The global tartaric acid market size is projected to grow significantly owing to the increasing demand from the wine industry. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Tartaric Acid Market, 2019-2026.” The report further states that tartaric acid is experiencing demand globally owing to its extensive applications in several end-user industries. Some of the key applications of tartaric acid include wine, other non-alcoholic beverages, bakery products, and pharmaceuticals.
The COVID-19 outbreak has been a major challenge for the global food and beverages industry as most of the manufacturers in the industry depend on raw materials from various parts of the world. The nationwide lockdowns and specific traveling bans amid the pandemic have resulted in a disrupted supply chain. Major players in the industry are figuring out new methods of sourcing raw materials, which in the current scenario, is a major challenge. At Fortune Business Insights, we are focusing on finding the solutions to such challenges.
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The market is segregated on the basis of type, application, and region. Based on the type, the market is divided into natural tartaric acid and synthetic tartaric acid. In terms of application, it is fragmented into wine & other beverages, bakery & confectionery, savory snack products, soups, sauces & dressings, pharmaceuticals, and others. On the basis of region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers & Restraints-
High Demand from the Wine Manufacturers to Drive Growth
The consumption rate of wine is steadily growing on a global scale owing to the rising awareness regarding its benefits. For instance, as of 2021, the total revenue generated from the wine segment accounted for USD 381,341 million. This is predicted to accelerate the demand for tartaric acid, which in turn is estimated to drive its growth globally. In addition, increasing applications in various end-user industries are projected to further drive the global tartaric acid market. However, the increasing demand for organic and clean-label products owing to the harmful effects of chemical-based substances is expected to restrain growth.
Major Segments includes:
- Natural Tartaric Acid
- Synthetic Tartaric Acid
- Wine & Other Beverages
- Bakery & Confectionery
- Savoury Snack Products
- Soups, Sauces and Dressings
Rapidly Increasing Production of Wine to Propel Demand in Europe
Europe is estimated to hold a significant share of the global tartaric acid market during the forecast period. High production of wine is the primary factor estimated to propel the demand for tartaric acid in the region. For instance, according to the United States Department of Agriculture (USDA) Foreign Agricultural Service, The European Union is a global leader in wine production, comprising nearly 60% of the total volume.
The market in Asia Pacific is predicted to showcase robust growth. The rising consumption of bakery products and the growing popularity of convenience foods are expected to drive the tartaric acid market in the region.
Expansion Strategies to Aid Key Players Strengthen their Customer Base
The global tartaric acid market comprises manufacturers and developers focusing on expanding the industry on a global scale. Prominent corporations are embarking on various expansion strategies for their businesses. In addition, they are focusing on the development of innovative products under their product lines. These strategies will help them increase their customer base as well as their product portfolio.
- In July 2018,the United Kingdom extended anti-dumping duty on imports of tartaric acid, originating in the People’s Republic of China for a further five years.
A List of Key Manufacturers Operating In the Tartaric Acid Market Report:
- Caviro Distillerie Srl
- ATP Group
- Merck & Co., Inc.
- Omkar Speciality Chemicals Ltd.
- Changmao Biochemical Engineering Co. Ltd.
- Pahi SL
- The Chemical Company
- S. Chemicals LLC
- Distillerie Bonollo S.p.A.
- Tarac Technologies Pty Ltd.
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