(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Global Pyruvic Acid Market 2023-2030" report has been added to ResearchAndMarkets's offering.
The global pyruvic acid market is anticipated to grow at a considerable CAGR of 4.5% during the forecast period. The growth in the market is primarily driven by the increasing demand for food additives owing to the growing demand for convenience foods that are high in calories and sugar content.

There are various drivers that can be taken into account to analyze the growth of this market. Growth in the chemical industry, a rise in demand for bio-based chemicals, and environment-friendly compounds such as organic acids are expected to fuel the pyruvic acid market during the forecast period.

The use of Bio Synthesized Pyruvate has been growing significantly over the past few years due to its environmental friendliness which makes it suitable when compared with Chemical synthesized products, leading towards a new direction in the development of biotechnology-based product applications globally.
Segmental Outlook
The global pyruvic acid market is segmented based on function, application, and product type. Based on the function, the market is bifurcated into additive and chemical intermediates. Based on the application, the market is sub-segmented into food, pharmaceuticals, agrochemicals, and others. Further, on the basis of product type, the market is sub-segmented into biotechnological methods and chemical methods. Among the application segment, the agrochemical sub-segment is expected to cater to a prominent market share over the forecast period.
The Agro-Chemicals Sub-Segment is Anticipated to Hold a Prominent Share of the Global Pyruvic Acid Market
Among the application, the agrochemicals sub-segment is expected to dominate the global pyruvic acids market during the forecast period. The growth of the segment is attributed to the considerable increase in the use of ethyl pyruvate in the production of agrochemicals. Further, globally there is an increase in the usage of pesticides and agrochemicals for all types of farming activities to fulfill the demand for food the food demand of the globally growing population.
Regional Outlooks
The global pyruvic acid market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Asia-Pacific regional market is expected to cater to a prominent growth over the forecast period.
The Asia-Pacific Region Is Expected to Hold Prominent Share in the Global Pyruvic Acid Market
Asia-Pacific region has grown as the major consumer and manufacturer of pyruvic acid due to the availability of raw materials such as sugarcane, corn starch, etc., growth in demand for food additives such as preservatives & antioxidants, and other factors like the growing pharmaceutical industry that contributes towards increasing production capacity coupled with high initial investment cost. The global pyruvic acid market is expected to flourish over the forecast period owing to a rise in industrialization, especially across developing countries, particularly China and India. This leads to an increased demand for including pyruvate derivatives (pyruvic acid) as a food additive and preservative.
Market Players Outlook
The major companies serving the global pyruvic acid market include Jiangyin Kangda Chemical, Tianfu, Minakem, Shanghai Jinli Bio-tech, Tianjin Shengdao Technology, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.
The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global pyruvic acid market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.

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Tags Essential Oils Pyruvic Acid

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