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The global tartaric acid market is estimated to witness a healthy growth, at an estimated CAGR of over 5%, over the forecast period. The major factors driving the growth of the market studied are increased adoption of microencapsulation across pharmaceuticals and food industries and rising demand from the pharmaceutical industry.
- Increasing government regulations for restricted use of synthetic tartaric acid in the food industry are likely to hinder the markets growth.
- Adoption of tartaric acid in niche applications are likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from the Cosmetics Industry
- Cosmetics and personal care products include a variety of body care, as well as hair care products. Shampoos, hair conditioners, body washes, and soaps, along with other skin care products, occupy the major share of the segment.
- Tartaric acid and its salts are used as pH adjusters in cosmetics and personal care products. It is considered as a low-risk ingredient for skincare use and safe to use in skincare. It is also used as an antioxidant in the production of cosmetics.
- The personal care segment accounts for the third largest share of consumption, in terms of end-user industries. Globally, this segment has been growing at a moderate rate in recent years.
- The growth of the male grooming products market has been catalyzed by an increasing consciousness among male consumers, on personal wellness and appearance. Owing to this factor, key players are focusing on launching new and innovative products for men, in order to increase their product offerings and customer base, which may give them an edge over their competitors
- Currently, the Asia-pacific region accounts for more than 30% of the global beauty and personal care marketplace. The production has reached very high levels, thus becoming a major hub for exporting cosmetics and personal care products to developed nations, such as the United States, Canada, and Austria among others.
- Owing to all the aforementioned factors, the market for tartaric acid is likely to grow during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region accounted for the largest share of the regional market for tartaric acid. Consumption of tartaric acid in foods and beverages in developing markets is expected to grow, along with the increasing demand for processed food and beverages.
- Owing to the presence of largest consuming countries such as China and India, the demand for tartaric acid in the region is growing at a significant rate.
- India holds a significant position in the global pharmaceuticals sector. India is the largest producer of generic drugs in the world. The Indian pharmaceutical industry caters to more than 50% of the global demand for various vaccines, 40% of demand for generic medicine in the United States, and 25% of the demand for all medicines in the United Kingdom.
- The consumption of cosmetics has been increasing among Indian teens, as well as the middle-aged people, primarily driven by increasing focus on self-care.
- The cosmetics and personal care industry is one of the fastest growing consumer product markets in India, with a strong market entry potential for the US companies. The personal care and cosmetics sector in the country has shown continued strong growth, with increasing shelf space in retail stores and boutiques.
- The performance of the food service industry in the country is projected to accelerate at a CAGR of 10% from 2017 to 2022. The value is likely to reach INR 5,52,000 crore by the end of 2022.
- All these factors are expected to increase the market for tartaric acid in the region during the forecast period.
The tartaric acid market is fragmented in nature. Some of the major players in the market include Distillerie Mazzari SpA, AUSTRALIAN TARTARIC PRODUCTS, Anhui Hailan Biotechnology Co. Ltd, and Industria Chimica Valenzana SpA, among others.
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