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.
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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.
Fumaric Acid Market: Segmentation
By Extraction Type
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* Customer Behaviour Analysis
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