Pyruvic Acid Market size is anticipated to reach USD 88 Million by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of pyruvic acid was USD 50 Million. Pyruvic acid was being investigated by the pharmaceutical industry for application in the manufacture of many medications and pharmaceutical intermediates.
The pyruvic acid market is expanding as a result of raising overall production capacity and satisfying the expanding demand from different sectors. Also, it serves as an ingredient or precursor in the manufacturing of some drugs, such as those used to treat neurological, cardiovascular, and metabolic conditions. With 928,741 deaths from cardiovascular disease (CVD) in 2020, it is still the top cause of mortality in the US. Therefore, the prevalence of these diseases is propelling the growth of the market.
In addition, new applications and formulations of pyruvic acid are discovered through continuous research and development efforts. Innovation in production processes and product development further propels market growth by broadening the range of industries and applications in which pyruvic acid can be used. Additionally, the expansion of distribution networks allows pyruvic acid manufacturers to reach new markets and seize emerging opportunities.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 5% |
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Base Year Market Size (2023) |
~ USD 50 Million |
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Forecast Year Market Size (2036) |
~ USD 88 Million |
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Regional Scope |
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Type (Chemical Synthesis, Bio-Synthesis, Synthetic Synthesis)
In pyruvic acid market, bio-synthesis segment is poised to dominate over 46% share by 2036. The segment growth can be attributed to consumer choosing organic chemicals. When it comes to producing agrochemicals, biosynthesis is a more environmentally friendly and sustainable way than traditional chemical synthesis techniques. Biosynthesis frequently makes use of biocatalysts and renewable resources, which lowers energy usage, waste production, and environmental effects.
In addition, to reduce environmental contamination and guarantee food safety, regulatory bodies are progressively implementing stronger laws for the use of chemicals in agriculture. Furthermore, the creation of more productive biosynthetic routes for the synthesis of agrochemicals has been made possible by developments in biotechnology, including genetic engineering, metabolic engineering, and synthetic biology. Therefore, these factors are contributing to the growth of the bio-synthesis segment.
Application (Pharmaceuticals, Daily Chemicals, Food Additives, Agrochemicals)
In pyruvic acid market, agrochemicals segment is estimated to account for around 40% revenue share by 2036.The significant rise in ethyl pyruvate usage in the synthesis of agrochemicals is responsible for the segment's expansion. There is a growing need to produce more food to feed the growing population as the world's population continues to rise. Fertilizers and pesticides are examples of agrochemicals that are essential for increasing agricultural output since they increase crop yields and shield plants from pests and illnesses.
Furthermore, there is a growing desire for a wider variety of superior food products as living standards rise in many parts of the world. For instance, sales of organic food increased from approximately 18 billion dollars in 2000 to over 132.74 billion dollars in 2021. across the globe Therefore, the growing consumption of organic food is propelling the growth of the segment. In addition, new agrochemical formulations, precision farming methods, and agricultural biotechnology advancements are propelling the pyruvic acid market's expansion in this segment.
Our in-depth analysis of the global pyruvic acid market includes the following segments:
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Type |
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Function |
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Application |
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APAC Market Statistics
By 2036, Asia Pacific region is expected to dominate over 36% pyruvic acid market share. The market growth in the region is also expected on account of availability of raw materials like sugarcane, corn starch, e.t.c., the rise in demand for food additives like preservatives and antioxidants, and other factors like the expanding pharmaceutical industry that contribute to increasing production capacity coupled with high initial investment cost, the Asia-Pacific region has emerged as the world’s largest consumer and producer of pyruvic acid.
Over the course of the projected year, the regional pyruvic acid market is estimated to grow due to increased industrialization, particularly in developing nations like China and India. As a result, there is a growing need for pyruvate derivates, or pyruvic acid, in food additives and preservatives.
North America Market Analysis
The North American region will also witness huge growth for the pyruvic acid market during the forecast period and will hold the second position owing to consumer preferences for skincare products with anti-aging, exfoliating, and brightening qualities, the region has a strong cosmetic sector. Additionally, the demand for convenience and processed meals is higher in the region, which is supporting market expansion.
Furthermore, the demand for skincare products is being driven by North American consumers' growing priority for health and wellness. According to a report, at USD 361 billion in 2022, North America will be the largest region for physical exercise.Also, in view of increased demand for advanced technology and rising household income, the region is expected to grow steadily over the next few years.
Author Credits: Rajrani Baghel
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