influences the remarkable growth of the organic acids market. The application of organic acids in bakery and confectionery products accounts for the lion’s share of the market. The food & beverages industry has shown significant growth in recent years, owing to the growing population and increasing disposable income, thereby, driving growth in the organic acids market.
In 2019, worldwide sales of organic acids are estimated to reach a valuation of ~US$ 120 Bn. Organic acids are gaining traction in pharmaceutical and animal feed applications, which further fuels market growth throughout the forecast period. Furthermore, the key players are increasing their business footprint swiftly, which creates lucrative opportunities for the market.
Key Takeaways from the Organic Acids Market Study
- The steady demand for petroleum based organic acids is likely to suffer with an upsurge in the popularity of bio-based organic acids globally.
- Bakery & Confectionary applications account for the lion’s share in the market
- Acetic acid predominantly covers the large share of the organic acids market, however in terms of value, citric acid holds the majority share owing to high price
- Increased demand for green substitutes and the crucial need to improve bio-refining processes are creating opportunities for organic acid manufacturers
Expansion of Production Facility is the Top Strategy of Market Players
Manufacturers involved in the organic acids market are heavily investing in the research & development activities for advancement in production technologies to develop a more economical method of production. Besides, manufacturers have a significant emphasis on reducing raw material costs and dependency on crude oil. Therefore, they have developed a bio-based version of organic acids, which is further boosting the global organic acids market. Increased demand for green substitutes and the crucial need to improve bio-refining processes are creating opportunities for organic acid manufacturers.
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In addition to this, with the advancement in biotechnology, manufacturers have successfully adopted the fermentation process for the production of organic acids. Moreover, the critical strategy of manufacturers is the expansion of production facilities in emerging markets, especially in China. Organic acids can be used in several applications in diverse industries, especially in food & beverage, resulting in fast paced growth in the coming assessment period. Expansion in emerging economies and technology up-gradation by developed nations is likely to propel the overall organic acids market.