Demand for tartaric acid is expected to witness promising growth at a CAGR more than 6% through 2030, major reason being, the wine industry is expanding all over the world. A large part of the world population is consuming wine, which, in turn, increases the need for tartaric acid meant to correct the acidity of wine. Apart from this, tartaric acid is also used as an emulsifier, preservative, and acidifier in baked goods, jams & jellies, carbonated drinks, and many other such products. Europe is the largest market for tartaric acid, as it also holds the largest share in the wine industry; most wines are produced in Italy, Spain, and France. With ever-increasing consumption of wine, the global tartaric acid market is projected to close in on a billion valuation over the next ten years.
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Key Takeaways from Tartaric Acid Market Study
- Europe is the largest regional tartaric acid market, followed by North America, and will continue growing at impressive rate.
- The market value for wine industry application will witness 1.8X growth during the forecast period, and is expected to reach a market value of US$ 471 Mn by the end of 2030.
- Increased demand for baked products, different beverages, and confectionery products has boosted the demand for tartaric acid. Despite many other alternatives for tartaric acid as emulsifiers and preservatives, it is gaining traction owing to its natural property.
- Tartaric acid is mainly produced by grapes or residue of wine making. In terms of function, acidifiers is the dominating segment, owing to high demand from the food as well as the wine industry. The main source of tactic acid is the leftovers of wineries, and is thus considered natural.
- Key players in the tartaric acid market are focusing on the sourcing of the raw material from local suppliers, and most have established themselves near wine growing regions.
- The COVID-19 outbreak had impacted the trade of products around the world. Europe, being the largest producer of tartaric acid, has witnessed slow business as it has been hit hard by coronavirus.
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Global Tartaric Acid Market: Competitive Landscape
The global tartaric acid market is witnessing tough competition among players, as most players are established within the same region. Market players are focusing on circular economy and are sourcing raw material from nearby wineries.
- Giovanni Randi S.p.A works on the closed loop system, which helps in maximizing the use of raw material and giving back to nature.
Manufacturers in the tartaric acid landscape are acquiring businesses that deal in the same offerings to increase their product line.
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