Fumaric Acid Market Is Estimated To Witness High Growth Owing To Increasing Demand for Convenience Food
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| Fumaric Acid Market |
The global Fumaric Acid Market is estimated to be valued at US$ 266.4 Mn in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview: Fumaric acid is a food additive that is used to enhance the
taste, smell, and stability of various food products. It is commonly used in
the production of convenience food, such as instant noodles and ready-to-eat
meals, due to its ability to enhance flavor and prolong shelf life. The demand
for convenience food is increasing globally, driven by changing consumer lifestyles
and the need for quick and easy meal options. This, in turn, is driving the
demand for fumaric acid in the food industry.
Market key trends: One key trend in the fumaric acid market is the growing
popularity of organic food products. With increasing concerns about health and
wellness, consumers are increasingly opting for organic and natural food
products. Fumaric acid is a natural, organic acid that is used as a food
additive in organic food products. As the demand for organic food products
continues to rise, the demand for fumaric acid is expected to increase as well.
In conclusion, the global fumaric acid market is expected to witness high
growth due to increasing demand for convenience food and the growing popularity
of organic food products.
PEST Analysis
Political: The political factors influencing the fumaric acid market include
government regulations and policies related to chemical production and use.
This may include environmental regulations, restrictions on the use of certain
chemicals, and trade policies. Governments may introduce stricter regulations
to promote sustainability and reduce the impact on the environment, which can
affect the production and consumption of fumaric acid.
Economic: The economic factors influencing the fumaric acid market include GDP
growth, disposable income levels, and overall economic stability. Increasing
consumer disposable income and economic growth can drive the demand for various
end-use products, including food and beverages, pharmaceuticals, and resins.
These sectors extensively use fumaric acid, thus boosting market growth.
Social: The social factors influencing the fumaric acid market include changing
consumer preferences and lifestyles. The growing awareness among consumers
regarding health and wellness has increased the demand for organic and
healthier products. Fumaric acid, being an important ingredient in food and
beverage products, can benefit from the increasing consumer preference for
natural and organic alternatives.
Technological: Technological advancements can have a significant impact on the
fumaric acid market. Innovative production techniques and the development of
cost-effective production methods can enhance the efficiency and sustainability
of fumaric acid production. Additionally, advancements in packaging
technologies can further drive the market growth by improving the shelf-life
and transportation of fumaric acid-based products.
Key Takeaways
The global
fumaric acid market is expected to witness high growth, exhibiting a CAGR of 4.6% over the forecast period of 2023-2030. This
growth can be attributed to increasing demand from various end-use industries,
such as food and beverages, pharmaceuticals, and resins. The market is driven
by factors such as the growing adoption of organic and healthier products,
economic growth, and technological advancements.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the fumaric acid market. The region's
rapid economic growth, increasing industrialization, and expanding food and
beverages industry are driving the demand for fumaric acid. China and India are
the major contributors to the market growth in this region, due to their large
population and growing consumer disposable income.
Key players operating in the fumaric acid market include Anmol Chemicals,
Bartek Ingredients Inc., Changmao Biochem, ESIM Chemicals, Fuso Chemical Co.
Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals
Inc., and XST Biological Co. Ltd. These companies are actively involved in
product development, strategic partnerships, and mergers and acquisitions to
strengthen their market position and meet the growing demand for fumaric acid.
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