Tartaric Acid Market Synopsis:
As per the analysis by Market Research Future (MRFR), the global market for tartaric acid is anticipated to acquire a market value of USD 0.502 Billion while expanding at a CAGR of 5.91% by 2032.
The South Korea Tartaric Acid Market is experiencing notable growth driven by the country's expanding food and beverage industry and consumer demand for quality ingredients. Tartaric acid, valued for its acidity regulation and flavor-enhancing properties, finds extensive usage in South Korea's food processing sector. In particular, tartaric acid serves as a crucial ingredient in the production of wines, soft drinks, and fermented foods, contributing to product quality and taste. Moreover, with South Korean consumers increasingly seeking authentic and natural flavors, tartaric acid emerges as a favored choice for manufacturers aiming to meet the country's culinary preferences.
The surging consumption of wine is expected to be a significant factor that can augment Tartaric Acid Market size during the forecast period. The growing tartaric acid consumption is anticipated to grow due to the expansion of the food and beverages sector, along with increasing demand for preservatives and additives, which can drive the industry. Furthermore, the rising popularity of packaged food, a higher standard of living, and the increasing application of the acid as an emulsifier in bread production can develop the market during the forecast period.
On the flip side, the imposition of stringent rules concerning synthetic tartaric acid usage by the various governments is anticipated to hinder the market growth. In addition, the outbreak of COVID-19 has slowed down the operations of several manufacturing companies. However, the rising application of the acid as a pH adjuster in the manufacture of personal care products such as; creams, soaps, and lotions can counter the impeding factor that can boost the market.
Key Players:
Some of the Key Tartaric Acid Market Companies are ATP Group (U.S.), Caviro Group (Italy), Merck KGaA (Germany), Changmao Biochemical Engineering (China), Omkar Specialty Chemicals (India), Tarac Technologies (Australia), Distillerie Bonollo (Italy), PAHI, S.L. (Spain), The Chemical Company (U.S.), Henriette's Herbal (Finland), U.S. Chemicals LLC (U.S.), and Australian Tartaric Products (Australia)
Market Segmentation:
The segmental analysis of the global Tartaric Acid Market is done by source, type, and application.
The source-based segments of the global market for tartaric acid are tamarind, grapes, and maleic anhydride, others.
The type-based segments of the global market for tartaric acid are natural and synthetic.
The application-based segments of the global market for tartaric acid are pharmaceuticals & nutraceuticals, food & beverages, cosmetics & personal care, and others. Food & beverages segment is sub-segmented into bakery & confectionery, beverages, sweet & savory snacks, sauces, soups, and dressings.
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