Fumaric Acid Market Analysis | 2024-2030

Market Insights

The fumaric acid market was estimated at USD 570 million in 2023 and is likely to grow at a CAGR of 4.24% during 2024-2030 to reach USD 765.34 million in 2030.

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Market Dynamics

Introduction

Fumaric acid is an organic compound that has a fruit-like taste. It is also known as trans-butene-dioic acid. Fumaric acid is used extensively for the production of beverages, bakery products, confectionery, wine, etc. It is added to the dough during the dry blending stage into the recipe preparation process. It is an antioxidant with low toxicity, and it is primarily applied as a flavor and as an active ingredient that makes the medium of the product.

Market Drivers

The fumaric acid market is experiencing significant growth due to several factors that are driving its demand in various industries. Some of the key factors contributing to the expansion of the fumaric acid market include:

• Expanding use in the polymer industry: Fumaric acid is used in the production of unsaturated polyester resins (UPRs), which are used in the production of products like paints, coatings, etc. The growing use of UPRs across various industries is expected to drive the demand for fumaric acid in the polymer industry.
• Growing Food and Beverage Industry: Fumaric acid is used as an acidulant and acidity regulator or pickling agent in the food and beverage industry. According to the Food and Agriculture Organization of the United Nations (FAO), feeding the world population in 2050 would call for increasing overall food production by ~70%. With the rising global population, the demand for processed food is increasing, leading to higher consumption of fumaric acid.
• Shift towards natural ingredients: Consumers are shifting towards natural and clean label ingredients in the food and beverage industry. Fumaric acids are naturally found in fruits and vegetables and can replace synthetic acidulants. The demand for fumaric acids is rising since the demand for natural and healthier products grows.

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Key Players

Some of the major fumaric acid manufacturers are-

• Anmol Chemicals
• Bartek Ingredients Inc.
• ESIM Chemicals
• FUSO CHEMICAL CO. LTD
• Merck KGaA
• Polynt
• Shanghai Changmao Biochemical Engineering Co., Ltd.
• Thirumalai Chemicals Ltd,
• UPC Group
• Yongsan Chemicals Inc.

Note: The above list does not necessarily include all the top players in the market.

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Segments' Analysis

By Application Type

Based on the application type, the market is segmented as food and beverage processing, rosin paper sizing, unsaturated polyester resin, alkyd resin, personal care & cosmetics, and others. The food and beverage processing segment is likely to dominate the market. Fumaric acid is used as a food preservative in order to improve the product’s shelf life and improve the instinctive appeal of its smell and taste. In addition, the increase in demand for products like wine, energy, and juice among other beverages has boosted the growth of the market. Fumaric acid is also used to make jelly products and baked food products. Due to the growth in population and the type of life people lead, people have embraced processed food, hence the expansion.

Regional Insights

In terms of region, Asia-Pacific held the largest market share of more than 40% in 2023 because of higher demand from various industries, especially food & beverages due to the increase in processed food. Market growth has therefore been boosted by rapid population growth, changes in lifestyles, and increasing demand for processed foods due to the changes in disposable income. In addition, giant market players in the food & beverages industry have also intensified their spending, which has also boosted the market growth in this region.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects fumaric acid market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The fumaric acid market is segmented into the following categories:

By Product Type

• Food Grade
• Technical Grade

By Application Type

• Food and Beverage Processing
• Rosin Paper Sizing
• Unsaturated Polyester Resin
• Alkyd Resin
• Personal Care & Cosmetics
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.