Fumaric Acid Market size proceeds grow phase with 6.36% CAGR through 2026
Fumaric acid acts as preservative, flavor enhancer, acidulant, and pH adjusting agents used in food and beverage applications. Increasing demand for ready to drink beverages and rising popularity for processed foods have attributed to fumaric acid market growth.
On the other, automotive industry impacts the market growth driven by rise in automobile production. Fumaric acid is largely consumed for production of reinforcement panels and automotive spare parts.
However, volatility in raw material prices has an adverse effect on overall Fumaric acid market. In addition, the stringent government regulations towards the environmental concerns in carbon dioxide emissions are also hindering the Fumaric acid market growth.
Food and beverage dominates among market application segments
Growth in consumer preferences for unique flavors in the foodservice drives consumption of Fumaric acid. Key food and beverage producers and culinary experts are engaging in enhancing ethnic flavors food and drinks with growing adoption of Fumaric acid as flavor blender and as additive to prevent product degradation and moisture absorption.
Further, Fumaric acid market is driven by large consumption of Fumaric acid as a natural preservative and flavor enhancers. In addition, the introduction of energy drinks and bars made up of Fumaric acid are boosting the Fumaric acid market size.
Conversely, Fumaric acid is facing intense competition from alternatives such as malic acid and citric acid. Wide adoption of citric acid in processed foods and carbonated drinks, syrups and snacks challenges the Fumaric acid market growth.
Asia pacific region proceeds with strong market growth
The factors such as dense population along with rise in per capita income of individuals and increase in disposable income of consumers is attributing to the food demand across Asia Pacific. Hence, growing cluster of food and beverage OEMs across the region drives the consumption of Fumaric acid through the forecast period.
In addition, many multinational automakers such as Kia, Hyundai, Toyota, Tata, and others with large dependence of Fumaric acid are setting up their production facilities across China, India, Japan, and others.
In addition, easy availability of raw materials, presence of huge labor, and others have projected the demand for fumaric acid across Asia Pacific region.
Competitive landscape and strategic production across key players
Key vendors in the Fumaric acid industry are engaged in increasing their production capacities to meet the supply demand and from their large consumer base.
For instance, in February 2019 Bartek Ingredients Inc. announced their increase in production capacities of Fumaric at its production facilities.
The key players operating in the global fumaric acid are Bartek Ingredients, Prinova LLC, Polynt S.P.A, Dastech International Inc., Thirumalai Chemicals, Xilong Chemical Company Ltd., and Fuso Chemicals, Nippon Shokubai Co. Ltd., Tianjin Bohai Chemicals, and Wego Chemicals & Mineral Corp.