NEW YORK, Nov. 23, 2015 /PRNewswire/ -- The global tartaric acid market is expected to reach USD 425 million by 2020. Increasing wine consumption in Asia Pacific and Latin America is expected to remain a key factor driving tartaric acid market growth over the forecast period. Increasing tartaric acid consumption as anti-oxidant and taste enhancer in food products is also expected to have a positive impact on the market growth. Tartaric acid prices witnessed slump during 2009 to 2010 mainly due to economic recession in U.S. and debt crisis in Europe. The prices recovered there after due to high tartaric acid demand from emerging markets. Tartaric acid prices are projected to remain stable over the forecast period which is expected to benefit the market in terms of revenue.
Wine was the largest application segment and accounted for 33.6% of the total market volume in 2013. Tartaric acid is widely used in wine applications as a preservative, pH level reducer and tartness improver. Increasing wine production in China and with growing per capita consumption in Brazil, China, Italy, Spain and France is expected to drive tartaric acid demand in wineries. Wine is also expected to witness the highest growth rate of 5.7% from 2014 to 2020.
Further key findings from the study suggest:
Global tartaric acid market demand was 60.56 kilo tons in 2013 and is expected to reach 87.18 kilo tons by 2020, growing at a CAGR of 5.3% from 2014 to 2020.
Europe emerged as the largest regional market and accounted for 39.4% of the total market volume in 2013. High tartaric acid demand for wine production in Italy, France and Spain is expected to drive the regional market growth over the forecast period. Increasing tartaric acid penetration in niche applications such as chelating agents is also expected to further complement the regional market growth. Anti-dumping duties established by the European Commission for Chinese tartaric acid imports are anticipated to secure the regional market production scenario.
Asia Pacific is expected to witness the highest growth of 6.8% from 2014 to 2020. Increasing tartaric acid demand in wine production particularly in China is expected to drive the regional market. Growth of food & beverages industry in China, India and Indonesia is also expected to drive the regional market. Increasing awareness among consumers regarding health benefits offered by anti-oxidants has also created demand for tartaric acid demand.
The global market is moderately concentrated with top companies competing in terms of product innovation. Major companies operating in the global tartaric acid market include Caviro Distillerie SRL, The Chemical Company, Distillerie Bonollo SpA, Distellerie Mazzari SpA, Tartaros Gonzalo Castello SL, Tarac Technologies, Richman Chemical Inc., U.S. Chemicals LLC, American Tartaric Products and The Tartaric Chemical Corp.
For the purpose of this study, Grand View Research has segmented the tartaric acid market on the basis of application and region:
Global Tartaric Acid Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
Food & Beverages
Global Tartaric Acid Regional Outlook (Volume Kilo Tons; Revenue, USD Million, 2012 - 2020)
Central & South America
Middle East & Africa
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