Albany, NY -- (SBWIRE) -- 05/09/2018 -- Global organic acids market is forecast to stay strong, exhibiting a steady CAGR between 2017 and 2022. While rising population and growing GDP has remained primary growth drivers, the market is also expected to gain from the increasing use across foods, beverages, pharmaceuticals, and other industries. The market currently has a stronghold in developed nations, however over the course of the forecast period, emerging economies will gradually emerge at the fore.
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The global organic acid market is highly competitive compelling the market players to focus on product differentiation. To capitalize on the rising demand for bio-based organic acids, experts have observed a rising investment in research and development activities in the global organic acids market. Also major players are looking to expand their product portfolio and regional footprint by entering into strategic collaborations.
According to Transparency Market Research, the global organic acids market is likely to reach US$10.61 bn by the end of 2022, from US$8.02 bn in 2017. If these figures hold true, the global organic acids market will exhibit a CAGR of 5.8% between 2017 and 2022. Insights from Transparency Market Research as mentioned below will reveal the market's potential trajectory through 2022:
Key Insights on Global Organic Acids Market
Acetic acid is forecast to constitute the leading product segment within the global market. As of 2017, the acetic acid segment is valued at US$1743.2 mn and is projected to showcase robust growth through the forecast period. It currently holds nearly 21.7% of the overall market based on product. Owing to its antifungal and antibacterial properties, the use of acetic acid is likely to increase further in the food and beverages sector enabling the overall market gain significant impetus.
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Rising demand from food and beverages industry forecast to accelerate sales of organic acids. In addition, on account of its antibacterial and preservative properties, the use of organic acids has surged in the pharmaceutical sectors, thereby enabling the overall market to exhibit robust growth.
North America has emerged dominant in the global organic acids market. Over the course of the forecast period, the region is likely to demonstrate a CAGR of 6.1%. Presence of a sophisticated industrial infrastructure, besides economic rebound post downturn has helped creating an environment favorable to the growth of the organic acids market in North America.