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Tartaric Acid Market Top Key Industry Players: Distillerie Mazzari, Caviro, Changmao Biochemical Engineering, Tarac Technologies, ALVINESA ALCOHOLERA VINICOLA S.A., Omkar Speciality Chemicals Ltd, PAHI, S.L., Merck KGaA, Tártaros Gonzalo Castelló, Deriv
Tartaric Acid Market
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Growing demand for wine throughout the world is an instrumental factor driving the tartaric acid market over the forecast spell. Tartaric acid has a sensational flavor which relinquishes a substantial flavor to wine which is strongly preferred by the consumers. In 2015, the global wine consumption was reported to be 24 billion liters & will grow at a CAGR of 4.4% by 2024. Rising numbers of occasional wine consumers drinking once or thrice a week and growing popularity of wine among densely populated countries like China and India is positively impacting the tartaric acid market.
The natural tartaric acid segment is projected to be the fastest-growing during the projected period, due to its wide range of applications such as food & beverages, wine, pharmaceutical, which further results in an exponential rise in both product consumption and manufacturing.
The wine application segment dominated the overall market in 2016. It is also anticipated to increase over a highest CAGR during the anticipated period, followed by FMCG application segment. The tartaric acid for producing wine is expected to increase at 4% CAGR, due to the increasing wine consumption across both developed and developing economies. Rising demand from food & beverage applications is predicted to rise over a reasonable CAGR, due to the growing demand for processed food products, and nutritional beverages in the developing economies of both Asia Pacific, and Europe, such as China, Japan, Australia, and France, Spain, and Italy respectively.
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Europe holds significant market share of global tartaric acid, growing with a CAGR of 4.8% by 2024. Escalating wine production capacity and operations in nations such as Spain, Italy and France will foster regional market in coming years. Asia Pacific tartaric acid market is estimated to be second-largest, primarily driven by India, China and Japan. Growing demand from construction chemicals products is likely to enhance Asia Pacific market till 2024.
Prominent players in the tartaric acid industry are Distillerie Mazzari, Caviro, Changmao Biochemical Engineering, Tarac Technologies, ALVINESA ALCOHOLERA VINICOLA S.A., Omkar Speciality Chemicals Ltd, PAHI, S.L., Merck KGaA, Tártaros Gonzalo Castelló, Derivados Vinicos, Vinicas, and Distillerie Mazzari among some others.
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