Fumaric acid acts as an important intermediate for many industrial chemicals and finds wide applications in food & beverages, cosmetics and pharmaceutical industries. As fumaric acid helps in acidity regulation and adds tartness to foods, it is commonly used as a acidulant in breads, processed meats and snack foods. It also assists in controlling spoilage and enhancing the shelf life of food products. In the pharmaceutical industry, fumaric acid esters work as effective therapy for psoriasis and certain cancers.
The global fumaric acid market is estimated to be valued at US$ 321.01 Bn in 2024 and is expected to exhibit a CAGR of 32% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing application of fumaric acid across diverse end-use industries like food additives, unsaturated polyester resins, alkyd resins and medicinal products is one of the major factors accelerating the market growth. Fumaric acid acts as an important intermediate for producing various industrial chemicals and finds wide usage as an acidity regulator and food additive in the food industry. It enhances the properties of resins and assists in the production of various alkyd and unsaturated resins. The rising demand from resin manufacturers is positively impacting the fumaric acid market.
Segment Analysis
The global fumaric acid market is dominated by food and beverage sub-segment. This sub-segment accounts for over 35% of the total market share owing to high demand for fumaric acid as an acidulant in various food products such as desserts, candy, beverages, bakery items etc. The cosmetic sub-segment is expected to witness fastest growth during the forecast period due to rising usage of fumaric acid in various skincare and haircare products for its keratolytic and moisturizing properties.
Key Takeaways
The Global Fumaric Acid Market Demand is expected to witness high growth during the forecast period of 2024 to 2031 supported by growing food processing and cosmetics industries globally.
Regional analysis: Asia Pacific region accounts for more than 30% of market share currently owing to presence of major food processing hubs like China, India, Indonesia etc in the region. The region is expected to remain the fastest growing market during the forecast period supported by rising per capita income, changing lifestyle and expansion of food and cosmetic sectors in emerging economies of Asia Pacific.
Key players: Key players operating in the fumaric acid market are Nio Inc., Amara Raja Batteries Limited, Lithion Power Private Limited, Amplify Cleantech Solutions Private Limited. These key players are focusing on capacity expansion and new product launches to strengthen their market presence.
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