Malic Acid Market Trends by Fortune Business Insights™ 2029
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Steady Market Demand Owing to Operating End-user Industries amid Pandemic
Malic acid is used primarily in food and beverage along with the pharmaceutical industry. Even during the lockdown period due to the spread of coronavirus, these industries were functioning as a part of essential services. The supply chain of the product, therefore, experienced minimal disruptions in the production process. Even the demand and supply during lockdown were stable.
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Based on type, the market is segmented into DL malic acid solution, granular diesel malic acid, and white crystalline powder malic acid. On the basis of application, the market is trifurcated into food & beverage, cosmetics & personal care products, and pharmaceuticals. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Wide Application in Food and Beverage Sector to Aid Product Demand
The food and beverage industry is rapidly utilizing the acid for various purposes. For instance, the baking and confectionery section use it as an antimicrobial and to control pH, while many sections use it for increasing the product's shelf life. The rising consumption of ready-to-eat food by the working population is anticipated to favor the demand for the product.
The malic acid market growth is also associated with the rising adoption of the product as a natural food additive. This natural additive is preferred by people allergic to various chemical preservatives. Moreover, the trend for healthier food consumption is projected to boost the product's demand.
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Rising Consumption of Function Food in North America to Augment Growth
North America is anticipated to hold the largest malic acid market share in the foreseeable future. This is owing to the rising consumption of functional food by health conscious consumers. As per the US Department of Health and Human Services, more than 50% of the population are at risk of obesity. Such facts have rapidly shifted the consumer base towards healthier options of food.
Asia Pacific is projected to hold considerable market share during the forecast period. This is owing to the high demand for natural food products by health-conscious people. The presence of various small and large scale production facilities in the locality also contribute to the market demand.
Industry Leaders Focus on Product Updates to Intensify Market Competition
The market has the presence of several large and small scale companies. Moreover, stringent regulatory scenarios in most of the leading economies intensify the company stability with constant updates and quality checks required to maintain standards. The growing investment in this market is expected to exponentially boost this industry and give lucrative returns. Prominent players are focused on technological innovation by investing in research and development.
March 2020: Bartek Ingredients Inc. planned a 10,000 metric ton production facility in Canada. It is expected to complete by 2021 and strengthen its position in North America.
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List of Key Players Profiled in the Market:
The Chemical Company
Wego Chemical Group
Isegen South Africa (Pty) Ltd.
Taiyuan Qiaoyou Chemical Industrial Co., Ltd.
Yongsan Chemicals, Inc.
Anhui Sealong Biotechnology Co., Ltd.
Miles Chemical Company
Fuso Chemical Co., Ltd.
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