Asia Pacific accounted for the major portion in the Global Organic Acids Market

Market overview:

The global Organic Acids Market was calculated at USD 16.8 billion in 2019 and is determined to cross USD 29.1 billion by 2025 at an annual expansion of 8.3% during the conjecture period of 2020 to 2025.

Organic acids are weak acids that are not completely separated from water compared to inorganic acids. Organic acids like formic acid and lactic acid are miscible in water. However, high molecular weight organic acids, such as benzoic acid, are completely insoluble in neutral form. Lactic acid and formic acid have traditionally been produced through fermentation processes, but advances in biotechnology and advances in chemical synthesis have replaced early fermentation processes.

Recent developments:

• In May 2019, BASF-YPC announced that it had introduced a new 30-kiloton propionic acid production plant in China
• Royal DSM announced a Vitamin C update, an ascorbic acid facility in Changshan, China, in July 2019.

Market Drivers and Restrains:

The increasing use of organic acids in a variety of applications is one of the main drivers of growth in the organic acid market worldwide. In applications like dyes, surfactants and catalysts, the call for organic acids has increased drastically, which is a factorpromoting the expansion of the global business. The growth of the desirable food and beverage industry is another factor driving growth in the target market. In addition, growth in the pharmaceutical industry coupled with increased microencapsulation is expected to accelerate growth in the global organic acid market during the outlook period. The pharmaceutical industry has immense demand for organic acids, which is creating new opportunities in the global market. The huge investment in research and development activities to produce efficient organic acids from biological sources is further contributing to the growth of the global market. The food and beverage sector is also a prominent consumer of organic acid, promoting the international marketplace to some extent. Population growth and GDP growth in developing countries are affecting the demand for organic acid. However, increasing research and development activities to develop organic acids and build a solid supply chain from biomass can create great profit opportunities for participants in target markets.

Changes in raw material prices are expected to hamper the growth of the global organic acid market. Various synthetic organic acids are obtained from non-renewable sources that are harmful to the environment. This can hinder the expansion of the organic acid market worldwide.

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Report is segmented as:

The organic acid market is classified by type, end-user, source, and region.

Depending on the type, the organic acid market is classified as acetic acid, citric acid, lactic acid, formic acid, itaconic acid, succinic acid, gluconic acid, ascorbic acid, fumaric acid, and propionic acid. The end-users covered in this market report are food and beverages, chemical and industrial, pharmaceutical, personal care, animal feedand agriculture. By source, the market is classified into biomass, molasses, starch, chemical synthesis and agricultural residues.

Geographical Segmentation:

The Asia Pacific region has contributed to the largest share and this trend is expected to continue in the near future. India and China are the main players in terms of organic acid consumption, leading the global market. Growth in the Asia-Pacific region, along with growth in the food, beverage, pharmaceutical and other industries, is expected to stimulate the region's organic acid market. Strict regulations to control the use of synthetic organic acids are expected to adversely affect market growth in North America and Europe. Therefore, bio-based organic acids are expected to open up new growth opportunities in those areas.

Key market players:

Cargill, Inc., BASF SE, Dow Chemical Company, Myriant Corporation, Eastman Chemical Company, Celanese Corporation, Henan Jindan Lactic Acid Technology Co. Ltd., Archer Daniels Midland Company, and major companies such as Tate & Lyle Plc are key players in the market

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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