Food and Beverage Industry to Drive the Growth of Fumaric Acid Market

The changes in the lifestyles of people comprising no physical activity, junk food eating, etc. have led to an increase in health awareness, which has helped a significant population shift their focus towards healthy eating habits to stay fit. This has further increased the demand for healthy foods leading to growth in the food and beverage industry.

Additionally, the various applications in food items because of their properties such as micro-organisms growth controller, pH modifier, and flavor enhancer are anticipated to boost the demand for fumaric acid in food and beverages, further accelerating the growth of this market. Moreover, manufacturers' focus to launch exotically flavored, unique, and easy to make food and beverages are also anticipated to drive the market growth.

Furthermore, as per the Committee for Economic Development of The Conference Board (CED), Virginia, the food and beverage industry alone generates USD 164 USD billion out of the total USD 1.4 USD trillion in food sector sales. Furthermore, it accounts for 15.3% of every consumer food dollar, which shows the rapid growth of this industry, which is further expected to propel the demand for fumaric acids. Asia-Pacific is expected to witness the largest market share due to the rise in disposable income and low manufacturing costs.

Impact of COVID-19

The outbreak of coronavirus is expected to hamper the growth of the global fumaric acid market. The market has been severely affected by the pandemic because of the restrictions on movements and forced lockdowns worldwide. Due to the factories' temporary shutdowns, shortage of labor, and social distancing norms, the production has come to a halt. Therefore, companies involved in this market are anticipated to fluctuations in demand and supply of fumaric acid products.

Key Highlights

• The fumaric acid market is anticipated to increase during the forecast period, owing to the growing applications in various industries such as food and beverages, construction, aerospace, etc
• The food-grade category is expected to have the highest market share in the fumaric acid market due to the increase in applications in food items because of the properties of this acid, such as flavor enhancer, micro-organisms growth controller, and pH modifier.
• The food additives segment is expected to hold the largest share by the application due to its advantages, such as increased shelf life, flavor enhancement, maintenance of texture, and overall food quality. 
• The food and beverage industry segment is expected to hold the maximum share due to increased health awareness and a shift towards healthy eating habits.
• The fermentation extraction process is predicted to grow due to its economically attractive yields and productivities 
• Asia-Pacific is expected to observe a high growth rate in the fumaric acid market due to the rapid urbanization, changes in lifestyle, and a rise in per capita disposable income of the population in this region.

Market Segments

1. By Type
   1. Food Grade
   2. Technical Grade
2. By Applications
   1. Food Additives
   2. Rosin-Sized Sheathing Paper
   3. Unsaturated Polyester Resins
   4. Alkyd Resins
   5. Others
3. By End-Use
   1. Food and Beverages Industry
   2. Cosmetics Industry
   3. Pharmaceutical Industry
   4. Chemical Industry
4. By Extraction Type
   1. Fumaria Officinalis
   2. Maleic Anhydride
   3. Fermentation