Tartaric acid is used in a wide range of applications owing to its anti-oxidation and preservative properties. The rising growth of the pharmaceutical, cosmetic, and healthcare industries across the globe is substantially affecting the growth of the tartaric acid market.
The global tartaric acid market has been driven by a range of application such as food and beverages, pharmaceuticals, cosmetics, and personal care. Moreover, it is estimated that the food and beverage application sector is set to witness the highest growth due to the growing application of tartaric acid in wine and processed food industry.
Market Segmentation
The global tartaric acid market is segmented into type, source, and application. On the basis of the type, the market is segregated into natural and synthetic. The market by the source is bifurcated into grapes & sun-dried raisins, and maleic anhydride. The market for the application is further bifurcated into food and beverage, pharmaceuticals, cosmetic and personal care, and others.
Market Scenario
The food and beverage segment is anticipated to observe a higher CAGR during the forecast period. The growing demand for processed food across the globe is substantially contributing to the growth of the market. Moreover, the increasing demand for the wine manufactures is a major factor driving the growth of the segment. Furthermore, the growing health consciousness among consumers has increased the demand for tartaric acid in food and beverages owing to its excellent anti-oxidation properties.
The global tartaric acid market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at an exponential CAGR. The presence of the most populated countries of the world such as India and China has augmented the demand for various sectors such as food and beverage, personal care, home care, and construct among others, which, in turn, is anticipated to fuel the demand for tartaric acid in the region. Moreover, the growing demand for processed food mainly in Japan, India, and China owing to the growing working population and changing lifestyle is also expected to contribute majorly to the market.
Competitive Analysis
Some of the prominent players operating in the global tartaric acid market are Caviro Distillerie SRL(Italy), The Chemical Company (U.S.), Distillerie Bonollo S.p.A (Italy), Tartaros Gonzalo Castello SL (Spain), Tarac Technologies (Australia), Richman Chemical Inc (U.S.)., U.S. Chemicals LLC (U.S.), American Tartaric Products (U.S.), and The Tartaric Chemical Corp (U.S.).
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