In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The gluconic acid is non-corrosive organic acid .It is soluble in water and non-toxic .It is prepared from the method of the oxidation reaction. It is abundantly used in the food stuff such as meat, wine, dairy products and others. The various salts prepared form the gluconic acid such as potassium gluconate, sodium gluconate and calcium gluconate. The various application of salts include reduction of the fats, absorption in the doughnuts and it is also used as a flavoring agent in the numerous food items.
The global gluconic acid market is anticipated to expand at a CAGR around 5.0% during 2018-2027. It is anticipated to reach around USD 1.0 billion by 2027. The increasing health consciousness among the growing population is increasing the demand for the food products. This in turn propels the growth of the global gluconic acid market during the forecast period. For instance, total population of the Asia-Pacific region is 4912.3 million in 2017 whereas in 2016 it was 4741.4 million in 2016. Thus high population in the region is anticipated to foster the growth of the overall market in the region.
The global gluconic acid market can be segmented on the basis of component, end-user industry and region. On the basis of component, it is sub-segmented into glucono delta-lactone, gluconic acid, calcium salt of gluconic acid, sodium salt of gluconic acid and iron slat of gluconic acid. On the basis of end-user industry, it is sub-segmented into food and beverage, pharmaceutical, chemicals, agriculture and others. The food and beverage is anticipated to be the leading sub-segment during the forecast period. The increasing expansion of the retail industry which includes various food stalls is anticipated to be the major reason for the growth of the sub-segment during the forecast period. For instance, according to Indian brand equity foundation the FMCG is estimated to be USD 52.75 billion whereas it is expected to reach USD 103.7 billion.
By region, global gluconic acid market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia-Pacific is anticipated to hold the largest market share for the global gluconic acid market during the forecast period. This is attributed to the rising consumer awareness related to the chemicals used for the construction purpose. The increasing demand for the bio ingredients for the food additives is anticipated to be the other major reason for the growth of the global gluconic acid market in the region. Europe is anticipated to showcase substantial growth for the global gluconic acid market. The increasing expansion of the food and beverage industry in the region is anticipated to be the major reason driving the growth of the global gluconic acid market during the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis segmented the global gluconic acid market in the following segments:
Global gluconic acid market is further classified on the basis of region as follows:
The increasing application of the gluconic acid in pharmaceutical, food and beverage industry is anticipated to be the major growth driver for the global gluconic acid market during the forecast period. The increasing consumer spending for the food products on the account of the increasing disposable income is anticipated to be the key factor for the growth of the gluconic acid market across the globe. The derivative of the gluconic acid and sodium gluconate is widely used in various applications such as the textile dyeing, chelating agent for plating and others. Thus, it is anticipated to boost the growth of the global gluconic acid market during the forecast period.
The high cost involved in the production process of the gluconic acid is anticipated to restrain the growth of the global gluconic acid market during the forecast period.