Tartaric Acid Market Overview
The global Tartaric Acid Market is expected to garner a revenue of USD 319.5 million in 2024 and is expected to register a CAGR of 5.4% during the forecast period of 2019–2024. Tartaric Acid Market has been driven by a range of application such as food and beverages, pharmaceuticals, cosmetics, and personal care. Moreover, it is estimated that the food and beverage application sector is set to witness the highest growth due to the growing application of tartaric acid in wine and processed food industry.
Tartaric acid is used in a wide range of applications owing to its anti-oxidation and preservative properties. The rising growth of the pharmaceutical, cosmetic, and healthcare industries across the globe is substantially affecting the growth of the Tartaric Acid Market.
Tartaric acid is a white crystalline organic acid which is mostly occurring in grapes, bananas, oranges and tamarinds. It is known for the one of the most important components in wine production. It helps in controlling the acidity of wine. Along with this, the food and beverages is one of the integral application which has driven the global market. In food and beverages, tartaric acid acts as a preservative mostly used in soft drinks, jams, fruit juice and several others. In pharmaceutical industry, it is used in preparation of antibiotic as an ingredient. Geographically, Europe is the biggest market due to the huge wine market and increasing popularity of packaged food.
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The global tartaric acid market is segmented into type, source, and application. Based on the type, the market is segregated into natural and synthetic. The market by the source is bifurcated into grapes & sun-dried raisins, and maleic anhydride. The market for the application is further bifurcated into food and beverage, pharmaceuticals, cosmetic and personal care, and others.
Some of the prominent players operating in the global tartaric acid market are Caviro Distillerie SRL(Italy), The Chemical Company (U.S.), Distillerie Bonollo S.p.A (Italy), Tartaros Gonzalo Castello SL (Spain), Tarac Technologies (Australia), Richman Chemical Inc (U.S.)., U.S. Chemicals LLC (U.S.), American Tartaric Products (U.S.), and The Tartaric Chemical Corp (U.S.).
The global tartaric acid market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at an exponential CAGR. The presence of the most populated countries of the world such as India and China has augmented the demand for various sectors such as food and beverage, personal care, home care, and construct among others, which, in turn, is anticipated to fuel the demand for tartaric acid in the region. Moreover, the growing demand for processed food mainly in Japan, India, and China owing to the growing working population and changing lifestyle is also expected to contribute majorly to the market.
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The European region is estimated to witness a significant growth in the countries owing to burgeoning personal care, the pharmaceutical industry, and wine industry. The increasing consumption and production of wine in the Polar Regions positively driving to the growth of the market. The North American tartaric acid market is mainly driven by the U.S. and Canada. The presence of the developed end-user industries coupled with the increasing adoption rate is contributing significantly to the growth of the market. Moreover, the growing use of processed food and beverage among others is fuelling the growth of the tartaric acid market in this region. Furthermore, the growing consumption of wine, especially, in the U.S and Canada is further adding fuel to the market growth.