ID: MRFR/CnM/2826-CRR | September, 2017 | Region: Global | 123 pages | Cooked Research Reports
Global Malic Acid Market Information: by Type (DL-Malic Acid, L-Malic Acid, and D (+)-Malic Acid), by End Use Industry (Food & Beverage, Personal Care, Pharmaceutical, and Others), and by Region (Asia Pacific, Europe, North America, Latin America, and Middle East &Africa) - Forecast till 2023
Market Synopsis of Global Malic Acid Market:
Malic Acid is a colourless, white crystalline powder with the molecular formula C4H6O5. It belongs to a group of dicarboxylic acids and is soluble in various alcohols as well as water. Malic Acid can be naturally derived from various fruits like apple, watermelon and vegetables. Malic Acid is used to enhance flavor and tartness in many confectioneries, beverage and bakery products. The Global Malic Acid Market is growing at CAGR of 4.70% to reach USD 217.8 million till 2023. This is attributed to the growing demand for Malic Acid from the food & beverages industry owing to its pH controlling ability, high antimicrobial property and flavor enhancement.
Based on type, the Global Malic Acid Market is characterized into DL-Malic Acid, L-Malic Acid, and D(+)-Malic Acid. Among them, DL-malic acid accounts for the largest market share and it is estimated to grow at a higher CAGR of 4.81% during the forecast period. This is owing to the growing applications of this product in food, beverage, agriculture, animal feed, and others. L-Malic Acid is another important segment, which is estimated to grow at significant CAGR and holding 18.67% share of the global malic acid market.
Depending upon end us industry, the Global Malic Acid Market is segmented into food & beverages, personal care, and pharmaceutical, among others. Food & beverages industry is the leading segment, which is estimated to grow at the highest CAGR to reach USD 137.9 million by the end of 2023. This industry is the largest consumer of Malic Acid, which is accounted for major share of the overall demand for the product. Personal care industry is closely following the leading segment, in terms of growth rate, which is attributed to an increasing awareness regarding wellbeing and personal hygiene.
Global Malic Acid Market Share, by End Use Industry, 2016 (%):
The Global Malic Acid Market is spanned across five key regions, Asia Pacific, North America, Europe Latin America, and the Middle East & Africa. Asia Pacific accounted for the largest share of the market in 2016, and is projected to grow at the highest CAGR of 5.82% during the forecast period. The dominance of Asia Pacific region is due to a huge end-use industry penetration in the region along with a presence of considerable number of producers coupled with cheap labor cost and increasing demand for food from increasing population. Asia Pacific region is followed by North America, which accounted for the second largest market share and it is estimated to reach USD 53.7 million by 2023. U.S accounted for the highest market share in North America and is expected to remain dominant throughout the forecast period owing to greater penetration of end user industries in the country.
Europe is also a significant region in the Global Malic Acid Market. It accounted for a considerable market share of 20%, as of 2016. Germany dominates the European market, in terms of market size Europe is followed by Latin America and Middle East & Africa, which is estimated to grow at moderate rate during the forecast period, wherein the Middle East & Africa is growing at considerable CAGR and Latin America is anticipated to join hands with leading regions in the Global Malic Acid Market, during the review period.
The Global Malic Acid Market is segmented on the basis of type, end use industry, and region.
By End Use Industry, the market is categorized into food & beverage, personal care, pharmaceutical, and others.
Geographically, the Global Malic Acid Market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The prominent players in the Global Malic Acid Market are Tate & Lyle, Corbion NV, Polynt S.p.A, Fuso Chemical Co., Ltd. (“Fuso”), Thirumalai Chemicals Ltd. (TCL), Changmao Biochemical Engineering Company Limited, Bartek Ingredients Inc., Isegen South Africa (Pty) Ltd, Anhui Sealong Biotechnology Co. Ltd., and Yongsan Chemicals, Inc.
Global Malic Acid Market is projected to reach USD 217.8 million by 2023 with 4.70% CAGR during review period of 2017-2023. Asia Pacific accounted for largest share due to growing application industries in this region. China accounted for the largest market share of 37.95% in 2016. The food & beverages industry is the major segment among other end users of the Malic Acid, which is estimated to reach USD 137.9 million by 2023. Malic Acid Market is a fragmented market, however, tier1& tier 2 manufacturers from China and Japan dominated the market. China is the largest producer and consumer of Malic Acid, China accounts for the largest share in terms of production of malic acid.
The Global Malic Acid Market is projected to grow at a CAGR of 4.70% during the review period 2017-2023. Asia Pacific accounted for the largest share due to growth of major end use industries in the region. Food & beverages industry is estimated to be the dominant segment in the Global Malic Acid Market, during forecast period.
The report covers brief analysis of geographical region includes