The new report by Expert Market Research titled, ‘Global Fumaric Acid Market Growth, Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global fumaric acid market, assessing the market based on its segments like application, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 660 Million
- Forecast CAGR (2023-2028): 4.8%
- Forecast Market Size (2026): USD 875 Million
The global fumaric acid market is being driven by rising living standards and economic growth, especially in the Asia Pacific emerging economies such as India and China. The global industry’s growth is expected to be aided by increasing fuel consumption of processed foods and beverages in developing countries.
The rising trend toward a more nutritious diet is expected to have a positive effect on the processed food and beverage industry, as well as the fumaric acid industry furthermore, the demand for fumaric acid is expected to be driven by the introduction of new flavors, such as exotic and ethnic flavors, into the food and beverage industry in the forecast period.
Fumaric Acid Industry Definition and Major Segments
Fumaric acid with a chemical formula C4H4O4 is produced by oxidation of succinic acid, with the aid of succinate dehydrogenase, it is a dicarboxylic acid, which is present naturally in the form of a colorless crystalline powder in bolete mushrooms, eukaryotes, lichens, and Iceland moss. It also occurs in the human body when the skin encounters direct sunlight. It is extensively used as a food additive due to its sour flavor.
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Based on applications, the global fumaric acid market can be divided into:
- Food Additives
- Rosin-Sized Sheathing Paper
- Unsaturated Polyester Resins
- Alkyd Resins
By end-use, the market can be divided into:
- Food and Beverages
The regional market of the global fumaric acid market can be divided into:
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Fumaric Acid Market Trends
The global fumaric acid market is expected to rise at a faster pace as its use in pharmaceuticals expands the increased production of automobiles around the world is expected to benefit the industry. It is regarded as a possible replacement for synthetic organic acids such as citric acid and tartaric acid in fruit syrups and snacks, posing growth prospects over the forecast period.
The growing investment in R&D to develop bio-based fumaric acid will present significant opportunities for industry players. Furthermore, the rising popularity of nutritional bars and cereals would create lucrative opportunities for industry participants, boosting business growth.
Key Market Players
The major players in the market are Bartek Ingredients Inc., Prinova Group LLC., Fuso Chemical Co., Ltd, Polynt SpA, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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