Widespread usage of organic acids such as acetic acid and citric acid as preservatives, acidulates and flavor enhancers in the food & beverages industry will give an attractive dimension to the growth of the organic acids market. Unsurprisingly then, bakery & confectionery industry accounts for lion’s share of the market. Growing consumer demand for flavor enhancement to complement the nutrient profile of food is a key factor for sales growth. Stakeholders’ focus on ingredients that can limit their production costs, while maintaining taste will be the catalysts for growth.
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On this backdrop, Fact.MR opines that in 2019, worldwide sales of organic acids are estimated to reach a valuation of ~US$ 120 Bn. Organic acids are gaining traction in pharmaceutical and animal feed applications, which are forecast to register growth rates higher than that of the global average.
Key Takeaways from the Organic Acids Market Study
- Demand for petroleum based organic acids is likely to take a hit, with an upsurge in the popularity of bio-based organic acids. However, the initial high capital requirements associated with the bio-based versions will limit their demand growth in the short-term forecast.
- Acetic acid continues to prevail as product of choice, on the back of its popularity as a preservative in the food & beverage industry
- Increased demand for green substitutes and the crucial need to improve bio-refining processes are creating opportunities for bio-based organic acid manufacturers
- Uncertainty in crude oil prices will affect supply of raw materials thus impacting global sales in the immediate future, though conditions would stabilize post-2020
- Sales of organic acids are projected to be higher in North America and Europe, whereas Asia Pacific is anticipated to witness high growth over the forecast period
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“With increased focus on sustainability and environment friendly production technology, bio-based organic acids will go mainstream, with manufacturers investing mainly on advancements in process development”, says the Fact.MR analyst.
Fact.MR’s Take on How Industry Leaders Should Reposition Themselves
- Manufacturers involved in the organic acids market should invest in research & development and advancement in production technologies to stay on top of the game
- Manufacturers should lay significant emphasis on reducing raw material costs and dependency on crude oil
- With advancements in biotechnology, manufacturers should successfully adopt new and improved fermentation processes for production of organic acids
- Industry leaders should revisit their strategy for expansion of production facilities of bio-based organic acids in emerging markets, such as China. Strict environment regulations in certain provinces could lead to performance shortfalls.
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Organic acids can be used in several applications in diverse industries, especially in food & beverage, resulting in fast paced growth in the coming assessment period. Expansion in emerging economies and technology up-gradation by developed nations is likely to propel the global organic acids market.
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