Organic Acid Market Overview
Organic acid refers to the organic compound possessing acidic properties. Organic acids have at least one carbon atom in its structure, which makes them organic. Apart from this, organic acids are used in manufacturing of wide range of products in food (canned tomatoes, vinegar, sodas, etc.), leather tannin, pharmaceutical, and chemical industry (for manufacturing organic chemicals).
Market Size and Forecast
The global organic acid market is anticipated to flourish at a CAGR of 6.1% during the forecast period 2017-2024. Further, the market of organic acid was valued at USD 6.94 Billion in 2016 and is projected to garner USD 11.94 Billion by the end of 2024. Factor such as, growth of pharmaceutical industry is anticipated to drive the growth of the global organic acid market over the forecast period.
In the regional market, Asia Pacific is anticipated to account for a significant portion of market share in the overall market of organic acid during the forecast period. Factors such as, increasing industrialization and rapidly expanding population are anticipated to fuel the growth of the organic acid market over the forecast period. Countries such as, China, India and Japan are anticipated to significantly drive the growth of organic acid market over the upcoming years.
North America organic acid market is expected to flourish at a significant rate over the forecast period. Factor such as, increasing number of guidelines to control the use of several synthetic organic acids is anticipated to drive the growth of the organic acid market over the forecast period. Europe organic acid market is expected to witness substantial growth over the forecast period. Further, escalating demand of bio-organic acids is anticipated to increase the growth organic acid market in Europe during the forecast period.
Based on application, organic acid market is segmented into petrochemicals, food & beverages, textile and adhesives and pharmaceuticals, out of which, petrochemicals and pharmaceuticals are expected to dominate the overall organic acid market during the forecast period.
Our in-depth analysis has segmented global organic acid market into the following segments:
Global organic acid market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Factor such as, increasing food & beverage and pharmaceutical industry across the developing nations is anticipated to intensify the growth of the global organic acid market during the forecast period. In addition, increase in research and development and innovation of new technology such as micro-encapsulation is envisioned to bolster the growth of the global organic acid market in the upcoming years.
Apart from this, rising adoption of bio fertilizers is anticipated to be the dynamic factor behind the growth of the organic acid market over the forecast period. Further, increasing merges and acquisitions is expected to supplement the growth of the global organic acid market during the forecast period.
However, stringent government sources to control manufacturing of organic acids from non-renewable sources is some of the key factors which are expected to limit the growth of global organic acid market in upcoming years.
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