July 18, 2024
Fumaric Acid Market

Rising Application Of Eco-Friendly And Sustainable Products Is Anticipated To Openup The New Avenue For Fumaric Acid Market.

The 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 Overview:

Fumaric acid is an unsaturated dicarboxylic acid that occurs naturally in plants. It is chiefly used as a food additive for its acidic and tart tastes. Fumaric acid is used as an acidity regulator in food and beverages to adjust the pH balance. It also has application as a skin conditioning agent in cosmetic industry. In addition, fumaric acid is used in animal feed, medicines, plastics, alkyd resins and unsaturated polyester resins.

Market Dynamics:

Fumaric acid market is primarily driven by its increasing demand from food & beverage industry. The rising health consciousness and changing food consumption patterns have boosted the demand for naturally sourced food additives like fumaric acid. Furthermore, the growing cosmetic industry is also propelling the market growth. Fumaric acid finds wide application as an exfoliant and skin conditioning agent in various skincare products. Additionally, fumaric acid derived unsaturated polyester resins have high strength, corrosion resistance and electrical properties. Thus, they are widely used to manufacture industrial tanks, pipes, baths and FRP components. Rapid industrialization and infrastructure development activities are augmenting the demand for polyester resins, thereby fostering the market expansion of fumaric acid.
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Segment Analysis

The fumaric acid market is dominated by food and beverage sub-segment. Fumaric acid is majorly used as acidity regulator in food products like bakery, confectionery, desserts etc. It gives a tangy and sour taste to the food products. Due to increasing health consciousness, demand for natural and clean label food products is growing exponentially which contributes to the growth of this sub-segment.

PEST Analysis

Political: Regulations around the use of fumaric acid in food products in terms of dosage vary across countries and regions which impacts the demand. However, there are no major political risks involved.
Economic: The rising disposable incomes have led to increased spending on processed and packaged food items which boost the demand for fumaric acid from food industry. Asia Pacific region especially China and India represent huge market opportunity due to rapid economic growth.
Social: Growing health awareness and demand for nutritious and natural food products rich in antioxidants drives the growth of fumaric acid market. Changing lifestyle and fast paced urbanization also contributes to the growth.
Technological: Major technology advancements in production process have made fumaric acid production more sustainable and cost-effective. This has increased viability and applications.

Key Takeaways

The Global Fumaric Acid Market Growth is expected to witness high, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand from food and beverage industry. The market size for 2023 is estimated to be US$ 278.65 Mn.
Regional analysis reveals that Asia Pacific region is expected to be the fastest growing as well as dominating region in fumaric acid market during forecast period. This can be attributed to rapidly increasing population, rising disposable incomes and changing food habits in countries like 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 companies are investing in expanding their production capacities as well as product portfolio to leverage future opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it