As the disposable income of people is growing, the demand of personal care items and food products is growing as well. Owing to this, both the food & beverages and cosmetic & personal care industries are registering considerably growth. The changing food habits of people, globalization, and surging penchant for processed food products has been resulting in the growth of the food & beverages industry. Similarly, the increasing consciousness among people regarding their physical appearance and hygiene, the adoption of cosmetics and personal care products has risen all across the globe.
Get a sample copy of this report: https://www.psmarketresearch.com/market-analysis/levulinic-acid-market/report-sample

In 2019, the global levulinic acid market reached a value of $27.2 million in 2019 and is predicted to attain a revenue of $60.2 million by 2030, progressing at an 8.8% CAGR during the forecast period (2020–2030). When technology is taken into consideration, the market is divided into acid hydrolysis and biofine, between which, the biofine division is predicted to grow at the fastest pace during the forecast period. This process adopted primarily for the production of levulinic acid, as no microorganisms are used for fermenting monomers, unlike in the hydrolysis process. Therefore, due to the rising awareness regarding the advantages of this process, its adoption is predicted to rise as well.

Geographically, North America dominated the levulinic acid market in 2019, according to a report by P&S Intelligence. This can majorly be attributed to the increasing requirement for levulinic acid for producing fuel additive n-butyl levulinate in the region. The need for this acid in the U.S. and Canada is also growing from the agriculture and personal care industries. Levulinic acid is extensively gaining popularity as an additive for the production of eco-friendly herbicides. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period.

Hence, the demand for levulinic acid is growing due to the expansion of the food & beverages and personal care industries.