by Fumaric acid is a dicarboxylic acid that occurs naturally in certain plants like lichens and fumitory. It is widely used as an acidulant in foods and beverages as it provides a crisply tart taste. Fumaric acid is also employed in unsaturated polyester resins, alkyd resins and other polymer applications due to its eco-friendly nature.
The global Fumaric Acid Market is estimated to be valued at US$ 278.65 Mn or 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:
One of the key trends in the fumaric acid market is its growing application in food and beverages industry. Fumaric acid is a key food additive used as an acidity regulator and to enhance the flavors. It is commonly added to beverages, baked goods, gelatin desserts, meat products and salad dressings. With the rising health-consciousness, clean label trend is on the rise in food industry. This has surged the demand for natural acidulants like fumaric acid as they are environment-friendly and suit the clean label requirements. Furthermore, fumaric acid improves the stability and shelf life of food products. Therefore, the food industry remains the major end-user segment driving the fumaric acid market growth.
SWOT Analysis
Strength: Fumaric acid is widely used as a food additive and is considered safe for consumption. It has various end-use applications across industries like food & beverages, cosmetics, pharmaceuticals.
Weakness: Fluctuating raw material prices affect the overall production cost of fumaric acid. Strict regulation and compliance standards associated with the food additives industry pose challenges.
Opportunity: Rising demand for Natural food preservatives and additives is driving the growth of fumaric acid market. Growing personal care and cosmetics industry offers new areas of applications.
Threats: Availability of substitutes like citric and tartaric acid poses threat. Stringent environmental regulations associated with fumaric acid production act as a barrier.
Key Takeaways
The Global Fumaric Acid Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for natural preservatives in food processing industry.
Regional analysis
Asia Pacific dominates the global Fumaric acid market and is expected to grow at the fastest rate during the forecast period. This is attributed to growing food processing sector and increasing health-conscious population in countries like India and China. Europe is another major consumer of Fumaric acid owing to well-established personal care industry in the region.
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. Major players are investing in R&D to develop innovative application areas and sustainable production technologies. They are also adopting marketing strategies like mergers, acquisitions and collaborations for business expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
