Fumaric acid is an organic acid that is utilized in food industry as acidity regulator, unsaturated acid in bakery and snacks. It also has applications as corrosion inhibitor in oil & gas industry. It exhibits important benefits such as lower toxicity and higher stability compared to other chemical acids. Fumaric acid is majorly used in food and beverages, bakery and confectionery, cosmetics and pharmaceutical industries.

The Fumaric acid market is estimated to be valued at US$ 278.65 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising demand from food industry is one of the major trends driving growth of fumaric acid market. Fumaric acid serves as an important acidulant in bakery, confectionery, snacks and processed food industry. It regulates acidity level and taste along with enhancing shelf life of products. Additionally, fumaric acid functions as leavening agent and prevents microbial activity. Growing consumption of packaged and processed food owing to changing consumer lifestyle is augmenting demand for fumaric acid. Expanding food and beverages industry along with increasing applications of fumaric acid in bakery, confectionery and other snacks is expected to propel market growth over forecast period.

Porter’s Analysis
Threat of new entrants: The Global Fumaric Acid Market Size requires high initial investments for building manufacturing facilities and quality standards, limiting the threat of new entrants.
Bargaining power of buyers: The buyers have moderate bargaining power attributed to availability of substitutes and price sensitivity.
Bargaining power of suppliers: The suppliers have moderate to high bargaining power due to availability of raw materials and possibility of forward integration.
Threat of new substitutes: Substitutes such as adipic acid and itaconic acid pose threat, however established application of fumaric acid reduces threat of substitution.
Competitive rivalry: Strong competition exists between the key players to gain market share through product differentiation, innovation and branding.

SWOT Analysis
Strength: Established applications in food & beverages and unsaturated polyester resins industry. It provides health benefits owing to anti-oxidant properties.
Weakness: Vulnerable to fluctuations in raw material prices. Highly competitive market conditions pressure profit margins.
Opportunity: Growing demand from end-use industries especially alkyd resins and polyester resins industry due to superior properties. Rising health-conscious population boosts market in dietary supplements.
Threats: Stringent regulatory environment regarding production and supply. Substitutes availability may hamper growth.

Key Takeaways
The global Fumaric Acid market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand from food & beverages and resin industries.

Regional analysis: North America dominates the global market and is expected to grow at a moderate rate during the forecast period. Asia Pacific exhibits the fastest growth in Fumaric Acid market due to expanding end-use industries in countries such as China and India.

Key players operating in the Fumaric Acid market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. These players are focusing on production capacity expansion to meet the growing demand for Fumaric Acid.

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