Demand for Tartaric Acid to Remain Steady Thanks to F&B Industry; Market Worth US$3.16 by 2022
Driven primarily by the vigorous wine industry in Asia Pacific and Latin America, the tartaric acid market is expected to exhibit a 6.2% CAGR between 2014 and 2022, says Transparency Market Research’s latest report. The study, titled ‘Tartaric Acid Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022,’ estimates the global tartaric acid market at US$1.85 billion in 2013 and expects it to reach a valuation of US$3.16 billion by the end of 2022. By volume, the market approximated 80.2 kilo tons in 2013, says the report.
The ability and willingness of Asian and Latin American consumers to spend more on wine is seen to be the central force in the tartaric acid market globally. Alcoholic beverages and wine form an integral part of the burgeoning luxury products market in these regions. Another factor that substantially ups the demand for tartaric acid globally is the demand for the substance as an organic excipient in the pharmaceutical industry. In the GCC region, an upswing in construction activities will create new growth avenues for companies in the tartaric acid market.
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The market, however, will have to brave headwinds in the form of seasonality of raw material supply. This factor largely affects the natural tartaric acid market. The market for synthetic tartaric acid, on the other hand, will find itself faced with challenges such as the restricted use of synthetic ingredients in the food and beverage and wine industry. Based on end users, the global tartaric acid market is segmented as: Wine, pharmaceutical, food and beverage, construction, and others.
The others segment includes metal finishing and leather tanning. The report identifies the food and beverage industry as the foremost end-user of tartaric globally, as of 2013. The F&B industry alone consumed about 25% of the volumes produced in the tartaric acid market in this year. The wine industry was the other noteworthy end user of tartaric acid in 2013. The findings of the study reveal a different story in Europe and the Middle East. Here, the construction sector was seen to be the leading tartaric acid end user in 2013. Moving forward, the pharmaceuticals industry will exhibit the fastest rate of growth in the tartaric acid market, according to the report.
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The regional analysis of the tartaric acid market covers the following markets: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. The report also contains a technical overview and price trend analysis of raw materials. Furthermore, a market attractiveness analysis enables market players to spot areas in the tartaric acid market that will provide the highest return on investment. The report profiles the leading companies operating in the global tartaric acid market. These include: Caviro Distillerie S.R.L., American Tartaric Products Inc., Tarcol S.A., Derivados Vinicos S.A., Distillerie Mazzari S.p.A., The Tartaric Chemicals Corporation, Giovanni Randi S.p.A., Vinicas Inc., Industria Chimica Valenzana S.p.A., and Omkar Speciality Chemicals Ltd.
The report segments the global tartaric acid market as:
• Tartaric Acid Market – End-user Analysis
o Food & beverages
o Others (Including chemical, leather tanning, metal finishing, etc.)
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