Citric Acid Market Overview
The swelling demand for carbonated drinks has constructively contributed to the market for citric acid. Market reports related to the chemicals and materials industry have been released by Market Research Future who issues reports on other sectors that have been recently put out along with a report on this industry. The market is anticipated to intensify its growth with an optimistic CAGR towards the overall development of the market.
The intensifying usage of citric acid as a flavoring agent in beverages is set to rise with an increase in the level of consumption of various beverages over the forecast period. Alcoholic beverages and dairy products are expected to be the primary contributors to the global market growth. The escalation in the demand for citric acid for cosmetics & personal care products along with medicinal purposes will positively develop the market share over the forecast period.
The remarkable players operating in the global citric acid market include Cargill, Incorporated (U.S.), Tate & Lyle (UK), COFCO Biochemical (Anhui) CO., LTD (China), RZBC GROUP CO., LTD. (China), Gadot Biochemicals Industries LTD. (Israel), Gadot Biochemicals Industries LTD. (Israel), S.A. Citrique Belge N.V. (Belgium), Archer Daniels Midland Company (U.S.), Merck KGaA (Germany), Jungbunzlauer Suisse AG (Switzerland), Huangshi Xinghua Biochemical Co.Ltd. (China), Weifang Ensign Industry Co., Ltd (China), and Pfizer Inc. (U.S.).
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The global citric acid market has been featuring stable growth over the past few years and is projected to achieve high revenue over the forecast period of 2018-2023, unveils Market Research future (MRFR) in a detailed research report. Owing to its remarkable physicochemical properties and environmentally benign nature, the use of citric acid across various industry verticals has increased rapidly, including food & beverage, cosmetics & personal care, and pharmaceutical industry. The food & beverage industry directly influences the growth of the global citric acid market.
The strong demand of consumers for naturally occurring functional products continues to drive the demand for citric acid as an ingredient in the food & beverage industry. Owing to its capability of reducing microbiological activity, properties of being acidic, and antioxidant properties, it used widely used as a food additive in drinks, confections, and in preparation of citrates and flavoring extracts. Citric acid also experiences high demand in the cleaning of industrial sites. Due to its excellent metal chelating properties, it is used to clear sites contaminated with radionuclides. Citric acid is also used in the production of detergents and cleaners. Various environmental norms have resulted in the replacement of phosphate builders with citric acid in many formulations. Unlike phosphates, citric acid does not contribute to the eutrophication of water bodies and is desirable from an environmental perspective. Moreover, availability in abundance, low price, and large-scale applications boost the growth of the market. Molasses, waste feedstock and fruit peel, the raw materials used for the production of citric acid is cheap and is its availability is practically unlimited. However, the threat from lactic acid as a substitute to citric acid is likely to restrain the growth of the growth of the global citric acid market over the forecast period.
In September 2018, The Saudi arm of Veolia Water Technologies signed a deal with Saudi Bio-Acids Company to design and build the Middle East’s first citric acid production facility in Jeddah. The plant is expected to have a production capacity of approximately 72,574t of critic acid anhydrous, critic acid monohydrate, and trisodium citrate within three years of becoming operational.
The global citric acid market has been segmented based on forms, function, and application. By form, the global citric acid market has been segmented into powder and liquid. The powder segment has been further segmented into anhydrous, monohydrate, dihydrate, and others. By function, the global citric acid market has been segmented into acidulant, antioxidant, preservative/sequestrant, a chelating agent, emulsifying agent, buffering agent, flavoring agent, and others. By application, the global citric acid market has been segmented into food and beverage, cosmetics and personal care, pharmaceuticals, detergents and cleaners, and others.
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The global citric acid market spans across the regions of North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Asia Pacific is the largest market for citric acid. The expanding food industry which makes extensive use of citric acid, growing acceptance of carbonated beverages and processed foods are driving the growth of the citric acid market in the Asia Pacific. China is one of the major contributors to the Asia Pacific market and held a substantial share of the global market in 2017. Comparatively low cost of production, the growth of end-user industries such as cosmetics and personal care, pharmaceuticals, and home care are also stimulating the growth of the global citric market. North America and Europe are also major markets for citric acid and projected to showcase high growth over the forecast period. The Middle East & Africa market is at nascent stage, however, the growth of the food & beverage and cosmetics industry in the Gulf economies is likely to provide opportunities for growth over the forecast period. Latin America holds the least share of the market and is expected to have limited growth over the forecast period.
- Citric acid manufacturers
- Traders and distributors of citric acid
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratories
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Function
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Supply Chain Analysis
4.1.1 Raw Material Suppliers
4.1.4 End- Users
4.2 Porter’s Five Forces Analysis
4.2.1 Threat Of New Entrants
4.2.2 Bargaining Power Of Buyers
4.2.3 Bargaining Power Of Suppliers
4.2.4 Threat Of Substitutes
4.2.5 Intensity Of Competitive Rivalry
5 Market Dynamics Of Global Citric Acid Market
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