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| Fumaric Acid Market |
Fumaric
acid is an unsaturated dicarboxylic acid that occurs naturally in plant such as
lichens and mushrooms. It is an important industrial chemical utilized in
various end-use industries including food & beverages, feed additives,
pharmaceuticals, skincare, and construction. Fumaric acid is predominantly used
as a food additive to improve taste and texture. In addition, it also helps in
delaying the spoilage of food products and increasing their shelf life. The
fumaric acid market has also witnessed substantial growth in terms of its
demand from the feed additives industry. Feed additives containing fumaric acid
is extensively used in animal nutrition to improve gut health and increase
nutrient absorption in livestock and poultry.
The
global fumaric acid market is estimated to be valued at US$ 278.65 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market Key Trends:
Rising
awareness among livestock farmers regarding benefits of feed additives containing
fumaric acid is likely to remain a key driving factor for market growth between
2023 and 2030. Fumaric acid acts as an alternative to antibiotic growth
promoters commonly used in animal feeds to boost growth rates. However,
increasing concerns over antibiotic resistance has prompted regulators
worldwide to ban the use of many antibiotics in livestock feeds. This has led
to thriving demand for antibiotic-free alternatives such as fumaric acid,
benefiting the overall market growth. Another significant trend gaining
traction in the market is increasing adoption of standardized production
processes and technologies by fumaric acid manufacturers to deliver consistent
product quality and reliability to various end-use industries. This in turn is
positively influencing overall sales volumes.
Porter’s Analysis
Threat of new entrants: Low barrier of entry due to low capital requirement.
However, established players dominate the market.
Bargaining power of buyers: Buyers have low bargaining power due to availability
of few suppliers.
Bargaining power of suppliers: Key suppliers hold high bargaining power due to
their integrated operations.
Threat of new substitutes: Low threat of new substitutes due to unique
properties of fumaric acid.
Competitive rivalry: Intense competition among key players to gain higher
market share.
Key Takeaways
The
Global
Fumaric Acid Market Size is expected to witness high growth. The global
fumaric acid market is estimated to be valued at US$ 278.65 Mn in 2023 and is
expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
The fumaric acid market in Asia Pacific is expected to witness fastest growth
over the forecast period owing to rising demand from food, pharmaceutical and
chemical industries in emerging economies such as China and India. North
America is also expected to hold significant market share during the forecast
period.
Key players operating in the fumaric acid market are ADVANZ Pharma, Bristol
Myers Squibb, Daiichi Sankyo, GlaxoSmithKline, Novartis, MorphoSys, RemeGen,
Resolve Therapeutics, Tear Solutions, VIELABIO, Otsuka Pharmaceutical Co.,
Ltd., and Bridge Pharma Inc. Key players are focusing on new product launches
and expansion strategies to strengthen their market presence. For instance, in
2021, Bridge Pharma Inc. received FDA approval for new branded drug Nulibry
(fosdenopterin) for injection to treat Molybdenum Cofactor Deficiency (MoCD)
Type A.
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