Tartaric Acid Market will reach USD 640 million by 2024, Pacific and Europe to show steady growth

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.

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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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 a+pplication 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.

Europe holds significant share of global tartaric acid market, 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. Asia Pacific 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.

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.

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