Increase in convenience food demand coupled with growing ready-to-drink (RTD) beverages is expected to drive fumaric acid market over the next six years. It also provides pH adjustment and flavor enhancing properties in food & beverages. Global fumaric acid prices are estimated to be stable over the past few years owing to increasing demand of acidulants from food & beverages industry.
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Growing trend towards adoption of nutritional diet coupled with increasing health consciousness among consumers is anticipated to drive healthy food & beverages consumption. This factor is expected to positively influence the demand.
Global market is witnessing a shift towards energy drinks consumption coupled with introduction of new ethnic and exotic flavors in food & beverages industry. Global decline in average household size is expected to increase packaged food demand. Global beverage consumption was more than 650,000 million liters in 2012 and is expected to cross 800,000 million liters by 2017. These factors are expected to drive demand for food & beverages application.
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Application Overview
Food & beverages was the largest application segment with a market valuation of over USD 150 million in 2013. Shift in trend towards packaged food consumption owing to hectic lifestyles is expected to drive the demand.
Rosin paper sizes were the second largest application and accounted close to 20% of the market share in 2013. This application is expected to witness sluggish growth rates of over 5% from 2014 to 2020 owing to growing use of alkaline papermaking.
Regional Overview
Asia Pacific fumaric acid market dominated the regional market with registering revenues exceeding USD 250 million in 2013. Increasing processed food demand coupled with growing per-capita middle class disposable income is countries such as China and India is expected to drive market.
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Competitive Market Share
Few large scale manufacturers such as Prinova LLC, Bartek Ingredients, Fuso chemicals and Polynt S.P.A. dominate the global fumaric acid market share. Industry participants are focusing on innovation to develop product for niche application and expand their market share. Other prominent companies include Thirumalai Chemicals, Dastech International Inc., Nippon Shokbai Co. Ltd, Xilong Chemical Company Ltd, The Chemical Company, Tianjin Bohai Chemicals, U.S. Chemicals LLC, Changzhou Yabang Chemical Co. Ltd and Wego Chemicals & Mineral Corp.
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