Global Tartaric Acid Market | Growing Demand for Tartaric Acid from the Wine Industry to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#GlobalTartaricAcidMarket–The global tartaric acid market size is poised to grow by USD 96.03 million during 2020-2024, progressing at a CAGR of over 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The tartaric acid market is driven by the growing demand for tartaric acid from the wine industry. Tartaric acid is extensively used in the wine industry to reduce the pH value and provide tartness. Tartaric acid helps to control the acidity of the wine and is considered as one of the strongest acids in wine. It also plays an important role in enhancing the taste, feel, and color of wines. It also reduces the pH to kill the undesirable bacteria, thereby acting as a preservative. With increasing wine production in several markets such as France, Spain, Italy, the US, and China, the demand for tartaric acid will also rise substantially, thereby driving the tartaric acid market growth.
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- The major tartaric acid market growth came from the wine segment in 2019. However, the pharmaceutical segment is expected to witness the highest growth during the forecast period.
- APAC was the largest tartaric acid in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the rise in consumer expenditure toward hair and skincare products, improvements in living standards, and growing consumer awareness for nutrient-rich food.
- The global tartaric acid market is fragmented. BRENNTAG AG, Derivados Vínicos SA, Distillerie Bonollo Spa, Distillerie Mazzari Spa, Giovanni Randi Spa, Gruppo Caviro, Ningbo Jinzhan Biotechnology Co. Ltd., PAHI SL, Tarac Technologies Pty. Ltd., and Tártaros Gonzalo Castelló SL. are some of the major market participants. To help clients improve their market position, this tartaric acid market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global tartaric acid market 2020-2024 is expected to have neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we continue to revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/tartaric-acid-market-industry-analysis
Growing Demand from Europe will be a Key Market Trend
EMEA is one of the largest consumers of tartaric acid in the global market. It has been the largest market for tartaric acid due to the high demand for wine from European countries. Though the aging population in the region does not consume wine often, the middle-aged population is inclined toward buying premium wine. Wine manufacturers have started tapping into this segment by releasing wine in smaller packages. Also, good grape harvests and exceptional weather conditions in Africa result in the production of wine with appropriate acidity and sugar levels, which will also drive the market growth during the forecast period. An increase in wine production in countries such as Italy, Spain, France, and Germany, coupled with growing per capita consumption in East European countries, is expected to drive the global tartaric acid market during the forecast period.
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Tartaric Acid Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist tartaric acid market growth during the next five years
- Estimation of the tartaric acid market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the tartaric acid market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of tartaric acid market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Wine – Market size and forecast 2019-2024
- Food and beverages – Market size and forecast 2019-2024
- Pharmaceuticals – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- BRENNTAG AG
- Derivados Vínicos SA
- Distillerie Bonollo Spa
- Distillerie Mazzari Spa
- Giovanni Randi Spa
- Gruppo Caviro
- Ningbo Jinzhan Biotechnology Co. Ltd.
- PAHI SL
- Tarac Technologies Pty. Ltd.
- Tártaros Gonzalo Castelló SL
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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