Market Insights:
Malic Acid is largely known as the organic compound that adds a sour taste to fruits. Naturally occurring, Malic Acid often and most commonly used as a food additive and has applications in several other end-use industries including pharmaceuticals and personal care products. Market Research Future has published its latest report on the Global Malic Acid Market which is reported to display an average, yet consistent CAGR of 4.70% over the forecast period from 2017 to 2023. Used as an additive, Malic Acid has witnessed consistent demand over the years and is likely to generate a market value of USD 217.8 by the end of 2023.
Malic Acid is naturally sourced from fruits and vegetables and is used widely in the F&B sector to enhance flavor and add tartness to a variety of confectionery, beverages, and bakery products. The rapid and consistent growth of the food & beverage industry has been a significant influencer of growth for the Global Malic Acid Market. In F&B applications, malic acid is used to achieve the right pH, anti-microbial properties and enhance flavors. Increasing demand for convenient, packaged food and beverage products due to changing lifestyles and growing disposable income has contributed to the increase in demand for Malic Acid. Additionally, Malic Acid has uses in biochemistry which is further applied in personal care products. Increased use of multifunctional ingredients in hair and skin care is expected to catapult demand for Malic Acid.
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Presently, the raw material process required to extract natural malic acid or produce synthetic malic acid has volatile pricing due to fluctuation in crude oil prices, thus restraining the market. However, increasingly, use of biofuel and related products, production of Malic Acid may witness new opportunities in the coming years.
Market Segmentation:
MRFR’s detailed analysis includes a breakdown of the various parts of the market which have been segmented on the basis of Type, End-Use and Region. Types of malic acid have broadly been segmented into L-malic acid, DL-malic acid, and D(+)-malic acid. Among these, the DL-malic acid segment has secured the most significant share of the market due to its rising applications in food, beverages animal feed, and agriculture among others. The segment will advance at a CAGR of 4.81% during the assessment period.
End-Use Industries where Malic Acid is used have been segmented into personal care, food & beverage, pharmaceuticals, and others. The F&B segment is expected to display the highest revenue over the forecast period of USD 137.9 Mn by 2023 and grow at the fastest pace. Meanwhile, the personal care segment is at a close second to F&B and will continue to grow as awareness regarding wellbeing and hygiene increases.
Key Players:
Prominent players at the forefront of the market have been profiled in MRFR’s report. These include Corbion NV, Polynt S.p.A, Anhui Sealong Biotechnology Co. Ltd., Bartek Ingredients Inc., Fuso Chemical Co., Ltd, Changmao Biochemical Engineering Company Limited, Yongsan Chemicals, Inc., Thirumalai Chemicals Ltd, Tate & Lyle, and Isegen South Africa (Pty) Ltd.
Latest Industry News:
TorQuest Partners have officially acquired malic acid manufacturer Bartek Ingredients.
Regional Analysis:
The Asia Pacific has established itself as the market leader among all other regional markets and is expected to generate revenue at the highest CAGR of 5.82% over the review period. The APAC market has a number of leading market players operating in the global market. Moreover, there is a rapid growth in the manufacturing sector with many end-user industries setting up manufacturing plants in the region due to the presence of comparatively cheap labor. The presence of a large consumer population along with increasing disposable income has resulted in an increased demand for food and beverages. The North American market is the second most significant market which is expected to reach an estimated USD 53.7 Mn in market value by 2023. The U.S is the largest country-level market. Meanwhile, Europe accounts for 20% of the global market share and is expected to grow at a moderate pace.
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