Glyoxylic Acid Market is Predicted to grow at a CAGR of 5.27 % during 2023 - 2032

Pune, India, Aug 01, 2017 /MRFR Press Release/- Market research future published a cooked research report on global Glyoxylic Acid market. The Glyoxylic Acid market is expected to grow over the CAGR of around 5.27% during the period 2023 - 2032.  

Based on geography, the global glyoxylic acid market is divided into five regions namely— North America, Europe, Asia-pacific, Latin America and Middle East & Africa. Among the aforementioned regions, Asia-Pacific market acquired more than half of the market share in terms of value and volume.

Asia-Pacific market for glyoxylic acid is divided into China, Japan, and India among other Asian and Oceania countries. Comparatively, China dominated the market for glyoxylic acid over other countries in the region accounting for more than half of the consumption of glyoxylic acid in the Asia-Pacific market with a value share of 61.0%. Some of the substantial factors attributed to the market growth in China is the healthy growth rate of cosmetic & personal care market. For instance, China accounts for nearly 10% of revenue generated by the global personal care industry, and is anticipated to exhibit growth rate of ~8% over the forecast period, owing to the factors such as rapid urbanization, rise in disposable income and changing lifestyle of people among others. Thus, the subsequent demand for cosmetics will witness a substantial demand for personal care ingredients, which in turn will witness demand for glyoxylic acid. Moreover, the dominance of Chinese manufacturers in glyoxylic acid production accounts for nearly 45% of the global production. Collectively, the above mentioned factors are attributed to the growth of Asia-Pacific market.     

Regional dominance for consumption of glyoxylic acid ranks the North America market as the second largest market for glyoxylic acid globally in terms value and volume. However, in terms of growth the North America market exhibit low CAGR. The impetus demand for glyoxylic acid in the region is attributed towards the healthy growth rate of dermatology sector in the U.S coupled with a per capita health expenditure of nearly USD 10,000. Furthermore, the food flavor industry growth in North America can be further attributed to the growth of glyoxylic acid in the region, with increasing penetration of packaged foods in the region.    

Though the Middle East & Africa market accounts for the smallest value, the glyoxylic acid market in the region is exhibited to register second-highest CAGR during the forecast period. This growth is primarily attributed towards the emerging cosmetic & personal care market in the region couple with migration of big cosmetic manufacturers in the region. For instance, according to study, per capita spending on cosmetics and personal care products in the Middle East countries such as Saudi Arabia, UAE, and G.C.C. accounted for nearly USD 171, 335, and 240 respectively in 2015, and it is expected to increase substantially over the forecast period. Also, the female population in the Middle East accounts for nearly 49-50% of total Middle East population coupled with high level of purchasing power, the woman population in the Middle East region tend to spend hefty sum on cosmetic and personal care products. Also, proposed expansion of Korean cosmetics giant “AmorePacific” in the Middle East market by 2017 end is further anticipated to boost the demand for cosmetic ingredients, which in turn will offer lucrative opportunities in the glyoxylic acid market

The major players profiled in the global glyoxylic acid market includes: Akema Fine Chemicals, Hubei Hongyuan Pharmaceutical Technology Co. Ltd, Stan Chemicals, WeylChem International GmbH, Zhonglan Industry Co, Haihang Industry Co. Ltd and Zhonghua Chemical among others.

Global Glyoxylic acid Market, By Region, 2016 (%)


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