Global Tartaric Acid Market: Snapshot
The global market for tartaric acid is developing rapidly in the last few years and is expected to observe a promising growth in the coming years. Innovations and advancements in the technology are further projected to offer lucrative opportunities for the players in the coming few years. In addition to this, the rising number of applications and the strict regulations for the manufacturing of tartaric acid are likely to enhance the growth in the next few years.
As per the market research report offered by Transparency Market Research, the market for tartaric acid is expected to reach US$3.16 bn by the end of 2022. The market is anticipated to register a healthy 6.20% CAGR between 2014 and 2022.
High Consumption of Wine to Drive Global Tartaric Acid Market
The global tartaric acid market is anticipated to observe a promising growth in the coming few years. The rise in the functionalities in several end user industries and the rapid development of the wine industry are predicted to support the market growth in the coming years. The leading players in the market are making heavy investments in the tartaric acid market, especially for innovations and research activities. This is anticipated to offer growth opportunities for the market players across the globe. In addition to this, the tartaric acid manufacturers are making efforts for reducing the production cost, thanks to which the market is likely to propel market growth in the next few years.
The global market for tartaric acid has been classified on the basis of application into construction, wine, food and beverages, pharmaceuticals, and others. Among these, the food and beverages segment is anticipated to account for a large share of the tartaric acid market in the coming few years. The high demand for tartaric acid and the escalating wine consumption are projected to enhance the growth of this segment in the next few years.
Rise in Demand for Tartaric Acid from Food and Beverages to Encourage Growth
From a regional perspective, Europe is anticipated to account for a large share of the tartaric acid market worldwide in the coming few years. A tremendous rise in the demand for tartaric acid across diverse industries and the existence of leading players are the key factors that are estimated to enhance the growth of the Europe market in the near future. The Asia Pacific market, on the other hand, is anticipated to witness a healthy growth. The rise in the demand for tartaric acid from the food and beverages industry and the tremendously increasing consumption of wine are predicted to support the market growth in the next few years.
The global tartaric acid market is characterized by a high level of competition among the leading players. The presence of a large number of players and the expected rise in entry of new players are predicted to enhance the growth of the overall market in the next few years. The rising number of applications and the growing focus of the key players on technological advancements are estimated to accelerate the market growth in the coming few years. The leading players operating in the global tartaric acid market are American Tartaric Products, Inc., Omkar Speciality Chemicals Ltd., Tarcol S.A., Derivados Vinicos S.A., Industria Chimica Valenzana S.p.A., Giovanni Randi S.p.A., Distillerie Mazzari S.p.A., Caviro Distillerie S.R.L., and Vinicas, Inc.
- Tartaric Acid Market – End-user Analysis
- Food & beverages
- Others (Including chemical, leather tanning, metal finishing, etc.)
- Tartaric Acid Market – Regional Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)