Global Citric Acid Market By Form (Anhydrous and Liquid) By Application (Food, Pharmaceuticals and Cosmetics) By Function (Acidulant, Antioxidant, Preservative and Sequestrant) By Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America). Global Citric Acid Market was valued US$3.2 Bn in 2017 and is estimated to reach US$4.8 Bn by 2026 at a CAGR of more than 5.2% during a forecast period.
Increasing demand of citric acid from detergents & cleaners, end user industries, consumers preferring products including plant based natural ingredients, the food and beverage industry is driving factor for the growth of the global citric acid market during the forecast period. The demand for carbonated soft drinks and ready-to-eat products due to the increasing urban population and changing consumer styles are assisting to the demand for citric acid in the food and beverage industry. There is a growing demand for citric acid in the detergents and cleaners segment due to its non-toxic, non-corrosive and biodegradable characteristics. The segment is anticipated to showcase large growth during the forecast period.
Liquid segment is anticipated to fuel during forecast period
Based on form liquid segment headed the Citric Acid market. Liquid form is used in a various food and dairy products due to its advantageous properties such as acidifying agents, texture modification and flavour enhancement. Liquid form is also used in oil industry as an iron control additive for chelating and maintaining the pH of acidizing fluids to help decreasing the precipitation of iron in oil.
The food segment accounted for the largest share of the Citric Acid market
In application food segment is growing at the highest CAGR during the forecast period. The high market share of food segment can be attributed to the wide usage in ice-cream and dietary supplements. It is used to control the pH value in medicines and form salt derivatives of minerals and metals in pharmaceuticals. It is employed in conjunction with sodium bicarbonate in effervescent methods for the manufacturing of personal care and ingestion tablets & powder products.
Asia Pacific dominated the Citric Acid Market
Asia Pacific Citric Acid market is projected to grow at the highest CAGR during forecast period. Growth in the Asia Pacific region is chiefly due to China. The growing food industry, the growing acceptance of ready-to-drink (carbonated) beverages and processed food also cosmetics and personal care, pharmaceuticals and home care is anticipated to drive the regional product market. Relaxed investment norms, low production cost and the availability of cheap labour to contribute the growth of market during the forecast period. The European region is anticipated to witness high growth owing to increasing demand from foods & beverages industry. All other regions are following to contribute the growth in Citric Acid market.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Archer Daniels Midland Company, Cargill, Merck KGaA, Tate & Lyle, COFCO Biochemical, Jungbunzlauer Suisse AG, HUANGSHI XINGHUA BIOCHEMICAL CO.LTD., RZBC GROUP CO., Weifang Ensign Industry Co., Gadot Biochemicals Industries LTD., S.A. Citrique Belge N.V. and Pfizer Inc., among others.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the citric acid market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in citric acid market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain citric acid market positioning of competitors.
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