Fumaric acid is an unsaturated dicarboxylic acid that occurs naturally in plant such as lichens and mushrooms. It is an important industrial chemical utilized in various end-use industries including food & beverages, feed additives, pharmaceuticals, skincare, and construction. Fumaric acid is predominantly used as a food additive to improve taste and texture. In addition, it also helps in delaying the spoilage of food products and increasing their shelf life. The fumaric acid market has also witnessed substantial growth in terms of its demand from the feed additives industry. Feed additives containing fumaric acid is extensively used in animal nutrition to improve gut health and increase nutrient absorption in livestock and poultry.
The global fumaric acid market is estimated to be valued at US$ 278.65 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Rising awareness among livestock farmers regarding benefits of feed additives containing fumaric acid is likely to remain a key driving factor for market growth between 2023 and 2030. Fumaric acid acts as an alternative to antibiotic growth promoters commonly used in animal feeds to boost growth rates. However, increasing concerns over antibiotic resistance has prompted regulators worldwide to ban the use of many antibiotics in livestock feeds. This has led to thriving demand for antibiotic-free alternatives such as fumaric acid, benefiting the overall market growth. Another significant trend gaining traction in the market is increasing adoption of standardized production processes and technologies by fumaric acid manufacturers to deliver consistent product quality and reliability to various end-use industries. This in turn is positively influencing overall sales volumes.
Porter’s Analysis
Threat of new entrants: Low barrier of entry due to low capital requirement. However, established players dominate the market.
Bargaining power of buyers: Buyers have low bargaining power due to availability of few suppliers.
Bargaining power of suppliers: Key suppliers hold high bargaining power due to their integrated operations.
Threat of new substitutes: Low threat of new substitutes due to unique properties of fumaric acid.
Competitive rivalry: Intense competition among key players to gain higher market share.
Key Takeaways
The Global Fumaric Acid Market Size is expected to witness high growth. The global fumaric acid market is estimated to be valued at US$ 278.65 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
The fumaric acid market in Asia Pacific is expected to witness fastest growth over the forecast period owing to rising demand from food, pharmaceutical and chemical industries in emerging economies such as China and India. North America is also expected to hold significant market share during the forecast period.
Key players operating in the fumaric acid market are ADVANZ Pharma, Bristol Myers Squibb, Daiichi Sankyo, GlaxoSmithKline, Novartis, MorphoSys, RemeGen, Resolve Therapeutics, Tear Solutions, VIELABIO, Otsuka Pharmaceutical Co., Ltd., and Bridge Pharma Inc. Key players are focusing on new product launches and expansion strategies to strengthen their market presence. For instance, in 2021, Bridge Pharma Inc. received FDA approval for new branded drug Nulibry (fosdenopterin) for injection to treat Molybdenum Cofactor Deficiency (MoCD) Type A.
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The Fumaric Acid Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the fumaric acid market include Bartek Ingredients, Prinova LLC, Polynt S.P.A, Fuso Chemicals, Dastech International Inc., Thirumalai Chemicals, Xilong Chemical Company Ltd, Nippon Shokbai Co. Ltd, and Tianjin Bohai Chemicals.S.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Fumaric Acid Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/fumaric-acid-market/download-sampleMarket DynamicsThe global fumaric acid market is forecasted to grow at a significant rate during the forecast period.
Two third of the fumaric acid produced is employed in the food industry.
