South America Bio-organic Acid Market - Segmented by Application, Product Type, Raw Material, and Geography - Growth, Trends, and Forecast (2018 - 2023)
South America bio-organic acid market is expected to register a moderate CAGR during the forecast period. Brazil dominated the South America bio-organic acid market in 2017.
Increasing Application in Food & Beverage Industry to Dominate the Market
The increasing usage of organic acids in the food & beverage industry has remain one of the major drivers of the market. Leading companies in the industry benefits from various acidic extracts as it helps in regulating acidity and enhances flavor in various food & beverages. Besides this, preservative and antioxidants properties of organic acids have made them an important ingredient for the food & beverages industry. From time to time, organic acids are used in food, mainly to counter pathogens. Such positive factors, is expected to drive the bio-organic acid market in South America in the upcoming years.
Petrochemical – The Dominating Application
Organic acids are fully capable of replacing the market for synthetic acids. Organic acids are extensively used in the petrochemicals industry to produce a wide range of intermediates and end products. Some of the applications where bio-based organic acids are expected to be used include food, polymers, lubricating oils, coatings, cosmetics, pharmaceuticals, diesel fuel oxygenates, solvents, and some other applications. Various organic acids, which are being used in the above mentioned applications include acrylic acid, fumaric acid, lactic acid, acetic acid, succinic acid, and some others. Increasing regulations on applications of petrochemical-based products are acting as a driver for bio-organic acids market in South America.
Brazil Dominates the Market
With growing population and change in human lifestyle, the demand for packaged food is increasing in Brazil. The country’s economy is also growing at a steady pace. With increasing interest in organic certification, the organic industry met at the Bio Brazil Fair (BioFach Latin America) in São Paulo on June 2017. Exhibitors from the national and international organic industry attended the event with the aim of disseminating organic culture and promoting its inclusion within healthy lifestyles. This is expected to further boost the growth of bio-organic acid market in the country, during the forecast period.
Major Players: BASF SE, NatureWorks LLC, Braskem, Novozymes, and Cargill, amongst others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating application and raw material used in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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