Organic Acids Market is projected to reach USD 13.01 billion by 2023
Posted by Himani Kathal on June 20th, 2019
Organic Acids Market: GDP growth is the significant factors that drive the demand for organic acids
Organic Acids Market Size, Market Growth:
World Organic Acids Market was worth 10 billion in 2018 and is estimated to reach 13.01 billion by 2023, registering a CAGR of 5.4% from 2018 to 2023.
Organic Acids Market Overview:
Organic acids are weak acids that do not completely dissociate in the water when compared to mineral acids. Organic acids like formic acid and lactic acid are miscible in water; nevertheless, higher molecular mass organic acids like benzoic acid are utterly insoluble in neutral form. Lactic acid and formic acid were conventionally produced by fermentation procedure, but development in biotechnology field and developments in chemical synthesis replaced the earlier fermentation procedure.
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Organic Acids Market Drivers and Restraints:
Development of the food & beverage market in Asia-Pacific boosts the demand for organic acids in this region. Furthermore, an increase in demand for organic acids in the healthcare segment, rise in population and GDP growth are the key factors that drive the demand for organic acids. Nevertheless, the production of artificial organic acids using nonrenewable sources poses dangerous threats to the environment that have resulted in the implementation of strict rules over their use, hence restraining the market expansion.
Report segmented as:
Organic Acids Market Geographical Analysis:
The Asia Pacific contributed to the most significant market share and is estimated to continue this trend in the coming future. India and China are the most significant market players in terms of consumption of organic acids that, in turn, drives the world market. Increasing growth in the Asia Pacific, together with growing food & beverages, pharmaceutical, and other markets is estimated to propel the organic acids market in this region.
Organic Acids Market Key Players:
Major players operating in the organic acids market are BASF SE, Cargill, Inc., The Dow Chemical Company, Eastman Chemical Company, Myriant Corporation, Celanese Corporation, Archer Daniels Midland Company, Henan Jindan Lactic Acid Technology Co. Ltd., Tate & Lyle Plc., and E. I. Du Pont De Nemours and Company.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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About the AuthorHimani Kathal
Joined: June 18th, 2019
Articles Posted: 28
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