The global Fumaric Acid Market is estimated to be valued at US$ 278.65 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.6 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Fumaric acid is an organic acid used as a food additive and in unsaturated polyester resins. It acts as a pH regulator and improves food flavor and taste. Growing food processing industry is boosting the demand for fumaric acid as food additive.
Market key trends:
One of the key trends in the fumaric acid market is its increasing application in food & beverage industry. Fumaric acid is used as acidity regulator in various food products like bakery, confectionery, jams and jellies. It enhances taste and acts as preservative by lowering down the pH of food products. Fumaric acid blends well with other acids and helps to improve food safety. Growing health awareness has increased demand for clean label food products which is further propelling the use of fumaric acid in various food applications.
Strength: Fumaric acid market has wide application base in food and beverage industry. It is used as acidulant in wide variety of food products like bakery, confectionery etc.
Weakness: High dependency on China for raw material supply can impact the market adversely in case of any supply chain disruptions in China.
Opportunity: Increasing health consciousness among consumers is driving demand for clean label and natural food ingredients like fumaric acid.
Threats: Stringent food safety regulations in many countries can increase compliance cost for market players. Fluctuations in prices of raw materials like maleic anhydride impacts the production cost.
The Global Fumaric Acid Market Size is expected to witness high, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand from food and beverage industry. Fumaric acid is widely used as acidulant for foods like bakery products, desserts, jams and more.
Regional analysis: North America and Europe dominate the global Fumaric acid market currently. However, Asia Pacific region is estimated to witness fastest growth during forecast period owing to rising demand from China, India and other developing nations. China represents major share of global production capacity for Fumaric acid currently.
Key players operating in the Fumaric acid are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, and XST Biological Co. Ltd. Major players are focusing on capacity expansion strategies to cater growing product demand. Partnerships with local players in developing markets is another key strategy adopted by industry players.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it