According to the latest report published by Credence Research, Inc. “Global Organic Acids Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global Organic Acids market accounted for US$ 16.21 Bn in 2017, expanding at a CAGR of 6.2% from 2018 to 2026.
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The global organic acids accounted for US$ 16.21 Bn in 2017 growing with a CAGR of 6.2% during the forecast period from 2018 to 2026. Organic acids are basically used for enhancing the food flavor and regulating the acid content of foods. These are mainly produced by the fermentation process of various microorganisms and mainly finds application in the food and beverages industry. Organic acids are also produced synthetically on a wide scale for various commercial applications that includes surfactants, catalysts and dyes among others. Commonly used organic acids includes lactic acid, acetic acid, uric acid and citric acid among others.
Growing applications of organic acids in various end user industries that includes food and beverages, pharmaceuticals, chemical and industrial is expected to drive the global organic acids market during the forecast period from 2018 to 2026. In addition, increasing application of organic acid for the production of chemical compounds that includes acetic anhydride, vinyl acetate monomer, and ester is expected to drive the global market. Industrial applications of organic acids include acidity regulator, preservative, antioxidant, coating and production of biopolymers. Organic acids are also used in food industry as preservatives. Growing application of lactic acid in pharmaceutical industry is another factor expected to propel the demand for organic acids. Hence owing to wide scale application of organic acid, the demand for the same is expected to rise in the near future. Organic acids also aim to prevent constipation, improve digestibility and blood circulation. In addition, organic acids also provide various environmental advantages as they are basically produced from renewable feed stocks. Organic acids from renewable sources produce little waste and offer similar chemical properties compared to conventional organic acids. However, stringent government regulations related to production of synthetic organic acids is expected to restrain the growth of this market. Increasing research and development activities by the manufacturers to produce organic acids from bio based sources serves as an opportunity for the market.
The global organic acids market has been segmented by product type, application and geography. In 2017, food and beverages segment dominated the global organic acids market by application. Growing demand for organic acids for preserving convenience and frozen food products is expected to augment the market growth. Pharmaceuticals industry is expected to register high growth in terms of value and volume in the global organic acids market. In terms of product type, acetic acid led the global market and is expected to maintain its dominance during the forecast period from 2018 to 2026. Citric acid is expected to show fastest growth in the global organic acids market by product type in 2017.Increasing application of citric acid in food and beverages industry is expected to drive the demand for this segment. In terms of geography, Asia Pacific is the most significant market and held the largest market value and volume share in the global organic acids market. Increasing demand for organic acids in processed food followed by growing demand of organic acids in India and China is expected to spur the demand in Asia Pacific region.
Key players operating in the global organic acids market includes The Dow Chemical Company, Archer Daniels Midland Company, Cargill, Inc., BASF SE, E.I. Dupont De Nemours and Company, Calanese Corporation, Eastman Chemical Company, Myriant Corporation, Henan Jindan Lactic Acid Technology and Co. and Tate and Lyle Plc. among others.
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