As per Fact.MR – a market research and competitive intelligence provider, the global market for organic acids is set to grow 1.7X in value by 2031. Demand for organic citric acid is projected to grow at a higher rate due to increased demand from the food & feed industry.
Demand for organic acids is growing due to wide scale usage in various applications such as food & beverages, personal care products, and pharmaceuticals. Growing demand for convenience food, technological innovations, and production of organic acids from cost-effective renewable sources are other factors driving market growth.
Furthermore, increased usage of organic acids in animal feed as a substitute for antibiotic growth promoters (AGPs) is another factor that is expected to drive overall market growth over the coming years.
Key Takeaways from Market Study
- Global organic acids market is expected to reach valuation of US$ 17 Bn by 2031.
- Demand for organic citric acid expected to expand at CAGR of 4.6% across analysis period.
- China to account for 40% of global organic acid production over coming 10 years.
- Market in Brazil accounts for 23% of global revenue share.
- Demand for acetic acid to heighten over coming years owing to rising demand from food & beverages industry.
- Increased demand for green substitutes and crucial need to improve bio-refining processes creating opportunities for bio-based organic acid manufacturers.
“Increasing demand for organic acid-fortified food and beverages to nudge sales of organic acids over coming years,” says a Fact.MR analyst.
Key players are focusing on investing in R&D activities to develop advanced products to cater to the requirements of varied consumers. Business expansion is the leading strategy adopted by major players in order to strengthen their foothold in the market.
Some of the major players operating in this market are BASF SE, Cargill, Inc., The Dow Chemical Company, Eastman Chemical Company, Myriant Corporation, Celanese Corporation, Archer Daniels Midland Company, and Henan Jindan Lactic Acid Technology Co. Ltd.