Gluconic Acid Market Overview:
Gluconic acid is a non-toxic, non-corrosive and a mild organic acid derived from glucose by a method called oxidation reaction. It is synthesized by different microorganisms that include bacteria. Naturally occurring gluconic acid is abundantly available in food such as dairy products, meat, wine, as well as in plants and fruits. The gluconic acid market can be segmented into gluconic acid, gluconic delta lactone, sodium salt of gluconic acid, calcium salt of gluconic acid and others, which include iron, zinc, and copper and potassium salts of gluconic acid. Sodium gluconate and gluconic delta lactone hold the maximum market share owing to its increased demand in food, pharmaceutical and chemical industries. Food is its largest consumer with its usage as an acidulant in the meat processing industry. The pickling industry is also a relatively existent market for the acid. Its medical applications include calcium therapy and treatment of anaemia that has become an easy growth driver because of its persistent presence.
Gluconic Acid Market Size:
The global gluconic acid market was valued at $47.15 billion in 2014 and is estimated to grow at a CAGR of 4.83% till 2023.
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Gluconic Acid Market Growth Factors, Drivers and Restraints:
Its varied and wide application in the food and pharmaceutical market, and personal care market, innovation in technology, economic and biotechnological production process, the increased demand for biodegradable acid and environmental concerns has stimulated the growth of the market substantially. New production processes like biotech fermentation has been a boon to the market that has brought down the extremely high capital requirement and production costs. The raw material, which is glucose is also expensive, further increasing overall costs. The opportunity for bio-based plasticizers in personal care, healthcare, bio-polymers, and many other industrial applications is immense. Recently, Jungbunzlauer in collaboration with Green Biologics Inc. announced to lead the production of bio-based plasticizers. This is a huge leap for mankind and is touted to be a potential area of growth in the coming years.
Gluconic Acid Market Geographical Overview:
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa. China holds the largest market share and is the fastest growing segment. Japan and Netherlands are also in the radar for their growing market. UK is one of the largest markets for meat processing, where the acid is used as a colour enhancer and an acidulant. The US market is cashing in on this acid using in pharmaceutical industry majorly.
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Key Players of Gluconic Acid Market:
Some of the major players in the industry are AK Scientific Inc., Alfa Chemistry, AN Pharmatech, BASF, Chembo Pharma, Evonik, Jungbunzlauer, Kerry, Merck Millipore, Novozymes, Oxychem Co., PMP Inc., Roquette, R-Biopharm, Sigma Aldrich, TCI Chemicals, among others. The competition is fierce and technology advancement along with intense research are the strategies firms use to stay afloat.
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