Tartaric Acid Market worth over $600 million by 2024
Published Date: February 26, 2018 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights Inc., the Tartaric Acid Market size will exceed USD 600 million by 2024.
Tartaric acid, also known as 2, 3-dihydroxybutanedioic acid, is a white crystalline organic acid. It is produced from both synthetic, and natural raw materials. Tartaric acid finds major applications in wine, food & beverage sectors for providing a distinct taste to human-consumables. Sun dried raisins &Grapes are some of the naturally available rich tartaric acid sources. Artificially, it could be produced through maleic anhydride. The natural tartaric acid has applications, primarily in food & beverage, wine, pharmaceuticals, wine, and others, while synthetic tartaric acid applications are only limited to cosmetics, personal care goods, construction chemicals, and some others.
Increasing wine demand across the globe will drive the global tartaric acid market during the forecast period. The tartaric acid addition to wine gives a significant taste, which the consumers highly prefer. The tartaric acid demand for food & beverage, construction, FMCG, and pharmaceutical, end-use applications is predicted to rise at a noteworthy growth rate and would drive the market additionally over the projected period. The global consumption of wine was 24 billion liters by the end of 2015 and anticipated to increase at over a CAGR of more than 3% till 2018.
Fluctuations in the availability of natural tartaric acid is leading to high variations in their prices, which is a significant restraint to the natural tartaric acid market growth. Moreover, the market growth is additionally restricted by the growing demand for citric acid, which acts as a substitute to tartaric acid for acidulate applications. Also, there are stringent restrictions regarding the synthetic tartaric acid use in food & beverage, wine, and pharmaceutical applications, and this might further restrain the synthetic tartaric acid market growth globally over the estimated period.
Browse key industry insights spread across 170 pages with 192 market data tables & 26 figures & charts from the report, “Tartaric Acid Market Size By Type (Natural, Synthetic), By Application (Wine, Food & Beverage, FMCG, Pharmaceutical), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
The natural tartaric acid segment is projected to be the fastest growing during the projected period, due to its wide range of applications such as food & beverages, wine, pharmaceutical, which further results in an exponential rise in both product consumption and manufacturing.
The wine application segment dominated the overall market in 2016. It is also anticipated to increase over a highest CAGR during the anticipated period, followed by FMCG application segment. The tartaric acid for producing wine is expected to increase at 4% CAGR, due to the increasing wine consumption across both developed and developing economies.
Rising demand from food & beverage applications is predicted to rise at a reasonable CAGR, due to the growing demand for processed food products, and nutritional beverages in the developing economies of both Asia Pacific, and Europe, such as China, Japan, Australia, and France, Spain, and Italy respectively.
The Europe constituted a significant market share by the end of 2016 and would grow at a similar pattern till 2024. Increasing wine production operations in countries like France, Italy, and Spain will majorly boost the Europe regional market in the projected timeframe. Asia Pacific market is the second-largest market, which is primarily driven by Japan, India, and China. Growing product consumption in manufacturing FMCG products, coupled with the growing product consumption in construction chemicals is anticipated to boost the tartaric acid market of Asia Pacific till 2024.
Prominent players in the tartaric acid industry are Distillerie Mazzari, Caviro, Changmao Biochemical Engineering, Tarac Technologies, ALVINESA ALCOHOLERA VINICOLA S.A., Omkar Speciality Chemicals Ltd, PAHI, S.L., Merck KGaA, Tártaros Gonzalo Castelló, Derivados Vinicos, Vinicas, and Distillerie Mazzari among some others.