Bio-Based Organic Acids Market Analysis and In-Depth Analysis on Market Dynamics, Emerging Trends, Growth Factors and Sales Forecast to 2024 Keyplayers are Cargill, Methanex, Mitsui & Co. Ltd, Mitsubishi Chemical Corporation, Zhejiang Hisun Biomaterials C

Based on application, the bio-based organic acids market is categorized into petrochemicals, polymers, pharmaceuticals, dyes, coatings, food products, and others. Of these, petrochemicals constitute the largest application area of bio-organic acids across the world, due to their high dependency on organic acids in the production process. Besides, the food industry is one of the fastest-growing markets for bio-organic acids, owing to the increasing demand witnessed globally for preserved food with high shelf life. Bio-organic acids are primarily used to enhance the flavor of food products in addition to regulating their acidic content.

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Based on raw material, the bio-based organic acids market is categorized into biomass, corn, maze, and sugar. Among these, biomass held a significant share in the market during historical period, owing to its high availability across several countries. Moreover, many countries are encouraging the use of biomass over corn, maze, and sugarcane to produce organic acids, as these crops are mostly used as food products.

The major trend identified in the global bio-based organic acids market is the increasing investments in specialty chemical manufacturing. Companies, across the world, are increasingly investing in the manufacturing of bio-based chemicals to encourage the use of eco-friendly products. For instance, on January 23, 2018, Lygos Inc., a biotechnology company of specialty chemicals, announced that LG Technology Ventures, an investment arm of the South Korean conglomerate LG Group, made an investment worth $5 million in Lygos’ bio-based chemical segment.

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Some of the major players operating in the global bio-based organic acids market are Abengoa, BASF SE, BioAmber Inc., Cargill, Corbion NV, Methanex, Mitsubishi Chemical Corporation, Mitsui & Co. Ltd., Novozymes A/S, Zhejiang Hisun Biomaterials Co. Ltd.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa

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