Bio Succinic Acid Market size is forecast to reach $468 billion by 2025, after growing at a CAGR of 26.8% during 2020-2025. Succinic acid is used primarily as an acidity regulator in the food and beverage industry, which is likely to aid in the market growth of Bio Succinic acid. Governments regulations towards sustainable and environment-friendly products will further create hurdles for bio succinic acid market during the forecast period.
Application – Segment Analysis
Food Additives holds the largest market share in the bio-succinic acid market. Succinic acid can be produced by fermentation as it is an intermediate of the tricarboxylic acid cycle (TCA, citrate cycle) and one of the end products of anaerobic metabolism. The fermentative succinic acid production is carried out both with wild-type strains and with genetically modified microorganisms. A variety of substrates, such as glucose (starch, cellulose, hydrolysates), sucrose (sugarcane, turnip), maltose (starch), lactose (whey), mannitol (starch), xylose (hemicellulose hydrolysates), and glycerol, are described as usable fermentation substrates. Bio-succinic acid also serves as a pH regulator and additive in the food industry.
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End User – Segment Analysis
Food & Beverages industry holds the largest market share in the Bio Succinic Market as, it works as a clean label flavor enhancer and food ingredient. As a flavor enhancer, succinic acid stimulates the appeal of healthy, reduced-sodium foods by increasing the perceived saltiness and prolonging flavor in both sweet and savory products. Bio amber Natural Succinic Acid also serves as an acidulant for improved shelf-life. Its preservative properties include growth inhibition of many strains of bacteria, mold, and yeast. Bio-based Disodium Succinate, a neutralized and spray-dried derivative of natural Succinic Acid, is an excellent flavor enhancer for dry seasoning mixes. Bio amber Bio-based Succinic Acid and Disodium Succinate are natural alternatives to petroleum-based food and flavor ingredients, enabling ‘natural flavors and ingredients’ labeling on many food and beverage products.
Geography – Segment Analysis
APAC dominated the bio succinic acid market with a share of more than x%, followed by North America and Europe. Countries such as India, China, among others are the major market in this region. Indo-Chinese foods are the most popular food in the APAC region because of its wide variety of foods such as (in main course) chilli chicken/ Prawn/Mutton/vegetables/paneer, dry or gravy. Whereas Indian Stalls i.e., at dhabas (roadside stalls), also popularly referred to as “Fast food”, is the most frequent place for foods where an Indian middle class spends money. Similarly, in China the middle class is also spending a lot of money for eating fast foods. So, with the continuous growing market for fast foods in these major countries, the market demand for Bio Succinic Market is likely to grow automatically in the forecast period.
Drivers – Bio Succinic acid Market
Cheap labor and low manufacturing cost
In the APAC region, India and China are the major countries in this region where labor and manufacturing cost is low and due to its low manufacturing cost, it is very easily available at a very low price. Purchase cost is usually the most important factor when manufacturing overseas, but so is quality, deliver times, and ease of doing business. The wages vary dependent on the type of manufacturing that India and China produce. Generally, India’s electrical power isn’t available 24 hours per day, which can significantly decrease productivity, efficiency, and therefore lower output rates. This is one of the major reasons why more manufacturing is done in china as compared to India.
Implementation of Stringent Environment Regulations
Governments regulations towards environment-friendly products will further boost the Bio Succinic acid market during the forecast period as, these bio succinic acid are ecofriendly & majorly used in food and beverages industry. Bio succinic acid are majorly used in fast foods and different kind of beverages. Some of the succinic acid derivatives include tetrahydrofuran (THF), 1,4-butanediol (BDO), succindiamide, succinonitrile, dimethylsuccinate, N-methyl-pyrrolidone, 2-pyrrolidone, and 1,4-diaminobutane. Owing to the high increasing demand from food & beverages industry, bio succinic acid market will grow.
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Challenges – Bio Succinic acid Market
Impact of Covid 19
Food & Beverages industries is facing some of the key issues as a result of the Covid-19 coronavirus pandemic, including the effects caused by self-isolation rules, companies moving sources away from China and are reconsidering materials used in packaging and because of the pandemic situation in all over the world, the fast foods stall are completely closed due to which the Bio Succinic acid usage has come down very exponentially downwards. So, due to the COVID 19 pandemic, the Bio Succinic market is on a decline.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Bio Succinic acid market. Major players in the Bio Succinic acid Market are BioAmber, Myraint, DSM, Mitsui & Co, Mitsubishi, BASF, Roquette Frerse S.A, Purac and Reverdia., among others.
In November 2016, Reverdia entered into a strategic partnership with Hangzhou Xinfu Science & Technology (China) to adopt Biosuccinium in bio-based polymers and co-polymers for the packaging industry and for long-term supply agreement.
In October 2016, Reverdia signed an agreement with Dezhou Xinhuarun Technology (China) to develop and promote Biosuccinium-based microcellular polyurethane foams. The foams will be used in soles for footwear and other applications.
In August 2016, Anhui Sunsing Chemicals invented another method of producing succinic acid and other chemicals using sucrose-containing feedstock. This invention was related to the production of chemicals by fermentation with a microorganism in which, the fermentation medium contains sugar sucrose.
Asia-Pacific dominates the Bio Succinic acid market owing to increasing demand from applications related to food & Beverages industry.
Succinic Acid is also used as an intermediate to manufacture several chemicals, amongst which raw materials for the cosmetic and personal-care industry, e.g. emollients, surfactants and emulsifiers, is likely to aid in the market growth of Bio Succinic acid.
Governments regulations towards environment-friendly products will further boost the Bio Succinic acid market during the forecast period.
COVID 19 pandemic will create few hurdles for the Bio Succinic Acid market.
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B. Succinic Acid Market
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