Market Overview:
Global Malic Acid Market is witnessing healthy growth over the last few years mainly due to its use as fruit additive. It is extensively used to enhance flavour in food, beverages, and confectionaries on order top crest distinctive taste experience. Food and beverages has always been the key market for malic acid, and majorly driving global market growth. Massive growth in F&B industry itself has resulted in strong demand for Malic Acid over the past few years. Nevertheless, increasing application scope of Malic Acid in personal care such as anti-ageing products is expected to positively influence market growth over the forecast period.
Competitive Analysis:
Key players of the Global Malic Acid Market are Bartek Ingredients Inc. (Canada), Changmao Biochemical Engineering Company Limited (China), Fuso Chemical Co., Ltd. (“Fuso”) (Japan), Isegen South Africa (Pty) Ltd (South Africa), Polynt S.p.A (Italy), Thirumalai Chemicals Ltd. (TCL)(India), Anhui Sealong Biotechnology Co. Ltd. (China).
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Market Segmentation:
The Global Malic Acid Market is majorly segmented on the basis of Type, End Use and Region.
Market Segmentation Based on Types of Malic Acid includes L-malic acid, DL-malic acid, and D (+)-Malic Acid. Wherein, L-malic acid is the largest used type of malic acid and occupied majority of the market share. As compared to other type, L-malic acid is naturally derived and is used in the production of healthy juices, jellies, candies, supplement and skin care products. DL-malic acid is expected to witness fastest growing segment with a CAGR of 4.85% during forecast period of 2017 to 2023.
Furthermore, on the Basis of End Use, global market has been segmented into food and beverages, pharmaceuticals, personal care and other industries. Food and beverages industry was the major end-use segment and is set to continue its dominance over the next seven years. The industry accounted for almost two third of global market share and is poised to reach USD 740 million by 2023. Malic Acid mainly performs the role of fruit additive to enhance flavour and provide sour taste is extensively used in food & beverages. Personal care applications of Malic Acid is growing currently, particularly in anti-aging products due to its ability to control pH level and higher buffer capacity. This particular segment is projected to emerge as most lucrative segment in the years to come due to increasing personal care application with a CAGR of 4.30%.
Regional Analysis:
As of 2016, Asia Pacific emerged as global leader in the Malic Acid Market followed by North America and Europe. The region is also a key consumer of Malic Acid and occupied more than half of the global market. China and India are the major regional markets owing to increasing urban population and changing consumer lifestyles resulting in significant growth of packaged food & beverages. Factors such as higher adoption of carbonate beverages, consumer shifting trend towards processed food have encouraged demand. Huge investment is underway on research and development in order to develop new product formulations from key industry participants.
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