IMARC Group, a leading market research company, has recently released a report titled “Organic Acids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global organic acids market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Organic Acids Market?
The global organic acids market size reached US$ 24.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8% during 2023-2028.
What are Organic Acids?
Organic acids represent organic compounds that have weak acidic properties and low molecular mass. They are of several types, such as acetic acid, formic acid, lactic acid, citric acid, gluconic acid, etc. Organic acids are produced through fermentation of biomass, starch, molasses, or agro-industrial residues, including cassava bagasse, apple pomace, coffee husk, soybean, sugarcane, wheat bran, corn cobs, press-mud, citric pulps, and fruit peels. These acid variants are extremely beneficial in the stimulation treatments of gas and oil and chelating metallic ions. Organic acids even act as antioxidants, emulsifiers, acidulants, preservatives, and flavor enhancers and are less reactive and can be utilized in extreme temperatures, as compared to traditionally used mineral acids. Consequently, they find widespread applications across various sectors, such as food and beverage (F&B), animal feed, chemical pharmaceuticals, agriculture, personal care, etc.
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What are the Growth Prospects and Trends in the Organic Acids Industry?
The escalating demand for ready-to-eat (RTE) food products that are manufactured by using organic acid compounds to prevent the growth of bacteria is among the key factors driving the organic acids market. Additionally, the growing product usage as a substitute for antibiotic growth promoters (AGP) in animal feed is also positively influencing the global market. Apart from this, the shifting consumer preferences toward multifunctional personal care products and cosmetics fortified with citric and formic acids are acting as significant growth-inducing factors. Moreover, the launch of favorable policies by government bodies across countries aimed at promoting the production of bio-based compounds through renewable resources and the rising product utilization in the manufacturing of intermediates and petrochemical items are expected to propel the organic acids market over the forecasted period.
Who are the Key Players Operating in the Organic Acids Market?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- BASF SE
- Cargill Incorporated
- Celanese Corporation
- Dow Inc.
- Koninklijke DSM N.V.
- DuPont de Nemours Inc.
- Eastman Chemical Company
- Henan Jindan Lactic Acid Technology Co. Ltd.
- Tate & Lyle PLC
- The Archer-Daniels-Midland Company.
What is Included in Market Segmentation?
The report has categorized the market based on type, source, end user and region.
Breakup by Type:
- Acetic Acid
- Citric Acid
- Formic Acid
- Lactic Acid
- Gluconic Acid
- Fumaric Acid
- Itaconic Acid
- Others
Breakup by Source:
- Biomass
- Molasses
- Starch
- Chemical Synthesis
- Argo-Industrial Residue
Breakup by End User:
- Food and Beverage
- Animal Feed
- Chemical and Industrial
- Pharmaceuticals
- Personal Care
- Agriculture
- Others
Regional Analysis:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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