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Organic Acids Market Projected to Reach $11.39 Billion by 2022 | Key Players are Cargill, BASF SE, Dow Chemical Company, Archer Daniels Midland Company, Eastman Chemical Company, Tate & Lyle, Koninklijke DSM N.V.

12-19-2019 01:38 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets.com

Organic Acids Market

Organic Acids Market

The global organic acids market was valued at USD 8.27 billion in 2016 and is projected to reach USD 11.39 billion by 2022, at a CAGR of 5.5% during the forecast period. The market is growing due to wide scale usage of organic acids in various applications such as food & beverages, personal care products, and pharmaceuticals. Growing demand for convenience food and technological innovations, and production of organic acids from cost effective renewable sources are other factors driving the market growth. Furthermore, increased usage of organic acids in animal feed as a substitute of antibiotic growth promoters (AGP) is another factor that is expected to drive the market for organic acids during the forecast period.

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The demand for citric acid is expected to be the highest during the forecast period.

In 2016, the global market was led by acetic acid, followed by citric acid. Acetic acid is one of the most largely commercially available types of organic acid. However, the citric acid market is projected to grow at higher rate due to the increased demand in the food & feed industry and wide usage of citric acid in various applications.

The food and beverage segment is expected to account for the largest share in the market

On the basis of application, the food & beverages sector is estimated to account for the largest market share due to increased consumer demand for organic acid-fortified food & beverages, owing to their antioxidant and preservative properties. There is also a growing demand for foods that are produced using milder treatments, which include heat, salt, sugar, and chemicals. Also, newer technologies are introduced to prevent the growth of dangerous bacteria, thus increasing the demand for organic acids in food applications.

Environmental concerns are a major challenge for organic acids market.

Acetic acid can be a hazardous chemical if not used in safe and appropriate quantities. Acetic acid is used not only for industrial applications, but also in pesticide formulations, as an herbicide to control weeds on fruits; it is also used to control mold and reduce bacterial growth in feed. However, the high concentration of acetic acid in herbicides or animal feed can be harmful to animals, plants, and aquatic life. This is one of the major challenges faced by the manufacturers of organic acids. Further, the consumption of propionic acid in herbicides is decreasing gradually, owing to environmental concerns and regulatory guidelines. In the past, many herbicide products containing propionic acid have been used in various developed countries. The countries have started banning some of these products due to presence of several impurities that were toxic in nature.

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Asia Pacific is projected to witness the highest growth rate during the forecast period.

Asia-Pacific accounted for the largest market share for organic acid in 2016, owing to the increase in demand for organic acid in countries such as China and India. Asia-Pacific is projected to be the fastest-growing market during the forecast period, due to the increased awareness related to the health benefits of organic acid. The relatively lower operational costs in this region enable manufacturers to have competitive pricing on a global platform. In this region, countries are less stringent, in terms of regulations, over the trade and domestic marketing of food additives. Organic acids are manufactured on a large scale in China and are exported to international markets

This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as Cargill (U.S.), BASF SE (Germany), Dow Chemical Company (U.S.), Henan Jindan Lactic Acid Technology Co. Ltd (China), Archer Daniels Midland Company (U.S.), Eastman Chemical Company (U.S.), Corbion (Netherlands), Myriant Corporation (U.S.), Polynt-Reichhold (Italy), Tate & Lyle (U.K.), Koninklijke DSM N.V. (Netherlands), and E.I. Du Pont De Nemours & Company (U.S.).

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