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North America organic acid market to cross $3 bn by 2026 – Report

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North America organic acid market to cross $3 bn by 2026 – Report

Post  bejoy on Tue Aug 08, 2017 3:48 am

Growing demand from healthcare and petrochemical industries coupled with stringent government regulations regarding the usage of synthetic acids and chemicals to aid North America organic acid market through 2026. The market is anticipated to cross $3 billion by 2026, according to a report by TechSci Research.

Growth in the market is anticipated on account of growing demand from healthcare and personal care industries. As per the United States Bureau of Labour Statistics, the personal care and home healthcare market is expected to cumulatively account for $13 billion by 2020, owing to high consumer expenditure and ageing population. Moreover, the imposition of strict government regulations on the usage of synthetic acids and chemicals in pharmaceutical industry coupled with increasing human health concerns is forecast to aid North America organic acid market.

In North America, the US was the largest consumer of organic acids in 2016 on account of strong presence of industrial setups in the nation. In 2015, energy drinks worth $9.89 billion were consumed by the US citizens, and the demand for the same is further expected to increase at a healthy pace during the forecast period as well.

Thus, with an increase in demand for power drinks, the US organic acid market is expected to grow at a robust pace in the coming years, consequently aiding the region’s organic acid market.

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