Increased Competition Leading to Different Approaches for Market Growth
ROCKVILLE, MARYLAND, UNITED STATES, September 15, 2021 /EINPresswire.com/ — Global Acidulants Market Report Insights
Acidulants are chemical compounds which have several applications such as additives to enhance the quality or taste of certain foods and beverages. Acidulants have various types namely acetic acid, fumaric acid, tartaric acid, etc. each having their own respective applications. The global acidulants market is expected to foray ahead with a healthy CAGR of 4.6% over a forecast period of 2020-2030. Analyzing through market lens, it is expected to climb up in terms of revenues, to US$ 3.5 billion by the end of FY 2030.
The COVID-19 pandemic has also affected the global demand for acidulants market in an important way. This is one of the markets which has seen a downfall in the market scale due to the pandemic. It has extensively decreased production of almost all types of acidulants especially feed acidulants. The pandemic has proven to be an important factor in the drop of the acidulants market revenue in 2020.
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Global Acidulants Market Product Type Insights
Acidulants can be segregated into a number of types of which the prominent ones are acetic acid, fumaric acid, citric acid, phosphoric acid, lactic acid, malic acid and tartaric acid. Some acidulants are naturally obtained while others are chemically produced. Considering the market, acetic acid segment is the leading product type occupying over 20% of the market share. With the increasing demand and easy availability of acetic acid, it has become the prominent acidulant in the global acidulants market.
Other types like citric acid also occupies a significant position in the acidulants market mainly due to the rise in awareness of organic compounds and the potentially higher demand of naturally occurring additives as health precautions.
Global Acidulants Function Insights
Acidulants can be used as a variety of different functions some of which are as a flavor enhancer, in pH control, in microbial control, as a preservative, etc. Out of these, the flavor enhancer function is the leading segment accumulating over 30% of the market share. The key factor assisting this segment is the exponential increase in the food and beverages industry pertaining to the demand of high quality and tastier products across the globe.
The preservative segment of the market also holds a consistent part of the market owing to the rising need of food & beverage products with higher shelf life in many key regions worldwide.
Global Acidulants Market Regional Insights
The global acidulants market is very diverse expanding to all regions like North America, Latin America, Asia Pacific, Europe and Middle East & Africa. However, due to immense rise in population and crucial demand of higher shelf life products, Asia Pacific is seen as a dominant region in the market accounting for over 40% in the acidulants market based on the revenue. On the other hand, the North American region will see an intense growth in the market in the upcoming years. Europe holds a steady and considerable position in the market.
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The acidulants market is fragmented in nature, where the top players account for over half of the market share. The products are sold by a number of multinational & regional companies out of which the major players are BRENNTAG, ADDCON Group GmbH, Yara International ASA, Anpario PLC, BASF SE, Perstorp Holding AB, Biomin Holding GmbH, Archer Daniels Midland Company, Nutrex NV, Novus International, Inc., Tate & Lyle PLC., Batory Foods Inc., Foodchem Co. Ltd., ITPSA, Cargill Inc., Hawkins Watts Limited and Univar Inc.
“Expansion of product portfolio and acquisition of smaller players across various regions are key to healthy growth of key players in the acidulants market.”
COVID-19 Impact Insights
The covid-19 disease caused by coronavirus has made a significant negative impact globally from a business standpoint. The global acidulants market has also witnessed slight negative consequences due to the pandemic. Moreover, feed acidulants pertaining to animal nutrition have seen extensive adverse effects as a result of the disease. Mainly because of a downfall in demand and restrictions laid out by several governments regarding the supply chain of the global acidulants market.
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