Global Organic Acid Market to Grow with a CAGR of 5.28% through 2028
Policies and initiatives taken by the government
related to organic acids are the major drivers for the Global Organic Acid
Market.
According to TechSci Research report, “Organic
Acid Market – Global Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Organic Acid Market stood at USD 11.42
billion in 2022 and is anticipated to grow with a CAGR of 5.28% % through 2028.
This can be ascribed to collaborations and partnerships among leading companies
with a diverse approach to merge the expertise of individual companies and to
strengthen their position in the market.
The utilization of
organic acids in personal care products is contributing to the growth of the
global organic acid market. Organic acids, such as lactic acid, citric acid,
and glycolic acid, are commonly employed in skincare products, including
cleansers, toners, and exfoliants. These acids aid in gently exfoliating the
skin, stimulating cell turnover, and enhancing skin texture and appearance.
With the escalating demand for natural and clean beauty products, organic acids
are gaining popularity due to their plant-based origins and minimal
environmental impact. Consumers are actively seeking products with fewer
synthetic chemicals, and organic acids present a viable alternative.
Furthermore, certain organic acids, such as salicylic acid, are recognized for
their efficacy in acne treatment. They facilitate skin exfoliation, pore
unclogging, and inflammation reduction, making them a prevalent component in
acne-fighting formulations.
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Acid Market”
Organic acids like
hyaluronic acid and ferulic acid are extensively utilized in anti-aging
products. They effectively moisturize the skin, diminish the visibility of fine
lines and wrinkles, and provide protection against environmental damage. Government
policies and initiatives also play a crucial role in driving the global organic
acids market. The United States Department of Agriculture (USDA) has recently
unveiled a comprehensive plan to invest a substantial amount, up to $300
million, in a groundbreaking organic transition initiative. The primary
objective of this significant investment is to enhance and optimize organic
supply chains, extend valuable support to organic producers, and foster the
overall growth and development of the organic sector. These crucial initiatives
encompass financial assistance and valuable resources that contribute to the
sustained expansion and success of organic acid producers. Governments
worldwide are implementing schemes and programs to promote organic farming
practices. These initiatives seek to decrease the reliance on synthetic
chemicals, including conventional fertilizers and pesticides, and foster the
adoption of organic inputs, such as organic acids, in agricultural production.
The resulting surge in demand for organic acids from the agriculture sector
contributes to the expansion of the global market. Mergers and acquisitions of
well-renowned companies are also attributed to register a lucrative growth to
Global Organic Acids Market in the forecast period.
Collaborations
facilitate the amalgamation of research and development endeavors in companies,
resulting in accelerated innovation and the creation of novel and enhanced
organic acid products. By pooling resources and expertise, companies can
explore untapped applications, optimize production processes, and maintain a
competitive edge. Partnerships often entail the sharing of technological
advancements and expertise. Through the integration of knowledge and resources,
companies can advance the development and implementation of new technologies
for organic acid production, purification, and application. This drives
efficiency, cost-effectiveness, and product quality improvements, fostering
market growth. For instance, in August 2022, ADM and LG Chem forged joint
ventures to manufacture corn-based lactic acid and polylactic acid in response
to the increasing demand for a range of plant-based products, including
bioplastics.
However, growth in
environmental concern and adherence to stringent regulations and compliance
standards associated with organic acids are expected to slow down the growth of
the market in the coming years.
The Global Organic Acid
Market segmentation is based on Type, End Use, By Company, and Region.
Some of the major companies
operating in the Global
Organic Acid Market include:
·
Celanese
Corporation
·
Jiangsu sopo chemical co. ltd.
·
Eastman
Chemicals Company
·
Archer
Daniels Midland
·
Tate
and Lyle Plc.
·
BASF
SE
·
Dow
Chemical
·
BioAmber
Inc.
·
Henan
Jindan Lactic Acid Technology Co., Ltd.
·
Nature
Works LLC
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“Certain regions, particularly the Asia-Pacific,
are projected to exert significant demand for organic acid worldwide. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhancing their organic acid productivity
each year, are expected to contribute to a remarkable growth of the Global
Organic Acid market in the forecast period.," said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based Global management
consulting firm.
Global Organic Acid
Market By Type (Acetic Acid, Citric Acid, Formic Acid, Lactic Acid, Others), By
End Use (Industrial, Food & Beverage, Pharmaceutical, Personal Care,
Others), By Region, By Competition Forecast & Opportunities, 2018-2028F has evaluated the future growth potential of Global
Organic Acid Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Organic Acid Market..
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