The latest report by IMARC Group, titled, “Organic Acids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global organic acids market reached a value of US$ 24.7 Billion in 2022. Organic acids are compounds with a low molecular mass and weak acidic characteristics. They are produced by fermenting various agro-industrial residues such as cassava bagasse, press-mud, coffee husk, apple pomace, sugarcane, wheat bran, soybean, corn-cobs, citric pulps, and kiwi fruit peel. Organic acids do not completely dissolve in water and are extremely useful in oil and gas stimulation treatments and chelating metallic ions. As a result, they find extensive applications in industries such as food and beverage (F&B) and pharmaceuticals.
Global Organic Acids Market Trends:
The market is primarily driven by the rapid growth in the food and beverage industry across the globe, wherein organic acids are used in ready-to-eat (RTE) food products to prevent bacterial growth. As a result, the increasing consumer demand for such food products due to busy lifestyles is contributing to the market growth. Besides this, the widespread adoption of organic acids as a substitute for antibiotic growth promoters (AGP) in animal feed is also escalating the product demand. Moreover, citric and formic acids are widely used in multifunctional cosmetic and personal care products. In addition, other factors, such as the implementation of favorable government regulations that encourage the production of bio-based organic acids from renewable resources, and the growing use of the product in manufacturing numerous intermediates and petrochemicals, are anticipated to propel the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of 8% during the forecast period (2023-2028).
- On the basis of the type, the market has been divided into acetic, citric, formic, lactic, gluconic, fumaric, itaconic, and other types of acid.
- Based on the source, the market has been segmented into biomass, molasses, starch, chemical synthesis, and agro-industrial residue.
- The market has been categorized based on the end user into food and beverage, animal feed, chemical and industrial, pharmaceuticals, personal care, agriculture, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined in the report, with some of the key players being BASF SE, Cargill Inc., Celanese Corporation, Dow Inc., Koninklijke DSM N.V., DuPont de Nemours Inc., Eastman Chemical Company, Henan Jindan Lactic Acid Technology Co. Ltd., Tate & Lyle PLC, and The Archer-Daniels-Midland Company.
|Base Year of the Analysis
||Type, Source, End User, Region
||Asia-Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||BASF SE, Cargill Incorporated, Celanese Corporation, Dow Inc., Koninklijke DSM N.V., DuPont de Nemours Inc., Eastman Chemical Company, Henan Jindan Lactic Acid Technology Co. Ltd., Tate & Lyle PLC and The Archer-Daniels-Midland Company.
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