Tartaric Acid Market to Grow in Coming Years – Projected to Reach USD 387 Million by 2028
Published | 10 March 2022
The growth in the tartaric acid market can be primarily attributed to the increasing demand for tartaric acid as one of the main ingredients in wine, pharmaceuticals, and other end-user industries…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global tartaric acid market was worth USD 262.7 million in 2021 and is projected to reach USD 387.5 million by the year 2028, growing at a CAGR of 6.1% over the analysis period of 2022-2028. The expansion in the tartaric acid market can be primarily to the burgeoning demand for tartaric acid as it finds a wide range of applications in the manufacturing processes in wine, pharmaceutical, and other end-user industry products. Moreover, the demand for tartaric acid has evolved in the food industry over recent years, owing to its extensive usage as a result of its natural properties.
Soaring Awareness Among Consumers Regarding the Health Benefits of Tartaric Acid
The rising awareness among consumers regarding the health benefits of tartaric acids, such as boosting metabolism, increasing production of collagen, enhancing energy generation in the body, and excellent digestive aid contributing to the market growth of the global tartaric acid market. Moreover, tartaric acid is widely used in pharmaceutical industries, cosmetics, and personal care products. For instance, in pharma industries, tartaric acid is used to coat the surface of medicine and heart treatment, which acts as a key market driver in the present and coming years.
Grapes & Sun-Dried Raisins Segment Is Projected To Be The Fastest-Growing Source In The Tartaric Acid Market
When compared to other tartaric acid-containing fruits such as apricots, tamarind, and apples, grapes and dried grapes, often known as raisins, are the only fruits that contain considerable levels of tartaric acid in temperate regions of the world. Grapes are mostly used for wine production, and growth in the wine industry in terms of utilization is attributed to the bigger market share of grapes & sun-dried raisins amidst other sources. European countries constitute a majority of grapes production across the globe, and a significant amount of grapes goes for the making of tartaric acid, which is the key factor supporting segmental market growth.
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Growing Demand from EMEA Expected to Be A Key Market Trend
EMEA (Europe, The Middle East, and Africa) is one of the major clients of tartaric acid in the global market. It is the largest market for tartaric acid due to the high requirement of wine from European countries. However, the aging population in the region does not consume wine often; the middle-aged population only is inclined toward consuming premium wine. Consequently, wine producers have started releasing wine in smaller packages and affordable for middle-class consumers. Also, the good grapes production and excellent weather conditions in Africa result in the production of wine with suitable acidity and sugar levels, which is expected to drive the global tartaric acid market growth during the forecast period.
Impact Of COVID-19 On Global Tartaric Acid Market
The emergence of the COVID-19 pandemic has disrupted the global tartaric acid market. The lockdowns in major countries had completely shut down tartaric acid industries for several months. Since the COVID-19 has disrupted the supply channels reduced the workforce in companies of tartaric acid due to social distancing norms, the tartaric acid market has been negatively impacted. Also, it has lowered the market demand as people have decreased their per capita expenditure in several countries. However, markets have begun to return to normalize after the lockdowns were removed. So, the hope for tremendous growth in the coming future surely persists.
Asia-Pacific Accounted for Largest Market Share in the Global Tartaric Acid Market
The Asia Pacific is the most important tartaric acid market due to the high population growth well-established healthcare and food industry. It is the largest producer of grapes and other sources required for obtaining tartaric acid naturally. In addition to this, the region has a well-established food processing industry, which is also growing at an exponential CAGR and is predicted to add to the industry's well-being in the upcoming years. In recent years, the industry has witnessed a slowdown due to fluctuating raw material costs and economic conditions. Moreover, rising concerns about obesity and heart-related diseases worldwide resulted in the change in demand from synthetic to natural tartaric acid. This trend may result in an upswing in the industry going forward. Moreover, cheap labor costs contribute heavily to the expenses incurred by manufacturers based in this region.
Competitive Landscape
The global tartaric acid market is characterized by the presence of a few major players, thus making it a consolidated market. The tartaric acid market is highly competitive, with all the players continually competing to gain a larger market share. The key industry players operating in the global tartaric acid market are Distillerie Mazzari S.p.A, ATP Group, Merck KGaA, Omkar Specialty Chemicals, Changmao Biochemical Engineering, Tarac Technologies, PAHI, S.L., Distillerie Bonollo, The Chemical Company, U.S. Chemicals LLC, Henriette's Herbal, Derivados Vínicos S.A, Giovanni Randi S.p.A, Industria Chimica Valenzana, Alvinesa Natural Ingredients, Comercial Quimica Sarasa SL, Anhui Hailan Biotechnology Co. Ltd, The Tartaric Chemicals Corporation, Industria Chimica Valenzana I.C.V. SpA, and Other Prominent Players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global tartaric acid market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global tartaric acid market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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