IMARC Group, a leading market research company, has recently released a report titled "Fumaric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The study provides a detailed analysis of the industry, including the global fumaric acid market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Fumaric Acid Industry?
According to the report, The global fumaric acid market size reached US$ 740.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 980.4 Million by 2028, exhibiting a growth rate (CAGR) of 4.71%during 2023-2028.
What is Fumaric Acid?
Fumaric acid refers to an organic and white crystalline compound that is used as a flavoring agent in several food products. It is usually found in lichens, mosses, mushrooms, etc., and is utilized as a preservative, acidulant, pH adjusting agent, or flavor enhancer in bakery items, confectioneries, drinks, etc. Fumaric acid also works as an alternative to tartaric acid in beverages and baking powders. As such, it is widely adopted in the production of various pharmaceutical products, cosmetics, synthetic resins, paints, plastics, etc.
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What are the growth prospects and trends in the Fumaric Acid industry?
Owing to the increasing sedentary lifestyles and changing dietary patterns, there is a growing demand for ready-to-eat (RTE) and convenience food products, which is propelling the product usage to provide enhanced stability and flavor. This, in turn, is primarily driving the fumaric acid market across the globe. In addition to this, the emerging trend of adding fumaric acid to alcoholic beverages and energy drinks to provide an intense aftertaste is further catalyzing the market growth. Besides this, the extensive product utilization as a stabilizing agent in the production of paints, alkyd resins, and unsaturated polyester resins is acting as another significant growth-inducting factor. Moreover, widespread RD activities across countries to produce bio-based product variants are expected to fuel the fumaric acid market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Application:
- Food Additives
- Rosin-Sized Sheathing Paper
- Unsaturated Polyester Resins
- Alkyd Resins
Breakup by End-Use:
- Food and Beverages Industry
- Cosmetics Industry
- Pharmaceutical Industry
- Chemical Industry
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Bartek Ingredients Inc.
- Dastech International
- Fuso Chemical Co., Ltd.
- Prinova Group
- Changzhou Yabang Chemical Co. Ltd.
- Nippon Shokubai
- The Chemical Company
- Thirumalai Chemicals
- U.S. Chemicals
- Wego Chemical Group
- Huntsman Corporation.
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