According to a report published by Grand View Research, Inc.; the global malic acid market is projected to reach a valuation of around USD 244.0 million by 2024. Increasing demand for acidulants and natural and synthetic flavoring agents from food and beverage industry can propel the market over the forecast period (2014 to 2024). In addition, rising consumer awareness regarding obesity has increased the intake of low-calorie and zero calorie beverages. This factor is likely to further boost the market in the forthcoming years.
Growing food and beverages industry is expected to create growth opportunities for the market. Young consumers always opt for a variety of flavors, which likely to motivate manufacturers to come up with innovative products. The launch of new products including protein drinks, nutritional bars, and others is likely to boost the market for malic acid. High demand for healthier functional beverages with the growing capability of manufacturers to provide these products with improved nutrient values and attractive packaging is expected to boost the market growth over the forecast period.
Malic acid can be extensively used in frozen desserts, ciders and wines, and innovations in doughnut processing such as chocolate, savory, and exotic fruit filling flavors can drive the market for malic acid. Additionally, growing demand for processed food and pH regulators in confectionaries and bakery products are anticipated to augment the product demand over the forecast period. Malic acid is widely used in the manufacturing of beauty products that can rejuvenate facial skin and improve appearance. Growing demand for cosmetics across the world is likely to drive the market in the years to come.
The worldwide malic acid market can be segmented on the basis of end-use and regions. As per end-use, the market can be classified into beverages, confectionary, and personal care. The confectionery and food segment is expected to hold over 41% of the total market share in terms of volume through 2024. Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America (CSA), and Middle East and Africa (MEA).
In 2015, North America held around 25.3% of the overall market share in terms of revenue. Increasing demand for bakery and confectionery products and preference for specialty personal care products and cosmetics can boost regional demand, especially in the U.S. and Mexico. The consumption of ready-to-drink beverages like energy drinks, sports drinks, tea, and carbonated refreshments is high in the region. The launch of low calorie beverages can further boost the regional market in the forthcoming years. Central and South America is anticipated to showcase relatively lower growth rate over the forecast period due to insignificant regulatory scenario.
Asia Pacific, on the other hand, is expected to continue to remain the leading regional segment with a CAGR of around 6% during the forecast period. Rising demand for ready-to-drink beverages and processed foods from China, Japan, and India is expected to boost the market over the projected period. China is anticipated to showcase high growth due to flourishing processed food, personal care, and cosmetics industries. The growth of the market for malic acid in India can be accredited to factors like increasing popularity of flavored beverages and processed food. This inclination is anticipated to generate abundant opportunities for manufacturers in urban as well as semi-urban areas. This is also expected to encourage the market players to increase research and development (R&D) expenditure to innovate new product formulations.
Key players operating in the malic acid market include Bartek Ingredients, Inc.; Thirumalai Chemicals Ltd.; Yongsan Chemicals; and Anhui Sealong Biotechnology Co., Ltd.Fuso Chemicals Co., Ltd. The market has a combination of international and local players. Most major companies are making R&D investments and emphasizing on growing application scope to beat the local participants. Market participants are also focusing on development of innovative products to meet the evolving consumer taste and demands. The established international players are also following strategies like mergers and acquisitions (M&A) to expand their presence globally.