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Malic Acid Market - Trends Forecast Analysis by Manufacturers, Regions, Type and Application 2023
Posted: Jul 01, 2019
According to the study prepared by Market Research Future Reports, over the next five years, the Global Malic Acid Market will register CAGR of 4.70%, and in terms of revenue, the market size will reach USD 217.8 million till 2023. This report by MRFR presents a detailed study including a comprehensive overview, market shares, and growth opportunities of the Malic Acid Market by key manufacturers and key regions and countries.
Malic Acid is mainly known as an organic compound that helps in adding a sour taste to fruits. Naturally occurring, Malic Acid is also most commonly used as a food additive and has applications in several other end-use industries such as pharmaceuticals and personal care products. Eventually, Malic Acid is naturally derived from various fruits such as apple, watermelon, and vegetables. This is also used for enhancing flavor and tartness in many confectionaries, bakery and bakery products. Therefore, the growth of Global Malic Acid is attributed to the increasing demand of Malic Acid in the food & beverages industry owing to its high antimicrobial property, enhancement of flavor, and ability of pH controlling ability.
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According to Market Research Future Reports, here is the list of prominent players of the forefront of the market have been profiled in MRFR’s report. These include Corbion NV, Polynt S.p.A, Anhui Sealong Biotechnology Co. Ltd., Bartek Ingredients Inc., Fuso Chemical Co., Ltd, Changmao Biochemical Engineering Company Limited, Yongsan Chemicals, Inc., Thirumalai Chemicals Ltd, Tate & Lyle, and Isegen South Africa (Pty) Ltd.
Global Malic Acid Market: Drivers & Trends
Malic Acid, although it is found as a naturally occurring organic compound like in various fruits and food & beverages, many people choose to take Malic Acid supplements in regards to increase their overall health along with treating multiple diseases as well. On this note, the mentioned factor is contributing prominently to the Global Malic Acid Market to expand at an exponential rate in the years to come.
On the other hand, recently, it has been observed that a trend of changing food preferences among people has altered significantly. The demand for various flavor enhancers and additives has undoubtedly supported the Malic Acid Market since the past few years. Also, the urbanization has also increased the demands for canned foods and takeaway foods. These factors are continually driving demand for food preservatives and hence, propelling the growth of the Malic Acid Market during the forecast period.
Besides, Malic Acid has also been witnessing an increased demand even from the cosmetics industry as it is considered as a more balanced acid as compared to other fruit acids along with better buffer capacity. However, the usage of citric acid in the food industry goes as a slight threat of substitution to the Malic Acid Market. Therefore, in the future timeline, the positive outlook on the food and beverages industry coupled with the population growth, both are expected to offer various opportunities for the key players in the Global Malic Acid Market.
Malic Acid Market: Segmentation
According to the reports of MRFR, the Global Malic Acid Market has been segmented by Type, End-Use, and Region.
Types of Malic Acid in the Global Malic Acid Market is characterized into DL-Malic Acid, L-Malic Acid, and D (+)-Malic Acid. Further, it has broadly been segmented as DL-malic acid, L-malic acid, and D(+)-malic acid. Among these, D (+)-malic acid has accounted to hold the strongest track of the market at the time of forecast owing to the mounting applications of this product in the food, beverage, agriculture, animal feed, and others. Even the L-Malic Acid is also another important segment, which is projected to proliferate at a significant CAGR of 18.67% share of the Global Malic Acid Market.
By the mode of End-Use Industries, where Malic Acid is used have been segmented into personal care, food & beverage, pharmaceuticals, and others. Out of which, the food & beverage segment is expected to portray the highest revenue in the forecast period and would grow at the fastest pace. Meanwhile, the personal care segment is close to food & beverage and will continue to expand as awareness regarding wellbeing and hygiene increases.
On a Geographical Note, the Asia Pacific region got established as the market leader among other regional markets, which is expected to generate revenue at the highest CAGR of 5.82% at the time of review period. This region is proliferating owing to the occurrence of several leading market players operating in the Global Malic Acid Market. Moreover, there is fast growth in the manufacturing sector with various end-user industries that are setting up manufacturing plants in the region. With this, the existence of a large consumer population along with increasing disposable income has resulted in a higher demand for food and beverages, which, in turn, is supporting the Global Malic Acid Market in substantial ways.
Whereas, the North American market is considered to stay in the second position market, which is expected to reach a valuation of USD 53.7 Mn in market value by 2023. The U.S is the largest country-level market, and meanwhile, Europe accounts for 20% of the global market share and is probable to grow at a moderate pace.
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At Market Research Future (Mrfr), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (Crr), Half-Cooked Research Reports (Hcrr) and Market Research & Consulting Services.