Global Gluconic Acid and Its Derivatives Market - Growth, Trends, and Forecast (2018 - 2023)
The global gluconic acid and its derivatives market was valued at USD 642.68 million in 2017, and is expected to register a CAGR of 5.5%, during forecast period.
The major driver for the market is its wide application in the food and pharmaceutical market, innovation in technology, economic biotechnological production process, the increased demand for biodegradable acid and environmental concerns. In addition to other production processes of gluconic acid, biotech fermentation process has proved to be a boon for manufacturers, which has increased market growth of gluconic acid and its derivatives. However, there are some restraining factors for the market, such as high capital requirement and production costs. The raw material required for production is glucose, which is costly as compared to other carbon source and thus, increases the production cost.
Global gluconic acid market is segmented by type into gluconic acid, glucono delta lactone, sodium salt of gluconic acid, calcium salt of gluconic acid and others, which include iron, zinc, and copper and potassium salts of gluconic acid. Sodium gluconate and glucono delta lactone have the major market due to its increased demand in food, pharmaceutical and chemical industries. Market segmentation by application type includes food, pharmaceuticals, chemicals, agriculture, and others. Food consists of the largest market share due to its high use as an acidulant in the meat processing industry. In addition, its medicinal application in pharmaceuticals, such as in calcium therapy and treatment of anemia has led pharmaceuticals to become the fastest growing segment in the application type.
The global consumption of gluconic acid is increasing driven by its applications demand and technological production. The production of gluconic acid is very high in some regions while some regions depend on import of gluconic acid to meet the domestic demand. The market segmentation by geography includes the regions North America, Europe, Asia Pacific, South America, and Africa. Europe and Asia pacific are the major market of gluconic acid. China dominates the global gluconic acid market by largest share while Japan and the Netherlands are the fastest growing countries.
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