Published Date: November, 2017
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. Furthermore, citric acid is also extracted from citrus fruits as they contain up to 8% of citric acid. Fruits such as oranges, lemons and limes are among the rich sources of citric acid. 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.
Figure 1: Global Citric Acid Market by Value 2015-2023
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.
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.
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.
Figure 2: Global Citric Acid Market by Region
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.
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.
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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