The products and solutions in the global succinic acid market are widely used across the food and beverages industry as food additives and preservatives. The increase in the global demand for food additives in order to enhance the flavour as well as taste of packaged food products is one of the strongest drivers for the global succinic acid market. This trend is further bolstered by the increasing usage of succinic acid as flavour enhancer in the food and beverages industry.
The rising demand for effective food preservatives from various developing economies across the world is fuelling the demand within the global succinic acid market. These include nations such as India, South Africa, and Brazil, among others. Furthermore, the rapid pace of urbanization, increase in the disposable income among global customers, and the rising demand for food items that belong to a diverse range of culinary styles are also some of the major factors influencing the demand in the global succinic acid market.
Furthermore, the products in the global succinic acid market also find applications in the manufacturing processes of various plasticizers. The succinic acid is primarily used as a feedstock in these processes. The rising development of the plasticizers industry is also expected to fuel growth within the global succinic acid market in coming years.
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The competitive landscape of the global succinic acid market is considered to be fragmented owing to the presence of numerous leading regional or local as well as international players and vendors. The leading manufacturers and players operational within the global succinic acid market include BASF SE, Kawasaki Kasei Chemicals, Ernesto Ventos, S. A., FUSO Chemical Co., Ltd., ESIM Chemicals, Novomer Inc., thyssenkrupp AG, Roquette Freres, Nippon Shokubai Co., Ltd., Spectrum Chemical Manufacturing Corp., R Biopharm AG, and Anhui Sunsing Chemicals, Co., Ltd., among others. Major corporate growth and enhancement strategies adopted by the leading manufacturers and players working in the landscape of the global succinic acid market include expansion of the geographical presence as well as mergers and acquisitions.