Organic acids market is projected to expand at a CAGR of ~ 5% during the forecast period. The extensive usage of organic acids in the food & beverages industry mostly influences the remarkable growth of the organic acids market. The application of organic acids in bakery and confectionery products accounts for the lion’s share of the market. The food & beverages industry has shown significant growth in recent years, owing to the growing population and increasing disposable income, thereby, driving growth in the organic acids market.
The global organic acids market study presents an all in all compilation of the historical, current and future outlook of the market as well as the factors responsible for such a growth. With SWOT analysis, the business study highlights the strengths, weaknesses, opportunities and threats of each organic acids market player in a comprehensive way. Further, the organic acids market report emphasizes the adoption pattern of the organic acids across various industries.
The organic acids market report highlights the following players:
- Archer Daniels Midland Company
- BioAmber Inc.
- Celanese Corporation
- Eastman Chemical Company
The organic acids market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.
In 2019, worldwide sales of organic acids are estimated to reach a valuation of ~US$ 120 Bn. Organic acids are gaining traction in pharmaceutical and animal feed applications, which further fuels market growth throughout the forecast period. Furthermore, the key players are increasing their business footprint swiftly, which creates lucrative opportunities for the market.
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Expansion of Production Facility is the Top Strategy of Market Players
Manufacturers involved in the organic acids market are heavily investing in the research & development activities for advancement in production technologies to develop a more economical method of production. Besides, manufacturers have a significant emphasis on reducing raw material costs and dependency on crude oil. Therefore, they have developed a bio-based version of organic acids, which is further boosting the global organic acids market. Increased demand for green substitutes and the crucial need to improve bio-refining processes are creating opportunities for organic acid manufacturers.