USD 691.89 million
Report ID:
SQMIG15A2129 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
65
|Figures:
80
Global Fumaric Acid Market size was valued at USD 691.89 million in 2022 and is poised to grow from USD 725.10 million in 2023 to USD 1055.09 million by 2031, growing at a CAGR of 4.8% during the forecast period (2024-2031).
Fumaric acid is a dicarboxylic organic acid that is naturally found in various fruits and vegetables such as apples, grapes, and carrots. It is widely used in the food and beverage industry as an acidulant, flavor enhancer, and pH regulator. Fumaric acid is also used in the production of various industrial products such as resins, alkyd paints, and unsaturated polyester resins. It is a white crystalline powder that is highly soluble in water and alcohol. Fumaric acid has several health benefits and is used in the treatment of various medical conditions such as psoriasis, acne, and hyperpigmentation. It is generally considered safe for human consumption and has been approved by regulatory agencies such as the US Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA). The FDA has designated it as "generally recognized as safe" (GRAS) for use in foods, while the EFSA has approved its use as a food additive with no specific limitations. Both agencies have established acceptable daily intake (ADI) levels for fumaric acid. The FDA has set an ADI of 0-10 mg/kg body weight per day, while the EFSA has set an ADI of 10 mg/kg body weight per day.
US Fumaric Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 691.89 million
Largest Segment
Technical Grade Fumaric Acid
Fastest Growth
Technical Grade Fumaric Acid
Growth Rate
4.8% CAGR
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The Global Fumaric Acid market is segmented by product type, and application. Based on product type, the Fumaric Acid Market can be segmented into technical grade fumaric acid, food grade fumaric acid, and pharmaceutical grade fumaric acid. Based on application, the Fumaric Acid Market is segmented into food and beverages, rosin size, unsaturated polyester resins, alkyd resins, and pharmaceuticals. Based on region, the Fumaric Acid Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Fumaric Acid Market Analysis by Product Type
By product type, the market can be segmented into technical grade fumaric acid, food grade fumaric acid, and pharmaceutical grade fumaric acid. Technical grade fumaric acid dominated the global market. It is primarily used in the production of various industrial products such as resins, paints, and coatings. It is used as a crosslinking agent in the production of unsaturated polyester resins, which are used in the production of composites, laminates, and coatings. Technical grade fumaric acid is also used as a curing agent in alkyd resins, which are used in the production of various coatings, adhesives, and printing inks. The growth of the technical grade fumaric acid market is driven by the increasing demand for industrial products in various end-use industries such as construction, automotive, and electronics.
Food grade fumaric acid segment is expected to be fastest growing segment. It is used in the food and beverage industry as an acidulant, flavor enhancer, and pH regulator. It is used in various food and beverage products such as fruit juices, carbonated drinks, and bakery products. The growth of the food grade fumaric acid market is driven by the increasing demand for processed food and beverages, particularly in developing countries. The rise in disposable income and changing lifestyles have led to a shift towards convenience food, which is expected to further drive the demand for food grade fumaric acid.
Fumaric Acid Market Analysis by Application
By application, the market can be segmented into food and beverages, rosin size, unsaturated polyester resins, alkyd resins, and pharmaceuticals. The food and beverages segment is expected to hold the largest share of the fumaric acid market due to its widespread use as an acidulant, flavor enhancer, and pH regulator in various food and beverage products. Fumaric acid is commonly used in the production of fruit-flavored drinks, jelly, and baked goods. It is also used in the production of sports drinks and energy drinks. The growing demand for processed food and beverages is expected to drive the growth of the segment in the coming years.
Rosin size segment dominated the global market. Fumaric acid is used as a substitute for rosin size, which is a natural product that is becoming increasingly scarce. Fumaric acid helps improve the strength and resistance to water of paper, making it ideal for use in applications such as printing, packaging, and labeling.
