The report on Citric Acid Market by application(acidulant,
cleaning agent, binding agent) trends analysis and forecasts up to 2023 studies
the market sizes, key trends and opportunities in the main geographies such as
North America, Europe, Asia-Pacific, Rest of the World. According to the report
the Global Citric Acid Market is projected to grow at a CAGR 8% in terms of
value over the period of 2017-2023. The growth in the world market is primarily
driven by significant contribution by North America (Leading region) region to
this market.
Citric
acid is a key intermediate in metabolism. It is an acid compound found in
citrus fruits. Moreover, citrus acid is primarily produced by the microbial
fermentation of carbohydrates such as molasses, corn sugar, cane sugar and beet.
Citric acid is mainly used in food industry, detergents, pharmaceuticals,
mineral supplements and household cleaning owing to its properties such as
antioxidant, non-corrosive, non-toxic and biodegradable.
Market Insights
The
global citric acid market is projected to grow with a CAGR between 5.5% and
6.0% during 2017-2023. Increasing demand of citric acid from detergents &
cleaners application, due to characteristic of citric acid to reduce hardness
of water and formation of foam, is the key factor driving the growth of citric
acid market worldwide. Moreover, growing demand for citric acid as a crucial
ingredient in various end user industries such as Food & beverages,
Pharmaceuticals, and Personal Care among others will drive the global citric
acid market. Furthermore, rising demand from consumers preferring products
including plant based natural ingredients due to increasing various health
issues is anticipated to drive the consumption of citric acid in food and
beverages industry over the forecast period. However, increasing prices of molasses
which is a prime feedstock used in the production of citric acid is the key
factor restraining the growth of global citric acid market. Nevertheless,
continuously rising demand for citric acid from emerging applications such as
food additives & animal feed are anticipated to create more opportunities
for the citric acid manufacturers over the forecast period. Moreover,
environment friendly properties of citric acid are likely to create more
opportunities to citric acid in other applications, as a result the market size
of citric acid is projected to grow at a rapid pace over the forecast period.
Browse Research Report: https://www.infiniumglobalresearch.com/chemical_material/global_citric_acid_market
Segments Covered:
The
report segments the citric acid market by form, by grade, by application, by
end use and by region. Market segmentation based on form includes liquid form
and powder form. Moreover, the global citric acid market based on grade is
segmented into food grade, and other grades (including industrial grade and
pharmaceutical grade). Furthermore, based on application the global citric acid
market is segmented into acidulant, cleaning agent, binding agent, preservative
and others. The global citric acid market segmentation based on end use
includes food & beverages, pharmaceuticals, animal feed, personal care,
metal finishing & cleaning and others. The food & beverages application
segment covers usage of citric acid into bakery & confectionary, dairy,
convenience food, and jams & preserve among others.
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Geographic
Coverage and Analysis:
The
report provides regional analysis covering geographies such as North America,
Europe, Asia-Pacific, and Rest of the World. In this section the key trends and
market size for each geography is provided over the period of 2015 – 2023.
Among
the geographies Asia Pacific accounted to be the largest market in terms of
consumption and production of citric acid over the period of 2015 and 2016.
Moreover, Asia Pacific is likely to continue its dominance over the upcoming
years and is anticipated to grow at a highest CAGR over the forecast period.
The growth in the regions is attributed to growing population in its prime
markets such as India and China. Moreover, China which is a major exporter and
consumer of citric acid, and increasing demand of carbonated soft drinks across
the region are further anticipated to boost the consumption of citric acid in
the region over the next 6 years. Europe is the second largest market for
citric acid due to huge demand from the food & beverages industry. The
citric acid is significantly used in preservatives used for food and beverages.
However, increasing demand for citric acid from cosmetic & personal care as
well as the pharmaceutical industry is likely to drive a significant growth in
citric acid market in Europe over the forecast period. North America is
expected to witness a moderate growth rate over the upcoming years due to
market saturation and high rivalry among the manufacturers leading to low
prices.
Companies
Profiled:
The companies covered in the report
include Archer Daniels Midland Company, Cargill Inc., Tate & Lyle PLC,
HUANGSHI XINGHUA Biochemical Company Ltd., RZBC Group Company Ltd., Weifang
Ensign Industry Company Ltd., Gadot Biochemical Industries Ltd., Jungbunzlauer
Suisse AG, Pfizer Inc., Delek Group and Shandong Juxian Hongde Citric Acid
Company Ltd.
Report
Highlights:
The
report provides deep insights on demand forecasts, market trends and micro and
macro indicators. In addition, this report provides insights on the factors
that are driving and restraining the demand of citric acid globally as well as
regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an
insight on the investment areas that existing or new market players can
consider. The report provides insights into the market using analytical tools
such as Porter’s five forces analysis and DRO analysis of citric acid market.
Moreover,
the study highlights current market trends and provides forecast from 2017 to
2023. We also have highlighted future trends in the citric acid market that
will impact the demand during the forecast period. Moreover, the competitive
analysis given in each regional market brings an insight on the market share of
the leading players. This report will help manufacturers, suppliers and
distributors of the citric acid market to understand the present and future
trends in this market and formulate their strategies accordingly.
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