Newark, NJ, May 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global gluconic acid market is expected to grow from USD 1 billion in 2020 and to reach USD 1.9 billion by 2028, growing at a CAGR of 5% during the forecast period 2021-2028.
The gluconic acid market is witnessing significant growth form the past years. This growth is attributed to increase product demand of household detergents, industrial cleaners, personal care products and agricultural chemical industries. The various advanced products in the market, such as textile dyeing, metal surface water treatment, printing and others, will propel the gluconic acid market. The growing adoption of calcium gluconate have wide application in pharmaceutical industry which will also influence the market.
Gluconic acid is referred to as a non-toxic, non-corrosive, mild and water-soluble organic acid. It is derived from glucose by an oxidation reaction of the method. It is mainly used as a component of the leavening agent in baked goods and in foods such as meat, wine, dairy and others. Gluconic acid has other derivatives such as potassium gluconate, sodium gluconate, and calcium gluconate. Applications of the derivatives include reducing fat absorption in cones and donuts and it is also used as a flavoring agent in frozen desert. Its use as a cleansing formulator to eliminate calcium tags and flakes is expected to increase the demand for gluconic acid by 2028.
The global gluconic acid market is expected to witness significant growth, owing to increasing consumption of food and beverage items globally and increase in varied products manufacturing to meet consumer demands. The factors restraining the market growth are high investment cost set up for infrastructure and high cost involved in the production process with low output to input ratio. The increase in government initiatives by the FDA, supported by extensive research to produce safe products to promote healthy components, has spurred product innovation. Market penetration in the new generation with the rise of food and cosmetics products can have a positive outlook and opportunities for the growth of the sector.
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Key players operating in global gluconic acid market include PMP Fermentation Products, Kaison Biochemical, Ruibang Laboratories, Xinhong Pharmaceutical, Gress Chemicals, Ferro chem Industries, Tianyi Food Addictives, Roquette, Xiwang Sugar, Jungbunzlauer, Shandong Fuyang biotechnology, Xingzhou Medicine Food. To gain a significant market share in the global gluconic acid market, the key players are now focusing on adopting strategies such as increasing product application and balancing relentless and high yielding production techniques. Roquette and Kaison Biochemical are some of the key manufacturers operating in gluconic acid market. Leading companies are formulating economical and eco-friendly manufacturing techniques with safer and more effective methods for manufacturing products.
Gluconic acid segment dominated the market and held the largest market share of over 25% in the year 2020
On the basis of component, the global gluconic acid market is segmented into glucono delta-lactone, gluconic acid, calcium salt of gluconic acid, sodium salt of gluconic acid and iron slat of gluconic acid. Gluconic acid segment share of over 25% in the year 2020. The salts of the product can be articulated into medicines for the treatment of hypomanganism. These products are also being added to vitamin-mineral dietary supplements, which could drive demand for the products by 2028. This growth is attributed to the increasing expansion of the retail industry including various food stalls.
Food and beverage segment dominated the market and held the largest market gains over 21% in the year 2020
On the basis of end-user industry, the global gluconic acid market is segmented into food and beverage, pharmaceutical, chemicals, agriculture and others. Food and beverage segment dominated the market and held the largest market gain of 21% in the year 2020. This growth is attributed to the increasing number of expansion of the retail industry and increased customer demands.
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Regional Segment of Gluconic Acid Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global gluconic acid market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific region holds the largest market share of 25.16% in the year 2020. This growth is ascertained by the Asia-Pacific region owing to raise consumer awareness of chemicals used in construction in the country. The increasing demand for the bio ingredients for the food additives will propel the region's market growth. The market in Europe is expected to witness significant growth, owing to increasing expansion of the food and beverage industry in the region. The size of the gluconic acid market in Brazil could see strong gains due to the growing personal care sector, which has led to the growing demand for high-quality cosmetic products that will increase the size of the regional market. The high investment costs required for infrastructure can hamper the profitability of the sector. The high costs involved in the production process with a low output-to-input ratio can influence the trend in the market price of gluconic acid.
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About the report:
The global gluconic acid market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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