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.
Global Citric Acid Market is segmented by Form, by Application, by function, and by Region.
Citric Acid Market by form segment is classified into anhydrous and liquid. By application segment classified into food, pharmaceuticals, and cosmetics. By function, segment is classified into acidulant, antioxidant, preservative, and sequestrant. Geographically split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Based on form liquid segment headed the Citric Acid market. The liquid form is used in various food and dairy products due to its advantageous properties such as acidifying agents, texture modification and flavor enhancement. The liquid form is also used in the oil industry as an iron control additive for chelating and maintaining the pH of acidizing fluids to help to decrease the precipitation of iron in oil.
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In application, food segment is growing at the highest CAGR during the forecast period. The high market share of the 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.
The 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 it is non-toxic, non-corrosive and biodegradable characteristics.
The segment is anticipated to showcase large growth during the forecast period.
Asia Pacific Citric Acid market is projected to grow at the highest CAGR during the 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 are anticipated to drive the regional product market. Relaxed investment norms, low production cost and the availability of cheap labor to contribute to the growth of the 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 the Citric Acid market.
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The report includes detailed profiles of the prominent market players that are trending in the market. 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.
Scope of the Global Citric Acid Market
Global Citric Acid Market By Form:
Global Citric Acid Market By Application:
Global Citric Acid Market By Function:
Global Citric Acid Market By Region:
The Middle East and Africa
Key Player analyzed in the Global Citric Acid Market:
Archer Daniels Midland Company
Tate & Lyle
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.
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