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North America is a dominent region in the global fumaric acid market, with the United States and Canada being the key contributors to the market growth. The market in North America is dominated by the food and beverage industry, followed by the pharmaceutical and industrial sectors. The demand for fumaric acid in the food and beverage industry is driven by the increasing use of acidulants and flavor enhancers in various food and beverage products. The market growth is also supported by the growing trend of clean label products and the rising demand for natural and organic food products. The United States is the largest consumer of fumaric acid in the region, owing to the high consumption of processed food and beverages. The pharmaceutical industry in North America is another significant consumer of fumaric acid. Fumaric acid is used in the treatment of psoriasis and multiple sclerosis, which are prevalent in the region. The growing awareness about the health benefits of fumaric acid and the rising demand for alternative treatment options are expected to drive the growth of the pharmaceutical grade fumaric acid market in North America. The industrial sector in North America is also a significant consumer of fumaric acid, particularly in the production of unsaturated polyester resins and alkyd resins. The growth of the construction, automotive, and electronics industries in the region is expected to drive the demand for industrial products, thereby boosting the growth of the technical grade fumaric acid market in North America.
The Asia Pacific (APAC) region is the fastest-growing market for fumaric acid globally. The region is dominated by countries such as China, India, Japan, and South Korea. The growth of the market in APAC is driven by the increasing demand for food and beverages, pharmaceuticals, and industrial products. The food and beverage industry is the largest consumer of fumaric acid in the APAC region. The growth of the food and beverage industry is attributed to the rising population, changing dietary habits, and the increasing demand for convenience food products. The increasing use of fumaric acid as an acidulant, flavor enhancer, and pH regulator in various food and beverage products such as carbonated drinks, fruit juices, and bakery products is driving the market growth in the region. The pharmaceutical industry in APAC is another significant consumer of fumaric acid. The growth of the pharmaceutical industry is driven by factors such as the increasing prevalence of chronic diseases, rising healthcare expenditure, and the growing demand for generic drugs. Fumaric acid is used as an active ingredient in the treatment of psoriasis and multiple sclerosis, which are prevalent in the region. The growing awareness about the health benefits of fumaric acid is expected to further drive the demand for pharmaceutical grade fumaric acid in the region. The industrial sector in APAC is also a significant consumer of fumaric acid. The growth of the industrial sector is attributed to the rising infrastructure development, increasing construction activities, and the growing demand for automobiles and electronics. Fumaric acid is used as a crosslinking agent and curing agent in the production of various industrial products such as composites, laminates, coatings, and adhesives.
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Fumaric Acid Market Drivers
Increasing demand for processed food and beverages
Fumaric Acid Market Restraints
Availability of substitutes
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The global fumaric acid market is expected to witness significant growth in the coming years. The increasing demand for fumaric acid as a food and beverage additive, coupled with the rising consumption of convenience foods, is expected to drive market growth. Moreover, the growing demand for fumaric acid in the pharmaceutical industry, as a key intermediate in the production of medicines and drugs, is further anticipated to fuel market expansion. The Asia Pacific region is expected to witness the highest growth in the global fumaric acid market owing to the increasing demand for packaged food and beverages, coupled with the rapidly growing pharmaceutical industry in countries such as China and India.
Fumaric Acid Market Top Player’s Company Profiles
Fumaric Acid Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global fumaric acid market analysis, the market is expected to grow significantly in the coming years due to the growing demand for convenience foods and the increasing focus on health and wellness. In North America, the market is dominated by the United States due to the presence of major players and the growing demand from the food and beverage industry. In APAC, the market is expected to witness the fastest growth due to the growing population, increasing disposable income, and the rise in demand from the food and beverage industry. However, the market is restrained by the availability of substitutes such as citric acid and malic acid, which offer similar functionalities at a lower cost.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 691.89 million |
Market size value in 2031 | USD 1055.09 million |
Growth Rate | 4.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
Fumaric Acid Market Recent Developments
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Fumaric Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fumaric Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG15A2129