Tartaric Acid Market is projected to reach $285.6 Million by 2022

From: MarketsandMarkets™ INC.
Published: Tue Sep 04 2018

The report "Tartaric Acid Market by Source (Grapes & Sun-dried Raisins, Maleic Anhydride), Type (Natural, Synthetic), Application (Food & Beverages, Pharmaceuticals, Cosmetics & Personal Care Products), and Region - Global Forecast to 2022", The tartaric acid market is estimated to be valued at USD 215.7 Million in 2017 and is projected to reach USD 285.6 Million by 2022, at a CAGR of 5.77%. The market is driven by multiple functionalities across different industries, R&D and technological innovations, and growth in the wine industry.

Multiple functionalities across different industries, R&D and technological innovations, and growth in the wine industry are the factors driving the tartaric acid market. The tartaric acid market is projected to reach USD 285.6 million by 2022, from USD 215.7 million in 2017, at a CAGR of 5.77% from during the forecast period.

On the basis of source, the market for grapes & sun-dried raisins in the tartaric acid market is projected to grow at the highest rate from 2017 to 2022. Tartaric acid is found as a natural component in grapes, which are frequently used in the production of wines, to alter acidity. Grapes are the major natural source for tartaric acid, accounting for a major share of 58.5%, by volume.

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By type, the market for natural tartaric acid is projected to grow at a higher CAGR. The market for natural tartaric acid is growing due to its high usage in applications such food & beverages, especially in the wine industry, resulting in an exponential increase in its consumption and production.

On the basis of application, the food & beverages segment is projected to be the fastest-growing. Tartaric acid is used extensively in food & beverage products. Acidic extracts act as buffers to regulate antioxidants, acidity, preservatives, and flavor enhancers in food-grade products. Consumption of tartaric acid in food & beverages is expected to grow, along with increasing demand for processed food and ready-to-drink beverages, and improvements in the living standards in developing markets.

Asia Pacific is projected to be the fastest-growing region in the tartaric acid market from 2017 to 2022. The market in the Asia Pacific region is driven by China and Japan, the two economic giants. The relatively low operational costs in this region enable manufacturers to have competitive pricing on a global platform. In this region, less stringent regulations are in place with respect to the trade and domestic marketing of tartaric acid. The rising disposable incomes and growing demand for processed and packaged food have impacted the overall food & beverage industry in the Asia Pacific region. Tartaric acid is used as an acidulant and preservative in food products; hence, the growth of the food & beverage industry has a direct impact on the demand for tartaric acid.

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