Fumaric Acid Market Size, Share, Growth Analysis, By Product Type(Technical Grade Fumaric Acid, Food Grade Fumaric Acid, and Pharmaceutical Grade Fumaric Acid), By Application(Food and Beverages, Rosin Size, Unsaturated Polyester Resins, Alkyd Resins), By Region - Industry Forecast 2024-2031

Fumaric Acid Market size was valued at USD 691.89 million in 2022 and is poised to grow from USD 725.10 million in 2023 to USD 1055.09 million by 2031, growing at a CAGR of 4.8% during the forecast period (2024-2031).

The fumaric acid market is expected to witness significant growth in the coming years. The increasing demand for fumaric acid as a food and beverage additive, coupled with the rising consumption of convenience foods, is expected to drive market growth. Moreover, the growing demand for fumaric acid in the pharmaceutical industry, as a key intermediate in the production of medicines and drugs, is further anticipated to fuel market expansion. The Asia Pacific region is expected to witness the highest growth in the fumaric acid market owing to the increasing demand for packaged food and beverages, coupled with the rapidly growing pharmaceutical industry in countries such as China and India. 'Bartek Ingredients Inc.', 'Polynt S.p.A.', 'Thirumalai Chemicals Ltd.', 'Fuso Chemical Co. Ltd.', 'Prinova Group LLC', 'Changzhou Yabang Chemical Co. Ltd.', 'Nippon Shokubai Co. Ltd.', 'Tianjin Bohua Yongli Chemical Industry Co. Ltd.', 'Wego Chemical Group', 'The Chemical Company', 'Isegen South Africa (Pty) Ltd.', 'Dastech International Inc.', 'JIangsu Sanmu Group Corporation', 'Xilong Scientific Co. Ltd.', 'Aecochem Corp.', 'Hefei TNJ Chemical Industry Co. Ltd.', 'Nantong Senos Biotechnology Co. Ltd.', 'Nantong Chem-land Co. Ltd.', 'Suzhou Youhe Science and Technology Co. Ltd.', 'Zibo Yinghe Chemical Co. Ltd.', 'In February 2022, Univar Solutions Inc. announced a new partnership with Changzhou Yabang Chemical Co. Ltd. to distribute their fumaric acid products in the European market, expanding their presence in the region.', 'In November 2021, Huntsman Corporation announced the completion of a major expansion of its fumaric acid production facility in Texas, adding 50,000 metric tons of annual capacity.', 'In September 2021, Polynt-Reichhold Group announced the launch of a new range of fumaric acid-based resins for the coatings and composites markets, aimed at improving the sustainability and performance of the products.', 'In August 2021, Thirumalai Chemicals Ltd. announced plans to invest in a new fumaric acid production facility in India, with an estimated annual capacity of 20,000 metric tons.', 'In May 2021, Merck KGaA announced the acquisition of AmpTec GmbH, a German biotech company that specializes in the production of high-quality RNA, including fumaric acid-based building blocks.'

One of the key drivers of the fumaric acid market is the increasing demand for processed food and beverages. Fumaric acid is widely used as an acidulant and flavor enhancer in various food and beverage products, such as carbonated drinks, fruit juices, and bakery products. The rising population, changing dietary habits, and increasing urbanization are driving the demand for processed food and beverages globally. Moreover, the growing trend of clean label products and the rising demand for natural and organic food products are expected to further drive the growth of the fumaric acid market in the coming years.

One of the key trends in the market for fumaric acid is the growing demand from the food and beverage industry. Fumaric acid is widely used as an acidulant and flavor enhancer in a variety of food and beverage products such as bakery goods, fruit juices, and sports drinks. With the rising demand for convenience foods and increasing consumption of non-alcoholic beverages, the demand for fumaric acid is expected to continue to grow in the coming years. Additionally, the increasing awareness about the benefits of fumaric acid, such as its ability to improve food preservation and enhance shelf life, is also driving its adoption in various other industries such as pharmaceuticals and personal care.

North America is a dominent region in the fumaric acid market, with the United States and Canada being the key contributors to the market growth. The market in North America is dominated by the food and beverage industry, followed by the pharmaceutical and industrial sectors. The demand for fumaric acid in the food and beverage industry is driven by the increasing use of acidulants and flavor enhancers in various food and beverage products. The market growth is also supported by the growing trend of clean label products and the rising demand for natural and organic food products. The United States is the largest consumer of fumaric acid in the region, owing to the high consumption of processed food and beverages. The pharmaceutical industry in North America is another significant consumer of fumaric acid. Fumaric acid is used in the treatment of psoriasis and multiple sclerosis, which are prevalent in the region. The growing awareness about the health benefits of fumaric acid and the rising demand for alternative treatment options are expected to drive the growth of the pharmaceutical grade fumaric acid market in North America. The industrial sector in North America is also a significant consumer of fumaric acid, particularly in the production of unsaturated polyester resins and alkyd resins. The growth of the construction, automotive, and electronics industries in the region is expected to drive the demand for industrial products, thereby boosting the growth of the technical grade fumaric acid market in North America.