According to a report by Grand View Research, Inc., global potassium citrate market is anticipated to value USD 868.9 million by 2025. Growing requirement for chemical compounds that can enhance shelf life for food products through emulsifier fortification and even cure some major health issues is anticipated to propel demand for potassium citrate. It is likely to offer superior properties such as flavor profile, hygroscopicity, and high solubility rate.
High demand for cosmetics and personal care products among consumers is expected to influence growth of market. Growing concerns regarding health among working professional and rising demand for supplements and antacids can fuel market growth. Increasing use of potassium citrate in food products to enhance their shelf life is likely to stimulate growth of market during the forecast period (2014 to 2025).
Full Research Report On Potassium Citrate Market Analysis:
The potassium citrate market can be segregated on the basis of function, application, and region.
Based on function, the market can be classified into emulsifier, diuretic, acidulent, and others. In 2016, emulsifier segment dominated the market and accounted for 20% of global potassium citrate volume. Increasing use of potassium citrate in several food products such as creamy sauce, candy, mayonnaise, packaged processed food, and baked goods can also fuel market growth.
Similarly, diuretic segment is expected to contribute well to market growth. Increasing use of potassium citrate as diuretic in clinical medicine for reducing amount of fluid in blood vessels in humans can stimulate growth of market. In addition, high demand for diuretics to make urine less acidic and cure renal tubular acidosis can spur market growth.
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Based on application, the market can be categorized into pharmaceutical, food & beverage, personal care, and others. In 2016, food and beverage segment dominated the market and accounted for market share equivalent to USD 457.1 million. It is likely to grow well during the forecast attributed to emergence of new economies in the region. In addition, growing purchasing power in developing nations such as Brazil, India, China, and Indonesia can fuel demand for food and beverages. This, in turn, is likely to fuel demand for potassium citrate. Potassium citrate can be used as preservative, buffering agent, and acid regulator in various products such as cereals, snacks, dessert, baby food, and carbonated soft drinks.
Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. In Asia Pacific, the market is anticipated to witness substantial growth at CAGR of 4.2% from 2017 to 2025. High demand for potassium citrate owing to its properties such as pH buffering, potassium fortification, enhancement of stability or complexity can fuel market growth. China is expected to be major manufacturing destination for potassium citrate with companies such as Huangshi Xinghua Biochemical, Foodchem International Corporation, RZBC Group Co., Ltd., and Jiangsu Mupro IFT Corporation enjoying strong presence in the country.
On the contrary, North America accounted for 22.8% of overall volume in 2016 and is likely to witness significant growth during the forecast period. Cosmetics application can augment demand for potassium citrate in United States attributed to rising consumer demand for various skincare products. In addition, increasing use of antiaging products can fuel product demand during the forecast period.
In Europe, the market is predicted to grow well owing to high demand for sausages in the region. Increasing use of emulsifiers in processed meat is likely to boost growth of market in this region. Key components in sausages such as water, meat proteins, and fat are likely to require stable emulsification to be bound together.
Some of the leading companies offering potassium citrate are BASF SE; Gadot Biochemical Industries, Ltd.; Archer Daniels Midland Company; The International Group, Inc.; and Baker Hughes Incorporated. The market is expected to be highly fragmented in nature and characterized by intense competition. Adoption of strategic actions such as development of new and innovative products coupled with mergers and acquisitions are predicted to fuel growth of market. In addition, penetration of new entrants in this market is further estimated to grow competition during the forecast period.
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