The organic acids market is projected to reach USD 9.29 billion by 2021, at a CAGR of 6.0% from 2016 to 2021. The market is driven by factors such as wide areas of application across various industries, especially the growing F&B sector and R&D investments & technological innovations such as micro-encapsulation. The high growth potential in the Asian countries and untapped regions of the Latin American and African regions provide new growth opportunities for market players.“Acetic acid leads the market with the largest share in 2015”
On the basis of type, the organic acids market was led by the acetic acid, followed by citric acid, formic acid, lactic acid, and others, in 2015. Acetic acid is used in wide areas of applications such as production of synthetic fibers and polymeric materials. It is largely used in food & beverage processing in the form of vinegar. The acid is largely consumed in China, the U.S., and most Western European countries.
“China and India: the future of the organic acids market”
China is the largest country to manufacture the organic acids in the world. The growth is driven by the less stringent regulations on manufacturing and trade in this country. The country also maintains a very large livestock population which requires high nutrition additives in feed. Moreover, in order to continue their lucrative trade ties with the European region, Chinese manufacturers of food and feed ingredients are increasingly using organic acids in their products. China is also estimated to be the leading market for acetic acid with many new facilities being set up for production, as the acid is an integral part in the manufacturing of vinyl, polyesters, and engineering plastics. The increased per-capita income and growth of many small and medium scale industries have been driving the Indian market. Hence, India is projected to grow at the highest CAGR during the forecast period.
Break-up of Primaries:
- By Company Type - Tier 1 – 20 %, Tier 2 – 35% and Tier 3 – 45%
- By Designation – C level – 35%, Director level – 25%, Others – 40%
- By Region – North America – 30%, Europe – 20%, Asia-Pacific - 45%, RoW – 5%
Reasons To Buy this report:
- To get a comprehensive overview of the global organic acids market
- To gain wide ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions in which the organic acids market is flourishing