“We have produced a new premium report Citric Acid Market. The report covers the analysis of global as well as regional markets of Citric Acid. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. The report also deep dives into the sub-segments of Citric Acid Market by form (liquid, powder form), grade (food, industrial, pharmaceutical grade), application (acidulant, cleaning agent, binding agent), end use ( pharmaceuticals, animal feed, personal care, metal finishing & cleaning) through main geographies in the global market such as North America, Europe, Asia-Pacific and RoW. 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 report covers market changing dynamics including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the Citric Acid Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Citric Acid Market are 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 JuxianHongde Citric Acid Company Ltd.”
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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
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. 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.
Asia Pacific Is Likely To Continue Its Dominance over the Upcoming Years
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.
Segments Covered in this Premium Report:
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.