Transparency Market Research delivers key insights on the global malic acid market. In terms of revenue, the global malic acid market is estimated to expand at a CAGR of 4.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global malic acid market.
The emergence of bio-based chemicals is likely to hamper the global malic acid market during the forecast period. Increase in the demand for malic acid in the food & beverages industry is anticipated to drive the global malic acid market over the next decade, as malic acid is extensively employed in the food & beverages industry.
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Malic Acid Market: Dynamics
The demand for malic acid is increasing in the food & beverages industry. The global food processing industry has been continuously developing and expanding. It is the most demanding industry, as processed food accounts for 80% of global food sales. The packaged food industry is a leading segment of the global food processing industry. The global food processing industry is rapidly expanding, owing to the increase in population and income of the people. It is a highly powerful industry in the world economy. The food processing market is projected to exceed US$ 4 Trn by 2024. Malic acid is widely employed in juices & beverages, as it enhances the flavor and offers tart taste to beverages.
End-use industries of malic acid such as food & beverages, medical & personal care, and chemical have been continuously developing and expanding. This is creating lucrative opportunities for the malic acid market. The demand for malic acid is primarily driven by the growth of the food & beverages industry. Manufacturers of malic acid are focusing on production and processing of bio-based L-malic acid to meet the rising demand for the acid in industries.
Bio-based products are derived from plants and other renewable agricultural, marine, and forestry materials. Bio-based products generally provide an alternative to conventional petroleum-derived products and include a diverse range of offerings such as lubricants, detergents, inks, fertilizers, and bio-plastics. Recent findings indicate that environmental concerns regarding dangerous chemicals and fossil fuel depletion are resulting in an increase in the production of bio-based chemicals. The market for these chemicals is expected to expand from US$ 6,474 Bn in 2016 to US$ 23,976 Bn by 2025.
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Malic Acid Market: Prominent Regions
Asia Pacific dominates the global malic acid market. The demand for juices & beverages and confectionery products is estimated to rise at a rapid pace between 2021 and 2031. This is expected to boost the demand of malic acid in Asia Pacific.
China is anticipated to be a highly attractive country of the malic acid market in Asia Pacific during the forecast period. The food & beverages sector in China is witnessing strong growth, owing to rise in income of the people. This has led to an increase in the demand for food additives, which, in turn, is augmenting the malic acid market in the country.
North America is likely to be another highly attractive region for malic acid during the forecast period. The U.S. held a major share of the malic acid market in North America in 2020. Investments in the healthcare & personal care sector have increased in the U.S. in the recent years. This is driving the demand for malic acid in the medicinal & personal care sector in the country.
Malic Acid Market: Key Players
Major players operating in the global malic acid market are Bartek Ingredients Inc., Changmao Biochemical Engineering Co. Ltd, Fuso Chemicals Co., Ltd, Isegen South Africa (Pty) Ltd, Thirumalai Chemicals Co. Ltd, Anhui Sealong Biotechnology Co., Ltd, Prinova Group LLC., YONGSAN CHEMICALS, INC., Polynt SpA, Miles Chemical, and Zhonglan Industry Co.,Ltd.
