Report Details:
15 Companies Covered
133 Pages
Levulinic Acid Market Highlights
The levulinic acid is widely used in food and beverage, pharmaceuticals, cosmetic and personal care products, agriculture, and other applications. Levulinic acid is extensively used in processed food as food additives. Personal care and pharmaceutical sector are expected to witness an expanding growth during the forecast period 2024-2032.Levulinic acid market is projected to reach was valued at $0.08 billion in 2023 and is projected to grow from $0.09 billion in 2024 to $0.12 billion by 2032. This represents a Compound Annual Growth Rate (CAGR) of 4.17% during the forecast period of 2024 to 2032.
The global levulinic acid market is spanned across five regions of the world namely, Latin America Asia Pacific, North America, Europe, and the Middle East & Africa. Among these, North America holds the major share of the global market and is projected to grow at a considerable CAGR during the forecast years. The growing consumption of levulinic acid in the food and beverage and personal care industry among others is adding to the growth of the market. Moreover, the increasing consumption of levulinic acid in the food industry is expected to be another dominant factor augmenting the growth of the market in the region. The major countries attributing to this growth are Canada, and the U.S. Asia Pacific is anticipated to show a steady growth during the assessed period. The presence of agriculture dominant economies in the region has fuelled the use of levulinic acid as pesticides, which is a key factor driving the market in the region. Moreover, the growing per capita disposable income in the developing region has augmented the demand for cosmetic and personal care products which is another factor contributing to the growth of the market. In addition to this, to growing working population has augmented the demand for on-the-go food and beverages, in turn, adding to the market of levulinic acid owing to its major use as food additives.Segmentation
The global levulinic acid market is segmented into technology and application. On the basis of the technology, the market is segregated into the acid hydrolysis production process, and biofine production process and others. The market by the application is further segmented into food additive, pharmaceuticals, cosmetic and personal care, agriculture, plasticizers, and others.
Key Players
Some of the prominent players operating in the global levulinic acid market are Biofine International Inc. (U.S.), Avantium (Netherlands), GF Biochemicals Ltd. (Italy), Langfang Triple Well Chemicals Co. Ltd (China), Simagchem Corporation (China), Hefei TNJ Chemical Industry Co., Ltd. (China), Great Chemicals Co. Ltd. (China), and Anhui Herman Impex Co Ltd (China), DuPont (U.S.), and CSPC Pharmaceutical Group (China).
Read More Article Details - Levulinic Acid Market Share