The global organic acids market revenue is expected to expand at a moderate CAGR over the forecast period. Major factor driving growth of the global organic acids market is increasing adoption of organic acids from various industries such as food & beverages, and pharmaceuticals. However, changing raw material prices is a factor that may affect growth of the target market.
The global organic acids market has been segmented on the basis of source, type, application, and region.
On the basis of source, the global market is segmented into starch, argo-industrial residue, molasses, chemical synthesis, and biomass.
On the basis of type, the global market is segmented into citric acid, gluconic acid, lactic acid, propionic acid, itaconic acid, acetic acid, succinic acid, formic acid fumaric acid, and ascorbic acid. The acetic acid segment holds major share in terms of revenue in the global market, and is expected to maintain its position in the near future, owing to increasing use of acetic acid for its antibacterial and antifungal properties in food & beverages sector.
On the basis of application, the market is segmented into agricultural, animal feed, food and beverage, pharmaceutical, personal care, and industrial.
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Based on the region, the global organic acids market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market in Asia Pacific is estimated to account for major share in terms of revenue and expected to witness high growth over the forecast period. Growing demand for ready-to-eat food and beverages among individuals and increasing awareness regarding health benefits of organic food are factors fueling growth of the global market in countries in this region. Market in North America is expected to witness lucrative growth in terms of revenue in the near future, followed by Europe.
Key players operating in the global organic acids market include BASF SE, Cargill, Incorporated, The Dow Chemical Company Eastman Chemical Company, Myriant Corporation, Celanese Corporation, Archer-Daniels-Midland Company, Henan Jindan Lactic Acid Technology Co., Ltd, and Tate & Lyle PLC, and Corbion N.V.