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.
Some of the prominent players operating in the global Levulinic Acid Market Size 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).
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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 2020-2023.
The global levulinic acid Industry 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.
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