Global Tartaric Acid Market 2017-2022 - Multiple Functionalities Across Different Industries is Driving the Projected $285.6 Million Market
DUBLIN, Jan. 16, 2018 /PRNewswire/ --
The "Tartaric Acid Market by Source, Type, Application, and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The tartaric acid market is estimated to be valued at USD 215.7 million in 2017, and is projected to reach USD 285.6 million by 2022, at a CAGR of 5.77%.
Factors such as the growing wine industry due to its increasing consumption, mainly in the Asia Pacific, and South American countries considered in RoW, contribute toward the tartaric acid market growth. Tartaric acid content in wine is the maximum among other beverages, whether alcoholic or non-alcoholic. The increase in government regulations in various countries restricts the use of synthetic tartaric acid in food- and pharmaceutical-grade applications, which in turn restrains the market growth.
The growing food and pharmaceutical industries imposes a high demand for tartaric acid. Natural tartaric acid is majorly used in food and pharmaceuticals, and is labeled as food-grade tartaric acid. Natural tartaric acid is chiral in nature (molecules of the tartaric acid are non-superimposable on their mirror images).
The food & beverage segment held the largest share in 2016. This segment is also projected to grow at the highest CAGR during the forecast period. The growing demand for packaged food in economies around the world is expected to boost the market growth during the forecast period. Tartaric acid, especially food grade, is used in the baking of breads and cakes. Due to its acidic properties, it is used in baking powder with baking soda. Tartaric acid is also useful in the manufacture of confectionery items such as candies.
The European region held the largest share in 2016, followed by the North American region, in value terms. This is due to better consumption levels for wine and other food items, where tartaric acid acts as one of the key ingredients. The increasing penetration of tartaric acid in European industries, for chelating agents, is also expected to fuel the already high demand for tartaric acid in the region.
The tartaric acid market is dominated by key players such as Caviro Group (Italy), ATP Group (US), Merck (Germany), Omkar Specialty Chemicals (India), Changmao Biochemical Engineering (China), Tarac Technologies (Australia), PAHI (Spain), Distillerie Mazzari (Italy), Distillerie Bonollo (Italy), and Derivados Vinicos (Argentina).
Market Dynamics
Drivers
- Multiple Functionalities Across Different Industries
- R&D and Technological Innovations
- Growth in the Wine Industry
Restraints
- Restricted Use of Synthetic Tartaric Acid in Various Applications
Opportunities
- Production of Tartaric Acid Through Cost-Effective Methods
- Less Stringent Regulations
Challenges
- Infrastructural Challenges in Developing Countries
- Less Availability of Raw Materials Results in Higher Production Costs
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Tartaric Acid Market, by Source
7 Tartaric Acid Market, by Type
8 Tartaric Acid Market, by Application
9 Tartaric Acid Market, by Region
10 Competitive Landscape
11 Company Profiles
- ATP Group
- Caviro Group
- Changmao Biochemical Engineering
- Derivados Vinicos
- Distillerie Bonollo
- Distillerie Mazzari
- Industrias Vinicas
- Merck
- Omkar Specialty Chemicals
- Pahi
- Tarac Technologies
- Trtaros Gonzalo Castell
For more information about this report visit https://www.researchandmarkets.com/research/l4fjp4/global_tartaric?w=5
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