Market Synopsis
As per the analysis by Market Research Future (MRFR), the global market for tartaric acid is anticipated to acquire a market value of USD 319.5 million while expanding at a CAGR of 5.4% by 2024.
The surging consumption of wine is expected to be a significant factor that can augment the tartaric acid market size during the forecast period. The growing tartaric acid consumption is anticipated to grow due to the expansion of the food and beverages sector, along with increasing demand for preservatives and additives, which can drive the industry. Furthermore, the rising popularity of packaged food, a higher standard of living, and the increasing application of the acid as an emulsifier in bread production can develop the market during the forecast period.
On the flip side, the imposition of stringent rules concerning synthetic tartaric acid usage by the various governments is anticipated to hinder the market growth. In addition, the outbreak of COVID-19 has slowed down the operations of several manufacturing companies. However, the rising application of the acid as a pH adjuster in the manufacture of personal care products such as; creams, soaps, and lotions can counter the impeding factor that can boost the market.
Key Players
Some of the eminent players in the global market for tartaric acid are ATP Group (U.S.), Caviro Group (Italy), Merck KGaA (Germany), Changmao Biochemical Engineering (China), Omkar Specialty Chemicals (India), Tarac Technologies (Australia), Distillerie Bonollo (Italy), PAHI, S.L. (Spain), The Chemical Company (U.S.), Henriette's Herbal (Finland), U.S. Chemicals LLC (U.S.), and Australian Tartaric Products (Australia)
Market Segmentation
The segmental analysis of the global tartaric acid market is done by source, type, and application.
The source-based segments of the global market for tartaric acid are tamarind, grapes, and maleic anhydride, others.
The type-based segments of the global market for tartaric acid are natural and synthetic.
The application-based segments of the global market for tartaric acid are pharmaceuticals & nutraceuticals, food & beverages, cosmetics & personal care, and others. Food & beverages segment is sub-segmented into bakery & confectionery, beverages, sweet & savory snacks, sauces, soups, and dressings.
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Regional Analysis
As per the tartaric acid report prepared by MRFR, the global market is segregated into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
APAC is projected to be the fastest-growing region while expanding at a significant CAGR during the forecast period. The expansion of food and beverages, home care, personal care, and the construction sector in the evolving economies, such as India and China, is predicted to be a salient factor that can augment the regional market. Furthermore, the increasing demand for processed food and changing lifestyle can drive the trade during the assessment period.
Europe is likely to procure a significant market during the forecast period owing to the increasing production of wine in Italy, Germany, Spain, and France. In addition, the increasing per capita income in East Europe is likely to steer the industry in the region during the review period.
North America is predicted to acquire a substantial market value during the forecast period owing to the growing consumption of wine. The expansion of the food and beverages industry and increasing pharmaceutical applications are other salient causes that can drive the regional market.
MEA is anticipated to grow during the review period due to the expansion of the food and beverage sector in the region. Furthermore, the increasing prevalence of pulmonary disorders is projected to enhance tartaric acid demand during the forecast period.
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