Market Challenges And Opportunities

Drivers:

Rising usage in food industry

Increasing the demand of consumer preferences, government policies such as operation greens and corporate standards such as Good Manufacturing Practices which can help to fuel the global itaconic acid market growth in forecast period. Moreover, itaconic acid is biodegradable and compostable. They are widely used in food industry for packing the food, which helps to maintain the product quality. It provides better durability as well as printability.

Growing concerns regarding environmental degradation and use of eco-friendly items

Increasing awareness of the pollution and environmental degradation among consumers and various steps taken by government for protect the integrity and safety of the environment such as Clean Development Mechanism can drive the global itaconic acid market growth in upcoming years. Moreover, increasing the health consciousness consumer base can help to boost the global itaconic acid market growth in the forecast period.

Market Restraints

High prices of raw materials

High prices of raw materials can hampered the global itaconic acid market growth. Itaconic acid has high price than its counterparts such as synthetic latex, superabsorbent polymers, and detergents can hinder the global itaconic acid market growth in upcoming years. According to business global wire, China is the major suppliers of raw materials and due to pandemic & travel restrictions they can increases the prices of raw materials which can restraints the global itaconic acid market growth in the upcoming years.

High cost of production

High cost of production is one of the key factor that can hinder the global itaconic acid market growth. Due to the large availability of substitute itaconic acid has limited consumption in various end-use industries. Moreover, less knowledge of itaconic acid benefits in food and cosmetic industry can also restraint the global itaconic acid market growth in forecast period.