Global Citric Acid Market is expected to grow at a significant CAGR of 4.4% by 2023, as the scope and its applications are rising enormously across the globe. Citric acid is also termed as anhydrous citric acid or citrate or 2-hydroxypropane-1,2,3-tricarboxylic acid, with a molecular formula C6H8O7. These are odorless, colorless & translucent crystals with an acid taste and are denser than water. Its molecular weight is 192.123 g/mol. It is an organic acid compound found in citrus fruits and plays important role in metabolism to create energy.
It has a calcium chelating ability and is exclusively used as anticoagulants. It is soluble in ether and very soluble in water, and freely soluble in ethanol. It is usually found in fruits like oranges, lemons, pineapples, limes, and grapefruit. More commonly added to various foods and beverages for flavor or as a preservative. It is also known by sour salt or lemon salt.
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Citric acid reduces the hardness of water and helps in the foam formation, rising use for descaling of mineral deposits, and exclusively used to remove dirt spots and grime from the surfaces and fabrics, are documented as major factors of Citric Acid Market that are estimated to enhance the growth in the years to come. Rising popularity of organic food additives and is biodegradable, non-corrosive, and non-toxic in nature are the other factors that boost overall market growth in the coming years.
Citric Acid Market is segmented based on types, form, application, and region. Food grade citric acid, citric acid solvents, and pharmaceutical citric acid are the main types that could be explored in Citric Acid in the forecast period.
Powder citric acid and liquid citric acid are the major forms that could be explored in Citric Acid in the forecast period. Powder sector may account for the substantial market share in terms of revenue in the coming years. However, liquid segment is estimated to grow at highest CAGR in the foremost period. This may be because of its beneficial properties in a food and dairy products. Moreover, it is exclusively used in oil industry as an oil control additive for maintaining the pH and chelating acidizing fluids.
The market may be categorized based on applications like food & beverages, pharmaceutical, and others that could explored in the forecast period. Food & beverage sector may lead the overall market with the significant share in terms of volume in the coming years. Also, the sector is estimated to grow at highest CAGR in the years to come. The reason behind the growth could be high demand for dietary supplements and ice creams, exclusively used to form salt derivatives of metals and minerals in pharmaceuticals, and highly used to control the pH value in medicines. However, other segment includes textiles, detergents & cleansers, animal feed, and cosmetics.
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Globally, North America may account for the substantial market share of Citric Acid and is estimated to lead the overall market in the coming years. In North America approx. 65 to 70, million suffer from digestive system problems stated by WHO. Inversely, this led to high demand for digestive citric acid-based pharmaceuticals and food & beverages in the region. German Nutrition Society (DGE) stated that, rising awareness amongst European consumers regarding citric acid for maintaining health. Moreover, the people consuming citric acid-based yogurt to maintain digestive health has been raised.
However, in Middle East, growing awareness regarding citric acid-based food and beverages and pharmaceuticals is compelling the market growth in the region. This may be because of rising number of major manufacturers in the region to increase their impression. Moreover, Asia Pacific is estimated to grow at fastest pace in the future period. Also, estimated to grow at highest CAGR in the coming years. The aspects that may be ascribed to the growth amy comprise occurrence of lifestyle diseases like gut-health related issues, cardiovascular disease, and mental health problems and growing geriatric population.
The key players of Citric Acid Market are Danisco A/S, Kenko Corporation, Tate & Lyle plc, and Archer Daniels Midland (ADM) Company. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Global citric acid (CAS 77-92-9) market is anticipated to grow at a CAGR of 4.4% by 2023, according to a new report published by Gen Consulting Company. The report segments the market and forecasts its size, by volume and value, on the basis of application (food & beverage, detergents & cleaners, pharmaceutical & cosmetics, industrial, agricultural, etc.), and by geography (North America, Europe, Asia-Pacific, MEA and South America).
The report covers forecast and analysis for the citric acid market on a global and regional level. The study provides historic data of 2013-2017 along with a forecast from 2018 to 2023 based on both output/volume and revenue. The study then describes the drivers and restraints for the citric acid market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the citric acid market on a global level.
The report has been prepared based on the synthesis, analysis, and interpretation of information about the global citric acid market collected from specialized sources. The competitive landscape section of the report provides a clear insight into the market share analysis of key industry players. Company overview, financial overview, product portfolio, new project launched, recent development analysis are the parameters included in the profile.
Demand for this market rises from the food & beverage, detergents & cleaners, pharmaceutical & cosmetics, industrial, agricultural, and other applications. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2023. Relevantly, the report and company profiles specify the key drivers that are impacting the demand in global citric acid market.
– Food & Beverage
– Detergents & Cleaners
– Pharmaceutical & Cosmetics
– North America
– Asia Pacific
– Middle East and Africa
– South America
– BBCA Group
– Bilt Chemicals
– CIMACHEM GmbH
– Citrique Belge
– Citro Misr Co.
– COFCO Biochemical
– Ensign Industry
– Fuso Chemical
– Gadot Bio-Chem
– Guoxin Union
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Key Questions Answered in this Report
– What will the market size be in 2023?
– What are the key factors driving the global citric acid market?
– What are the challenges to market growth?
– Who are the key players in the citric acid market?
– What are the market opportunities and threats faced by the key players?
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