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Fumaric Acid Market Analysis Report - Global Forecast to 2029: Expanding Applications in Personal Care and Cosmetics and Rising Focus on Green Production Methods - ResearchAndMarkets.com

The "Fumaric Acid Market: Analysis By Consumption, By Product Type, By Application, Alkyd Resins and Others), By Region Size and Trends - Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.

The global fumaric acid market was valued at US$793.35 million in 2023. The market value is expected to reach US$1.09 billion by 2029. The market is expected to grow at a CAGR of approx. 5% during the forecasted period of 2024-2029.

The global fumaric acid market is competitive and fragmented, with numerous players ranging from large multinational corporations to smaller regional manufacturers.

In the forthcoming years, the fumaric acid market is expected to continue growing due to several converging trends. One key factor is the increasing demand for processed and convenience foods, where fumaric acid is used as an acidity regulator and preservative. Additionally, the rising consumer preference for clean-label, natural, and plant-based ingredients is driving the market, as fumaric acid is a naturally occurring compound.

Furthermore, the expanding use of fumaric acid in industries like pharmaceuticals, cosmetics, and bio-based products is contributing to the overall market growth. The growing awareness of sustainable and eco-friendly production methods also plays a significant role, as manufacturers focus on reducing their environmental impact. As demand for organic farming inputs rises, the use of fumaric acid in agricultural applications, such as soil conditioning, is expected to further drive market expansion.

In 2023, the Asia Pacific region led the fumaric acid market, propelled by strong demand from key industries such as food and beverages, pharmaceuticals, and cosmetics. The region's rapidly growing population and urbanization have driven the consumption of processed and convenience foods, which often use fumaric acid as a preservative and acidity regulator.

During 2024-2029, China is forecasted to maintain its lead within Asia Pacific, with its strong industrial base, rapidly growing food and beverage sector, and increasing demand for pharmaceutical and cosmetic products. The country's expanding middle class, rising disposable incomes, and changing consumer preferences toward health-conscious and clean-label products are expected to drive continued growth in the fumaric acid market. Additionally, China's focus on sustainable production practices and the development of bio-based chemicals will further support the demand for fumaric acid. India, with its rapidly growing industrial sectors is also a significant market for fumaric acid.

Competitive Landscape:

The key firms/players present in this market are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts. They also focus on strategies such as investments in research and development activities, and expanding production capacities. Some of the recent developments by major market players include: In September 2023, Bartek Ingredients Inc. updated about the progress of the world's largest malic and fumaric acid manufacturing facility. The company CEO confirmed the delivery of products from the new facility by September 2024. Similarly, in May 2023, Polynt announced an expansion of resin production capacity to meet the increased paint and coating industry demand. The expansion will be helped by the opening of Polynt Coatings Canada Limited in Port Moody, BC.

Market Segmentation Analysis:

By Product Type: Based on product type, the market can be bifurcated into three segments: Food Grade, Technical Grade and Pharmaceutical Grade.

The food-grade fumaric acid segment held a significant share of the global fumaric acid market due to increasing demand from food and beverage industry as an acidulant, preservative, and flavor enhancer. The growth of this segment is strongly supported by the increasing global demand for processed and packaged foods, driven by changing lifestyles and urbanization. Additionally, there is a growing trend towards vegan, plant-based, and health-conscious diets, as consumers prefer products that are natural and free from artificial additives.

By Application: The report provides the split of global fumaric acid market in terms of application: Food & Beverage Processing, Unsaturated Polyester Resin (UPR), Rosin Paper Sizing, Alkyd Resins, and Others.

The food & beverage processing segment holds a significant share of the global fumaric acid market. A key growth driver for this segment is the increasing consumer demand for processed and convenience foods, especially as busy lifestyles and urbanization lead to higher consumption of packaged foods. Moreover, the rising preference for plant-based, vegan, and natural products is supporting the demand for fumaric acid, as it is a naturally occurring ingredient. The growing focus on clean-label products, where consumers are looking for transparency and fewer artificial additives, also boosts the use of fumaric acid in food and beverages.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic severely impacted the global fumaric acid market, disrupting supply chains, causing production delays, and reducing demand from key sectors like food and beverages, pharmaceuticals, and cosmetics due to economic uncertainties. Lockdowns and restrictions on movement led to shortages of raw materials and labor, further hindering market growth.

However, the post-pandemic period presented a recovery opportunity, driven by the rising demand for processed foods, clean-label products, and sustainable ingredients. Increased focus on health and wellness, along with innovations in bio-based production, is expected to propel market growth. As industries adapt to new consumer preferences, the market is poised for gradual recovery, with a shift toward more resilient, sustainable production practices.

Fumaric Acid Market Dynamics

Growth Drivers

  • Growing Demand for Processed Food and Beverages
  • Escalating Pharmaceutical Applications
  • Rising Adoption in Animal Feed Industry
  • Upswing in Demand for Polyester Resins
  • Increasing Shift Towards Sustainability and Eco-friendly Products

Challenges

  • Fluctuating Raw Material Prices
  • Competition from Alternative Acids
  • Stringent Regulatory Norms

Market Trends

  • Surging Demand for Functional Foods and Nutraceuticals
  • Expanding Applications in Personal Care and Cosmetics
  • Rising Focus on Green Production Methods
  • Technological Advancements in Manufacturing
  • Mounting Focus on Bio-based Production

The key players in the global fumaric acid market are:

  • Nagase America LLC (Prinova Group LLC)
  • Fuso Chemical Co., Ltd.
  • Nippon Shokubai Co., Ltd.
  • Huntsman Corporation
  • Arkema S.A.
  • BASF SE
  • Changmao Biochemical Engineering Company Limited
  • Bartek Ingredients Inc.
  • Polynt Group S.A.R.L.
  • Wego Chemical Company
  • Thirumalai Chemicals Limited
  • Changzhou Yabang Chemical Co., Ltd.
  • The Chemical Company

For more information about this report visit https://www.researchandmarkets.com/r/njrmjo

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