Organic Acids Market : Insights with Key Company Profiles and Forecast

Organic acids market globally is estimated to be about US$ 12.3 billion in 2023. The market is expected to grow at a CAGR of 6.1% during the forecasting period and reach a value of US$ 22.2 billion by end 2033. Organic acids market has experienced significant growth during the past few years due to increasing demand from the food and beverage, pharmaceuticals, personal care, and animal feed industries. Organic acids such as acetic, citric, lactic, and malic acids are in great demand, mainly because of their preservative, flavor enhancing, and pH regulation properties in food products. Organic acids extracted from natural sources have lately gained more importance than synthetic organic acids in clean-label, natural, and additive-free food products as the consumer preference is changing.

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The ever-growing population of the world has increased food demand, mainly packaged and processed food items, where organic acids are widely used. Organic acids are also used in many medicines and medical formulations of the pharmaceutical industry. In animal nutrition, organic acids enhance gut health and feed efficiency, and thus, their use in feed additives is increasing, especially due to the rising antibiotic resistance issue.

Market Players

• BASF SE
• Cargill
• Daeho Co., Ltd
• Dow Chemical Company
• Eastman Chemical Company
• Myriant Corporation
• Celanese Corporation
• Archer Daniels Midland Company
• Henan Jindan Lactic Acid Technology Co. Ltd.
• Tate & Lyle Plc.
• E. I. Du Pont De Nemours and Company

Market Future Outlook

The outlook for the organic acids market in the future is quite optimistic, based on the opportunities that advancement in biotechnology and bio-based production will achieve growth and reach the market. Intensification of R&D activities in the field of bio-based production methods has also created opportunities for producers to substitute the perception of petroleum-based synthetic acids with the more preferred and environmentally-friendly bio-based organic acids offered by environmentally-conscious consumers and industries.

In addition, the pressure for sustainability and stricter environmental regulations on chemical synthesis will fuel the growth of bio-based acids. Governments of many countries have implemented policies to increase the production and usage of bio-based products; this will therefore further the market's way towards organic acids derived from renewable sources.

Organic acids are going to rise as there is a significant developing scope in areas like biodegradable plastics, green chemistry, and agriculture where deep penetration of the application base is being further penetrated.

Applications of organic acids in agriculture: Improvement of soil healthCrop protectionPest control.

Organic acids are primarily consumed in the food and beverage industries. With increasing consumption of packaged foods in emerging markets like the Asia-Pacific, Latin America, and Africa, the food and beverage industry is expected to continue leading the consumption of organic acids. Increasing disposable incomes and consumers' preference for convenience foods have augmented demand in those regions.

Much attention has been garnered by the European market, which is characterized by highly strict food safety regulations within the region and high demand from customers for organic, preservative-free products. Another major market is North America, where the food and beverages sector is mature, thus growing significantly on account of demand for a range of fortified foods, beverages, and nutraceuticals.

Fluctuation in raw material prices, especially in the case of naturally sourced acids, is one of the major challenges to the organic acids market. However, with fermentative process technology advancements, the problem of difficulties is being minimized, and lowered production costs have achieved high efficiency.

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Competitive Landscape

Organic acids are highly fragmented products where several multi-national players compete on product quality, cost, innovation, and sustainability. When the increase in consumer awareness related to sustainability creates demand for eco-friendly production, companies are upping their focus on the sustainability of their production processes as well as their bio-based products. Intensity in R&D competitions in developing novel organic acid derivatives and new applications across various industries is also increasing.

Additionally, there is more inclusion of new entrants in the emerging markets, which results in further competitiveness. Strategic partnerships, acquisitions, and collaborations can be seen here, as companies expand their market footprint and geographically as well.

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