Organic Acid Market Trends

Growth Drivers

Growing Sales of Animal Food: For instance, there are about 5500 animal food manufacturing facilities observed to be working solely in the USA that produces around 250 million tons of pet food every year.
Increasing Pharmaceutical Sales Across the Globe: As of 2021, the entire worth of pharmaceutical sales was estimated to reach around USD 500 billion. Acids are used in medicines and as catalysts in organic and industrialist chemistry. One of the most common examples of organic acids is carboxylic acids. Additionally, they come in many forms such as, citric, formic, lactic, malic, tartaric, oxalic, and others.
Significant Demand in Agricultural Sector: The grain production across the globe is estimated to be around 55 million tons and was projected to reach approximately 2000 million tons in the time period 2021 to 2022.
Higher Production of Chemical Fibers: In 2020, approximately 100,000 metric tons of textiles fibers were produced, out of which, around 80,000 metric tons were chemical fibers.

Challenges

Higher Cost Associated with the Organic Acid Production
Disrupted Supply-Chain Due to COVID-19
Possibility of Side-Effect

Organic Acid Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	5.2%
Base Year Market Size (2023)	USD 11.74 billion
Forecast Year Market Size (2036)	USD 22.69 billion
Regional Scope	North America (U.S., and Canada) Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific) Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Latin America (Mexico, Argentina, Brazil, Rest of Latin America) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Higher utilization of organic acids in the food and beverage industry and growing sales of animal food are estimated to majorly boost market growth.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 â€“ 2031.

The higher costs associated with the organic acid production and disrupted supply chain due to COVID-19 are estimated to challenge the market growth.

The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

The major players in the market are Tate & Lyle PLC, BASF SE, Archer Daniels Midland Company, Henan Jindan Lactic Acid Technology Co. Ltd., Cargill, Incorporated, Celanese Corporation, Myriant Corporation, and others.

Organic Acid Market Trends