The global organic acids market is expected to reach USD 20,232.6 million by 2022, at a CAGR of 7.1% during the forecast period of 2017 to 2022, according to this latest publication from Meticulous Research™. This market is mainly driven by the growing use of organic acids in the wide range of applications, increasing focus on producing bio-based organic acids, growing use of dietary microencapsulated organic acids, and increasing demand from developing economies. Further, increasing production of organic acid from renewable sources provides significant opportunities in this market. However, fluctuating raw material prices & availability, and the high price of organic acids are expected to hinder the growth of this market to some extent.
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The global organic acids market is mainly segmented by type (acetic acid, citric acid, propionic acid, formic acid, lactic acid, ascorbic acid, fumaric acid, malic acid and others), by application (industrial and chemicals, food & beverages, animal feed & nutrition, pharmaceuticals, cosmetics and personal care, and agriculture).
Acetic acid dominates the global organic acids market and is expected to continue its dominance in the next five years. Acetic acid is widely used in various applications such as the production of synthetic fibers and polymeric materials. Also, owing to their properties such as pH controller, antioxidant, and preservative; the demand for organic acids has been increasing significantly in the food and beverage and animal products.
Geographically, the global organic acids market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. These regions are further analyzed at a country level with the detailed qualitative and quantitative analysis. Asia Pacific region accounted for the major share in the global organic acids market in 2016, followed by North America, and Europe. The region is also projected to grow at the fastest CAGR during the forecast period. The major share and fast growth of this region are mainly attributed to its growing economy, rapid industrialization, rural migration & urbanization, growing food and beverages, pharmaceutical, and animal feed industries; and increasing investments by the key players in the region.
The leading companies have employed various strategies to expand their product offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global organic acids market were agreements, collaborations & partnerships, and new product launches. The key players in the global organic acids market are Archer Daniels Midland Company, Cargill, Incorporated, Polynt- Reichhold, E. I. du Pont de Nemours and Company, Tate & Lyle PLC, Myriant Corporation, Eastman Chemical Company, Henan Jindan Lactic Acid Technology Co., Ltd, BASF SE, The Dow Chemical Company, Celanese Corporation, Koninklijke DSM N.V., Corbion N.V, and BioAmber Inc.