Fumaric Acid Is Estimated To Witness High Growth Owing To Increasing Applications In Food
Market Dynamics:
One of the key drivers for the growth of fumaric acid market is the increasing applications in food and beverage industries. Fumaric acid is used as a food additive in wide range of food products such as bakery, dairy, confectionery, beverages and packaged meat. It acts as an acidulent and pH regulator improving the taste and enhancing the shelf life of products. It also exhibits desirable antimicrobial properties preventing the growth of microorganisms thus extending the shelf life of food products. With rising health consciousness and demand for clean label products, fumaric acid is a natural replacement for synthetic food preservatives. The market has been witnessing increasing demand from beverage industry for use in fruit drinks, flavored water and other packaged beverage products. Furthermore, rising applications of fumaric acid in animal feed as a preservative and for improving digestibility will continue to drive its demand during the forecast period.
SWOT Analysis
Strength: Fumaric acid has various industrial applications such as food and beverages, paints and coatings, plastics and resin industries. It is used in bakery products, meat products, and beverages to add acidity. It has anti-microbial properties and prevents bacterial growth in food items. The expanding food and beverages industry is increasing the demand for fumaric acid.
Weakness: The raw materials required for fumaric acid production are maleic anhydride and water. Fluctuations in the prices of these raw materials can negatively impact the profit margins of fumaric acid manufacturers. Stringent government regulations regarding the safety and quality of food additives can also act as a restraint.
Opportunity: Growing health-consciousness among consumers is fueling the demand for natural and organic food additives. Fumaric acid being a natural food additive extracted from plants provides an opportunity for manufacturers. Expanding cosmetics and personal care industry where it is used as an acidulant and exfoliant also presents growth prospects.
Threats: Availability of substitutes such as citric acid and lactic acid which are also used as acidulants in the food industry can pose a threat. Volatility in crude oil prices affects the prices of raw materials which are petroleum based.
Key Takeaways
The Global Fumaric Acid Market Size is expected to witness high growth.
Regional analysis related content comprises the Asia Pacific region dominates the global market and is expected to witness the fastest growth during the forecast period. Expanding food processing industry in China, India, Indonesia, and other Asian countries is surging the demand for fumaric acid.
Key players operating in the fumaric acid market are Nio Inc., Amara Raja Batteries Limited, Lithion Power Private Limited, Amplify Cleantech Solutions Private Limited, Gogoro Inc., Chargemygaadi, Esmito Solutions Pvt. Ltd., and Echargeup.
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