Over the projected period, 2022 to 2032, the fumaric acid market is expected to increase at a CAGR of 6.7 percent. According to the latest analysis by Fact.MR, a market research and competitive intelligence company, global fumaric acid sales are expected to reach US$ 645 million by the end of 2032, accounting for around 1.2 percent of total food additive sales.
The area of application of fumaric acid has expanded beyond the major food and beverage industry, thanks to increased research and development activity. It’s frequently used in cosmetics, where it preserves the acidic nature of the product by regulating the pH value of various cosmetic items. This has resulted in a steady increase in fumaric acid sales in the cosmetic industry, particularly in body washing lotions.
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Fumaric acid Market Key Segments
By Extraction Type
- Fumaria Officinalis
- Maleic Anhydride
By End Use Industry
- Food and Beverage
- Food Additives
- Rosin Paper Sizes
- Unsaturated Polyester Resins (UPR)
- Alkyd Resins
- Animal Feed
Environment of competition
Fumaric acid’s major players are concentrating on improving their manufacturing processes in order to attain higher production yields and higher quality fumaric acid. This is to meet the rising demand for fumaric acid as preservatives, flavouring agents, in wine, juices, paints, resins, and body washing agents.
Companies are also concentrating on expanding their market share in the Asia Pacific and European regions by forming strategic partnerships and joint ventures with regional players and investment groups.