Maleic Acid Market size is forecast to reach US$283.3 million by 2027, after growing at a CAGR of 5.26% during 2022-2027. Malic acid is a dicarboxylic acid and is used as an active ingredient in many food products. It is an important raw material used in the manufacture of lubricant additives, unsaturated polyester resins, surface coatings, plasticizers, copolymers, and agricultural chemicals. Malic acid has two stereoisomeric forms (L- and D-enantiomers), though only the L-isomer exists naturally. The salts and esters of malic acid are known as malates. The malate anion is an intermediate in the citric acid cycle. It is also known as cis-butanediol acid that exhibits the properties such as controlling the microorganisms’ growth, adjusting pH, and also flavor enhancement which makes it highly preferable for usage in the food and beverage industry. Maleic anhydride is a multifunctional basic chemical compound used in various chemical processes. Therefore, it is significantly used in the food and beverage industry where it is used in various products such as bakery products, fruit juices, sports drinks, carbonated beverages, desserts, and frozen specialties.
COVID-19 Impact
The COVID-19 pandemic has had an immediate impact on the world economy and that impact goes across all industries, including food and beverages, cosmetic and personal care industry, and others. Due to the lockdown situation, the global cosmetic manufacturers had toward down their production units as a consequence of the labor shortage. Moreover, several cosmetic stores were also shut down due to tighter border controls, unavailability of raw materials, and constraints in the supply and demand process. Although, the industry has responded positively to the crisis, with brands switching their manufacturing to produce hand sanitizers and cleaning agents and offering free beauty services for frontline response workers. However, after the emergence of the COVID-19 pandemic, in 2021 the improvement in the situation is making the end-users rise in their market value and thus benefitting the maleic acid market.
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Maleic Acid Market Segment Analysis – By Application
Food and Beverages held the largest share in the Maleic Acid Market in 2021 and is growing at a CAGR of 6.5% during 2022-2027. In recent years, the growing use of malic acid for manufacturing sugarless confectioneries has escalated its demand. Moreover, regulatory authorities such as the US Food and Drug Administration (USFDA), European Food Safety Authority (EFSA), and Food Safety and Standards Authority of India (FSSAI) have approved the use of malic acid in food processing, thereby catalyzing its sales. Malic acid is also utilized as a substitute for citric acid and tartaric acid in the detergent industry, owing to its lower hygroscopicity and higher solubility. Apart from this, it is used as an ingredient in many cosmetic and personal care products as it has antioxidant properties which make the skin healthy and shiny. In the pharmaceutical industry, malic acid is used in the production of medical products including cough syrups, throat lozenges, toothpaste, mouthwash, and health supplements such as protein shakes and nutrition bars. Looking forward, the publisher expects the global malic acid market to exhibit moderate growth during the next five years. The rise in demand for carbonated beverages has been an aspect that has been driving this market. Many people, of the age group of 10-20 prefer sweet drinks more. This has increased the use of the acid in the beverages industry. For instance, India’s e-commerce orders volume increased by 36% in the last quarter of 2020, with the personal care, beauty and wellness (PCB&W) segment being the largest beneficiary. Besides, In March 2021, Purplle, an online beauty store, raised US$ 45 million from Sequoia Capital India, Verlinvest, Blume Ventures and JSW Ventures.
Maleic Acid Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the Maleic Acid in 2021 up to 35% followed by North America and Europe. Due to higher applications of maleic acid into various end-use applications like food and beverages, cosmetics and personal care, and others, Asia Pacific is responsible for much of skincare’s global growth, particularly in the luxury market. It was the third-largest region of the global polymer ingredients market for personal care. The demand in countries such as China, India, Bangladesh, and South Korea is rapidly increasing, resulting in a higher growth potential for the Asia Pacific region. China signifies one of the greatest dynamic and vigorous personal care markets in the world. In 2019, the beauty industry in China is recognized as the largest globally, at $38.8 billion in retail sales, as disclosed by Central Information Commission (CIC) Report. In the last several years the market has undergone a rapid expansion phase. For instance, India’s e-commerce orders volume increased by 36% in the last quarter of 2020, with the personal care, beauty, and wellness (PCB&W) segment being the largest beneficiary. Besides, In March 2021, Purplle, an online beauty store, raised US$45 million from Sequoia Capital India, Verlinvest, Blume Ventures, and JSW Ventures. Growing urbanization, an increasing number of working women, changing lifestyles, and increasing awareness regarding hygiene and skin care are some of the key factors driving the market in the Asia Pacific region.
Maleic Acid Market Drivers
Rise in Demand Cosmetic and Personal Care Industry
Maleic Acid is extensively used in myriad personal care applications owing to its fragrance ingredient and pH adjuster properties. It is used in a few cosmetic product formulations at low concentrations at 10%, pH 1.0, applied for 30 s on rabbit eyes, causing permanent opacity. It uses in skincare and haircare products. For instance, Nivea, a global personal care company with a sales rate of US$5.2 Billion in 2019 claims that they use approximately 30 different maleic, and about 20% of products globally mainly leave-on products, like face creams and lotions or deodorants, contain silicones. On the other hand, the personal care and household section account for 50% of Fast-moving consumer goods (FMCG) sales in India, which is the fourth largest sector in India. So, the development in personal care growth will certainly enhance the growth rate of the Maleic Acid Market in the forecast period.
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Maleic Acid Market Challenges
Consumption of Maleic Acid might lead to Obesity and Diabetes
With the rise in obesity and diabetes, governments have created policies that control the consumption of DL malic acid. For instance, according to the U.S. Department of Health and Human Services, more than 2 in 3 adults in the US which is about 70.2% were considered to be overweight or have obesity. This is mainly due to fact that obese people tend to consume a lot of carbonated beverages which contain DL malic acid. Consumption of DL malic acid increases, people are more and more prone to such health conditions. Thus, such conditions might hamper the market growth.
Maleic Acid Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Maleic Acid. Major players in the Maleic Acid Market are
Fuso Chemicals
Bartek
Isegen
Polynt
Thirumalai Chemicals
Yongsan Chemicals
MC Food Specialties Inc.
Tate & Lyle
Changmao Biochemical Engineering
Sealong Biotechnology
Jinhu Lile Biotechnology Industry Co., Ltd
Recent Developments
In March 2020, Canada-based Bartek Ingredients has announced a 10,000 million ton (Mt) malic acid capacity expansion by the first quarter of 2021. The Company specializes in malic acid, food-grade fumaric acid and maleic anhydride for food and beverage applications.
Key Takeaways
Asia Pacific dominates the Maleic Acid Market owing to rapid increase in the food and beverages sector.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end-use industry in Maleic Acid Market and their specific segmented revenue.
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