According to the latest report by IMARC Group "Fumaric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global fumaric acid market size reached US$ 740.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 980.4 Million by 2028, exhibiting a growth rate (CAGR) of 4.71% during 2023-2028.
Fumaric acid refers to an organic and white crystalline compound that is used as a flavoring agent in several food products. It is usually found in lichens, mosses, mushrooms, etc., and is utilized as a preservative, acidulant, pH adjusting agent, or flavor enhancer in bakery items, confectioneries, drinks, etc. Fumaric acid also works as an alternative to tartaric acid in beverages and baking powders. As such, it is widely adopted in the production of various pharmaceutical products, cosmetics, synthetic resins, paints, plastics, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Owing to the increasing sedentary lifestyles and changing dietary patterns, there is a growing demand for ready-to-eat (RTE) and convenience food products, which is propelling the product usage to provide enhanced stability and flavor. This, in turn, is primarily driving the fumaric acid market across the globe. In addition to this, the emerging trend of adding fumaric acid to alcoholic beverages and energy drinks to provide an intense aftertaste is further catalyzing the market growth. Besides this, the extensive product utilization as a stabilizing agent in the production of paints, alkyd resins, and unsaturated polyester resins is acting as another significant growth-inducting factor. Moreover, widespread R&D activities across countries to produce bio-based product variants are expected to fuel the fumaric acid market over the forecasted period.
Breakup by Application:
- Food Additives
- Rosin-Sized Sheathing Paper
- Unsaturated Polyester Resins
- Alkyd Resins
- Others
Breakup by End-Use:
- Food and Beverages Industry
- Cosmetics Industry
- Pharmaceutical Industry
- Chemical Industry
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Bartek Ingredients Inc.
- Dastech International
- Fuso Chemical Co., Ltd.
- Polynt
- Prinova Group
- Changzhou Yabang Chemical Co. Ltd.
- Nippon Shokubai
- The Chemical Company
- Thirumalai Chemicals
- U.S. Chemicals
- Wego Chemical Group
- Huntsman Corporation.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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