Pyruvic Acid Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is estimated to dominate majority revenue share of 35% by 2035, due to availability of raw materials in the region. The market growth in the region is also expected on account of availability of raw materials like sugarcane, corn starch, e.t.c., the rise in demand for food additives like preservatives and antioxidants, and other factors like the expanding pharmaceutical industry that contribute to increasing production capacity coupled with high initial investment cost, the Asia-Pacific region has emerged as the world’s largest consumer and producer of pyruvic acid.
Over the course of the projected year, the regional pyruvic acid market is estimated to grow due to increased industrialization, particularly in developing nations like China and India. As a result, there is a growing need for pyruvate derivates, or pyruvic acid, in food additives and preservatives.
North America Market Insights
The North American region will also witness huge growth for the pyruvic acid market during the forecast period and will hold the second position owing to consumer preferences for skincare products with anti-aging, exfoliating, and brightening qualities, the region has a strong cosmetic sector. Additionally, the demand for convenience and processed meals is higher in the region, which is supporting market expansion.
Furthermore, the demand for skincare products is being driven by North American consumers' growing priority for health and wellness. According to a report, at USD 361 billion in 2022, North America will be the largest region for physical exercise.Also, in view of increased demand for advanced technology and rising household income, the region is expected to grow steadily over the next few years.
