Increasing Consumption of Energy Drinks to Push Fumaric Acid Market Value Past US$ 645 Mn
In its latest study, Fact.MR provides the supply chain and industry life cycle analysis of the global fumaric acid market from the period of 2022 to 2032. Besides, it also highlights various growth opportunities associated with the leading segments in terms of extraction type, end-use industry, and application across six major regions.
NEW YORK, Jan. 4, 2022 /PRNewswire/ -- The global fumaric acid market size is projected to reach US$ 645 Mn, with sales increasing at a CAGR of 6.7% between 2022 and 2032, predicts Fact.MR. High demand for fumaric acid from the food and beverage industry is anticipated to propel the market in the near future.
Rising usage of fumaric acid as an additive in ready-to-drink beverages is likely to drive its demand globally. As per Fact.MR, this acid is used to maintain the quality and stabilize the energy drinks over time.
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Further, fumaric acid is set to be increasingly utilized in various health drinks to mask the after-tastes of antioxidants, nutraceuticals, amino acids, plant extracts, and vitamins. It also aids in adjusting the pH level and improving the flavors of such drinks.
The British Dietetic Association (BDA) states that in 2014, approximately 600 million liters of energy drinks were sold in the U.K. and the consumption was the highest among the age group of 10 to 14 years. This number is anticipated to rise in the forthcoming years and drive the fumaric acid market.
"Increasing disposable income of people is expected to spur the demand for ready-to-eat food items and packed beverages across the globe. Additionally, the emergence of exotic flavors on the back of changing dietary patterns and increasing health consciousness among people is projected to augment the growth in this market," says a Fact.MR analyst.
Key Takeaways:
- Based on end-use industry, the food and beverage segment is expected to reach US$ 211.8 Mn, exhibiting growth at a CAGR of 5.1%.
- By application, the Unsaturated Polyester Resins (UPR) segment is likely to dominate in terms of share owing to the increasing automobile production in India and China.
- Based on extraction type, the fermentation segment is estimated to top US$ 341.2 Mn in 2032 and showcase a CAGR of 8.3%.
- China fumaric acid market is set to exhibit 7.2% CAGR on the back of the high demand for convenience food.
- Sales in the U.S. are projected to spur at 6.1% CAGR stoked by the rising consumption of packed food and beverages.
Growth Drivers:
- Rapid expansion of the cosmetics industry owing to the high demand for various personal care products is likely to propel the demand for fumaric acid.
- Increasing remodeling and construction activities in various developing countries is anticipated to fuel the growth.
- Rising usage of fumaric acid in UPR to repair the damaged parts of vehicles is expected to accelerate the market.
Restraints:
- Stringent government norms associated with the production of unsaturated polyester and alkyd resins may hamper the growth in this market.
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Competitive Landscape
The fumaric acid market players are currently focusing on broadening their manufacturing capacities to cater to the high consumer demand. Meanwhile, some of the other players are striving to strengthen their positions in the market by engaging in joint ventures and strategic partnerships.
For instance,
- March 2020: Bartek Ingredients Inc., a leading provider of dynamic ingredients headquartered in Canada, announced its plan to expand the manufacturing capacity of malic and fumaric acid by 10,000 metric tons (MT). This expansion would enable the company to strengthen its position in North America.
- July 2019: Thirumalai Chemicals based in India, approved the proposal to develop a subsidiary for operating a manufacturing facility of food ingredients in the U.S. It would produce malic and fumaric acid and will have a total capacity of 30,000 tons a year. The company is aiming to fulfill the high demand for these chemicals in North America and the other parts of the globe.
Key Players in the Fumaric Acid Market Include:
- Bartek Ingredients
- Thirumalai Chemicals
- Polynt S.P.A
- Nippon Shokubai Co. Ltd.
- Tianjin Bohai Chemicals
- The Chemical Company
- Wego Chemical Group
- Changzhou Yabang Chemical Co. Ltd.
More Valuable Insights on Fumaric Acid Market
Fact.MR provides an unbiased analysis of the fumaric acid market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global fumaric acid market with a detailed segmentation on the basis of:
Extraction Type
- Fumaria Officinalis
- Maleic Anhydride
- Fermentation
End-use Industry
- Food and Beverage
- Cosmetic
- Pharmaceutical
- Chemical
Application
- Food Additives
- Rosin Paper Sizes
- Unsaturated Polyester Resins (UPR)
- Alkyd Resins
- Animal Feed
- Others
Region
- North America
- South Asia
- East Asia
- Europe
- Latin America
- MEA
Key Questions Covered in Fumaric Acid Market Report
- The report offers insight into the fumaric acid market demand outlook for 2022-2032.
- The market study also highlights projected sales growth for fumaric acid market between 2022 and 2032.
- Fumaric acid market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Fumaric acid market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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