Global Tartaric Acid Market - Segmented by Type, Application, End-User Industry and Geography - Growth, Trends and Forecast (2018 - 2023)
The tartaric acid market is expected to record a moderate CAGR between 2018 and 2023. Increasing demand from the wine industry in the Asia-Pacific and Latin American regions, coupled with the growing demand for packaged food, is expected to drive the market during the forecast period. The market is primarily driven by the diverse uses of tartaric acid in the food & beverage industry. Owing to the changing lifestyles, the growing demand for packaged food in developing economies around the world is expected to boost market growth during the forecast period.
Growing Demand for Wine in the Asia-Pacific and Latin American Regions
The wine industry is one of the fastest growing industries in the Asia-Pacific region and is directly related to the consumption of tartaric acid. The increase in demand is further aided by the local wine manufacturers, coupled with the growing tourism in these Southeast Asian countries. Furthermore, the industry expects to witness a rise in alcohol consumption across the entire sub-region. Thailand and Singapore are the main countries that are influenced by tourism; these countries are expanding vineyards to increase the accessibility to the locals and the international tourists. These factors are expected to have a positive impact on the global tartaric acid market in the coming years.
Pharmaceutical is one of the Fastest Growing Segment
Tartaric acid is widely used in the pharmaceutical segment. This is owing to its characteristic property of enhancing the taste of medicine, making it the material of choice for use in the pharmaceutical industry. Tartaric acid and its derivatives are widely used in making effervescent salts, which are formed when combined with citrates. The pharmaceutical industry is expected to be the one of the fastest growing segments by end-user industry in the global tartaric acid market due to the rise in medicine demand globally.
Europe is the largest Consumer
In 2017, Europe accounted for the largest share of the regional market for tartaric acid. Consumption of tartaric acid in foods and beverages in developing markets is expected to grow, along with the increasing demand for processed food and beverages. European countries like Germany and the United Kingdom are expected to witness slower growth rate during the forecast period. However, the growing demand from pharmaceuticals and packaged foods, coupled with the rising living standards, are expected to fuel the market. Increasing penetration of tartaric acid in European industries for chelating agents, is also expected to complement the already high demand for wine production in Italy, Spain, and France.
Major Players: Distellerie Mazzari S.p.A, Australian Tartaric Products (ATP), Caviro Distillerie, Ninghai Organic Chemical Factory, and Innovatra, amongst others.
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