Product ID: SQMIG30C2125
Report ID:
SQMIG30C2125 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|
Tables:
77 |
Figures:
75
The U.S. is expected to become an attractive organic acid market in North America as a result of the existence of major producers of organic acid that ensure easy access to the product. Due to their organic composition and lack of toxicity, emerging organic acids like biodegradable plastic are increasingly gaining popularity. The market is anticipated to grow as gluconic acid, citric acid, and other food additives receive FDA approval in the US. Animal feed and the food and beverage industries are where it is most commonly utilised. Companies are including organic acids in the production of detergents due to their biodegradable nature.
The growth of the food and beverage industry in Asia-Pacific drives this region's need for organic acids. Additionally, the growth in the demand for organic acids in the healthcare industry, population growth, and GDP expansion are the main drivers of this demand. However, the simultaneous fermentation and product recovery method used in the synthesis of synthetic organic acids poses dangerous environmental risks, which has resulted in the development of strict laws over their use, so restricting the organic acid market's expansion. It is projected that increased R&D to create effective organic acids from bio-based sources will present a lucrative growth potential in the market.
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REQUEST FREE CUSTOMIZATIONOrganic Acid Market size was valued at USD 10.99 billion in 2019 and is poised to grow from USD 11.64 billion in 2023 to USD 18.29 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
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Product ID: SQMIG30C2125