Fumaric Acid Market | Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Fumaric Acid Market | Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

The fumaric acid market was valued at 255-kilo metric ton in 2021, and it is estimated to register a CAGR of 3.88% during the forecast period(2022-2027).

• A major factor driving the market studied is growing application in the food and beverage industry.
• Health hazard related to fumaric acid is one of the major restraining factors for the market studied.
• Emergence of new potential application areas is likely to act as an opportunity for the market studied.
• Asia-Pacific dominated the market and is expected to continue its dominance during the forecast period.

• Food processing is one of the major applications of fumaric acid. Fumaric acid is a common food additive that has been used in many processed foods to keep the food stable and add tartness. Fumaric acid has a sourer flavor than its counterpart citric acid (another common food additive). Fumaric acid naturally occurs in mushrooms, lichen, fumitory, Iceland moss, and bolete. However, fumaric acid has been produced synthetically for use as a food additive, commonly from malic acid from apples.
• When fumaric acid is used as a food additive, the hydrophobic nature of the product results in long-lasting sourness and some flavor impact. Fumaric acid also decreases the pH value with minimum additional sourness. The low molecular weight of fumaric acid gives it more buffering capacity than other food acids. Fumaric acid usage also reduces costs, as less quantity is required to be added because of its strength.
• Many processes and packaged food have fumaric acid for stabilization along with enchasing their flavor. For instance, fumaric acid is added to many processed meats, such as canned meat and bacon. Fumaric acid is also added to frozen food, especially seafood, smoked meats, and the edible casings around sausages might also have fumaric acid added to them.
• Fumaric acid is also added to certain dairy products to stabilize them and also to add tardiness. Dairy foods such as chocolate milk and eggnog contain this acid to help enhance the flavor. Fumaric acid is added to cheese products, including processed cheese and cheese substitutes.
• The growing food processing industry, especially in the developing world, is driving the demand for fumaric acid. The demand for canned fish and seafood has witnessed a steady growth over the past few years owing to consumer awareness regarding the nutritional benefits of fish and seafood coupled with the convenience in consumption it provides and the long shelf life it possesses.
• Due to the above reasons the market is expected to have a positive impact in the forecasted period.

• Asia Pacific region will dominating the global fumaric acid, owing to demand from countries like India, China and Japan.
• In China, processed fruits, pork, dairy, and some specialty grains and legumes are the food products that may drive the growth of the food processing industry in the country. Thus, the food and beverage industry is offering opportunities for investment, which is further expected to create demand for new equipment used in such plants, offering opportunities for the market.
• In May 2020, Nestle decided to make a series of investments to strengthen its footprints and enhance its product portfolio in the country. Nestle plans to invest about USD 103.4 million on capacity expansion of its existing pet food plant in Tianjin and its first production facility in Asia for plant-based products.
• The food processing sector in India has been primary export-oriented. However, the local market is also growing, owing to urbanization and consumer preferences. India exported processed food valued at around INR 31,111 crores which mainly consists of processed fruits, vegetables, and meats, including seafood, along with a sizeable chunk of alcoholic beverages.
• The Japanese chemical industry is the country’s 2nd largest manufacturing industry behind transportation machinery. Transportation machinery includes Japan’s most notable industry, automotive, which is highly dependent on raw materials provided by the chemical industry. Mitsubishi Chemical Corp., Mitsui Chemicals Inc., Sumitomo Chemical Co. Ltd, Toray Industries Inc., and Shin-Etsu Chemical Co. ranks among the world’s top 30 chemical companies as measured in chemical sales.
• Thus, all the aforementioned factors are projected to show a significant impact on the market in the coming years.

The fumaric acid industry market is highly fragmented, with the top 5 players accounting for around ~30 % of the market. Some prominent players in the market include (not in any particular order) FUSO CHEMICAL CO. LTD, Polynt, Bartek Ingredients Inc., and XST Biological Co. Ltd., and Changmao Biochemical Engineering Company Limited

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support