Market Research Future will be publishing a cooked research report on “Global Malic Acid Market” that contains the information from 2016 to 2023. Malic acid market is expected to grow at a CAGR 4.70% during forecast period 2016-2023.
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Malic Acid Market that includes 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.
The Malic Acid Market is estimated to be valued at USD 217.8 million by the end of 2023, expanding at a CAGR of 4.70% during the forecast period. Growing demand of malic acid in the foods & beverages industry, dominance of hair & skin care with multi-functional ingredients, and ever increasing benefits of malic acid are the major factors driving the growth of the market. Application of Malic Acid in food & beverages industry accounted for the largest market share. It has been projected to grow at the highest CAGR on account of increasing demand owing to changing product trend among consumer for use of multifunctional and naturally derived ingredients in the end products. In addition to this, personal care industry is growing at significant CAGR on account of rising consumer awareness regarding wellbeing, and health, which is expected to push growth of the market during the review period. However, the only bottleneck operating in the global malic acids market is the fluctuating crude oil prices affecting the supply and demand of raw material. Nevertheless, in the coming years, the production of malic acid from bio-fuel and biomass is posing as a great opportunity to help propel growth of the market.
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Global Malic Acid Market has been segmented on the basis of type, end use industry and region.
On the basis of Type, the market has been divided into DL-Malic Acid, L-Malic Acid, and D (+)-Malic Acid. The DL-Malic Acid is holding the largest share of overall demand of malic acids. It has been estimated that the synthetic malic acid would grow at a CAGR of 4.81%. This is attributed to the intense growth of fruit-flavoured beverage, nutritional bars, energy drinks, confectionery products, and preserved food products projected to fuel the demand of DL-malic acid, across the global. Personal care industry is also holding significant share of 18.67% of the global malic acid market.
Based on End Use Industry, the Global Malic Acids Market is segmented into food & beverage, personal care, pharmaceutical, and others. Among these segments, the consumption of malic acid in food & beverages industry accounted for the largest market share owing to increasing uses of malic acid as food additives to enhance flavour and impart pleasant sour taste to fruits and vegetables. During the forecast period, the food & beverages industry segment is estimated grow at a highest CAGR as to reach USD 137.9 million by the end of 2023. Personal care industry is the second major consumer of malic acid and it is growing at considerable CAGR due to increasing awareness regarding wellbeing, personal hygiene. Other important applications of malic acids can be found in pharmaceuticals and animal feed.
Geographically, the Global Malic Acid Market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia Pacific dominated the market, accounted for the largest share of the market in 2016, and expected to grow at a CAGR of 5.82%. Asia Pacific market is followed by North America, which is accounted for the second largest number of shares in the global malic acids market, as of 2016. North America is estimated to reach USD 53.7 million by the end of 2023. Europe is a substantial region in the market, which accounted for 20% share of market as of 2016. Country wise, China is the leading market, in terms of value and volume, followed by the US.
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