Succinic Acid Market - Forecast(2020 - 2025)
Succinic Acid Market Overview: According to the Food and Agriculture Organization (FAO), the food and beverages industry will play an important role in the United Nation’s Agenda for Sustainable Development as 580 million people are undernourished today. The need for proper nourishment will be coupled with the growing population and its food requirement which will lead to an astounding 30% increase in global food production by 2030 [1] . Apparently, the succinic acid market is going to gain a lot of traction due to this upsurge in food production as the chemical is used as an acidity regulator in various food items. The market worth of succinic acid was gauged to be around $125 million in 2018, and the demand for the same is projected to increase with a healthy compound annual growth rate (CAGR) of 7% during the forecast period of 2019 to 2025. There is a significant growth in the pharmaceutical sector in APAC with developing economies such as India getting heavy investment...