by Fumaric acid is an unsaturated dicarboxylic acid that is used as a food additive and in skin-care products. It is an important chemical used in food and beverage products owing to its pH-controlling and preservative properties. Fumaric acid helps regulate and control acidity levels in various foods and drinks. Rising demand for convenience and packaged foods along with increasing health-consciousness among consumers has fueled the growth of packaged food and beverage industry worldwide. This in turn has driven the consumption of food additives like fumaric acid.
The global fumaric acid market is estimated to be valued at US$ 278.65 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Fumaric acid acts as an effective preservative by hindering the growth of microorganisms in packaged foods and drinks. It helps extend the shelf life of various products. The rising demand for convenience foods coupled with growing health awareness has boosted the packaged food market. This has resulted in increased preservatives consumption including fumaric acid. Moreover, expanding applications of fumaric acid in dietary supplements and pharmaceutical industries will further support the market expansion over the forecast period. Growing inclination towards natural preservatives among food processors also provides impetus to fumaric acid demand.
Segment Analysis
The global fumaric acid market is segmented by application into food additives, unsaturated polyester resins, alkali resistant resins, malic acid production, and others. The food additives segment is dominating the market and accounts for over 30% share of the global market. Fumaric acid is used as food additive in various processed foods, beverages, snacks and other convenience food products for its acidulant properties. It regulates acidity and enhances the appearance and flavor of the food products. The increasing demand for processed and convenience food items is driving the consumption of fumaric acid for food additive applications.
Key Takeaways
The Global Fumaric Acid Market Size is estimated to be valued at US$ 278.65 million in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023-2030.
Regional analysis: North America accounts for around 30% market share and is expected to remain the largest as well as the fastest growing regional market during the forecast period. Stringent regulations regarding food additives and exponentially growing processed food industry in the US and Canada is supporting the demand for fumaric acid.
Key players analysis: Key players operating in the fumaric acid market are ADVANZ Pharma, Bristol Myers Squibb, Daiichi Sankyo, GlaxoSmithKline, Novartis, MorphoSys, RemeGen, Resolve Therapeutics, Tear Solutions, VIELABIO, Otsuka Pharmaceutical Co., Ltd., and Bridge Pharma Inc. The global market is highly competitive with these large players capturing majority of the market share. However, there exists significant opportunities for new players especially in developing countries to leverage high growth prospects.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
