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Europe Tartaric Acid Market to grow at 4.8% CAGR from 2017 to 2024

Author : Ronak Bora | Published Date : 2019-04-23 

Asia Pacific tartaric acid market is estimated to be second-largest, primarily driven by India, China and Japan. Growing demand from construction chemicals products is likely to enhance Asia Pacific market till 2024. Europe holds significant market share of global tartaric acid, growing with a CAGR of 4.8% by 2024. Escalating wine production capacity and operations in nations such as Spain, Italy and France will foster regional market in coming years.

Tartaric acid is crystalline organic acid that is either produced from natural or synthetic based raw materials. Raisin and grapes are natural source of tartaric acid whereas synthetic based tartaric acid is produced from maleic anhydrite. The sour taste of acid offers distinct sense of flavor to various food items. Naturally obtained tartaric acid have major application in pharmaceutical drugs, wine and food while artificial tartaric acid has application in limited products like cosmetics, construction chemicals, personal care materials among others.

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Growing demand for wine throughout the world is an instrumental factor driving the tartaric acid market over the forecast spell. Tartaric acid has a sensational flavor which relinquishes a substantial flavor to wine which is strongly preferred by the consumers. In 2015, the global wine consumption was reported to be 24 billion liters & will grow at a CAGR of 4.4% by 2024. Rising numbers of occasional wine consumers drinking once or thrice a week and growing popularity of wine among densely populated countries like China and India is positively impacting the market.

The market is challenged by volatility in raw material prices and irregular availability of nature based tartaric acid. Furthermore, the market is restrained by increasing demand for substitute product like citric acid that has similar application in food & beverage and wine. Certain governments of developed economies have implemented stringent regulation on synthetic or artificial tartaric acid limiting its application in wine, food & beverage and pharmaceuticals products which is negatively impacting the global tartaric acid market over the projected timeframe.

The market for tartaric acid based on natural sources is estimated to grow at a CAGR of 4.5%, surpassing synthetic segment. Owing to its extensive variety of applications in food & beverage, pharmaceutical and wine. In recent years it had shown a notable rise in terms of product consumed and volume produced which is substantially growing the market over the forecast spell.

Wine application owns prominent market share and consistently leads global tartaric acid market. This segment is estimated to increase with a CAGR of 4% over the anticipated timeframe due to rising wine consumption in both advanced and developing countries. In addition, demand from food & beverages application is projected to rise owing to growing trends for processed food and nutritive beverages in emerging economies of Asia Pacific and Europe, like Japan, China, Australia, and Spain, Italy and France respectively.

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Leading players of global tartaric acid market are Omkar Speciality Chemicals, Caviro, Distillerie Mazzari, Changmao Biochemical, ALVINESA ALCOHOLERA VINICOLA, Tarac Technologies, PAHI, Merck KGaA, Derivados Vinicos, Tartaros Gonzalo Castello and Vinicas.

 

About Global Market Insights 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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