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Citric Acid Market By Application (Food & beverages, Pharmaceuticals, Household Detergents And Cleaners, Cosmetics, Industrial applications & others) - Growth, Share, Opportunities & Competitive Analysis, 2015 - 2022

Citric acid is the most widely used food acidulant. The acid and its derivatives are also ingredients in personal care products, pharmaceuticals, detergents and cleaners, and industrial applications.

Food safety, rising demand for innovative food and beverages product are some of the factors driving the market growth. Emergence of lactic acid as a substitutes to citric acid is one of the major factors inhibiting the market growth.  

Citric Acid Market 

 

Purpose of the Report

The purpose of this strategic research study titled “Global Citric Acid Market” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global citric acid market.

Target Audience

  • Industry investors
  • Raw material suppliers
  • Distributors
  • Manufacturers
  • Retailers
  • Companies who want to enter the market and companies who want to diversify their product portfolio

USP and Key Offerings

This report analyses the worldwide markets for citric acid in USD billion & million tons by the following application types – food & beverages, pharmaceuticals, household detergents and cleaners, cosmetics and industrial applications & others. The report provides separate comprehensive analytics for the North America, Europe, Asia-Pacific and Rest of World (RoW). Annual estimates and forecasts are provided for the period 2014 through 2022 and market growth rate is calculated from 2015 to 2022. Market data and analytics are derived from primary and secondary research. We have considered demand side approach of the market. Competitive analysis is primarily based on public domain information including company URLs and company annual report.

Other in-depth analyses provided in the report include:

  • Current and future market trends to justify the forthcoming attractive markets within citric acid market
  • Market drivers, market restraints, and their impact on the market growth
  • In-depth competitive analysis of players present in the market
  • SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global citric acid market, of growth offering market size and estimates for the period from 2015 to 2022, keeping in mind the above mentioned factors.

Food and beverages is one of the major applications of citric acid.  It is projected to grow at a CAGR of 7.5% in terms of revenue during 2015 to 2022. Population expansion, increased usage of beverages and increased purchasing power of consumers are the main demand drivers.

 

Citric Acid Market

With new food and beverages industries setting up globally, additional demand for citric acid will be created. Pharmaceuticals and cosmetics are the new emerging applications for citric acid and offer huge untapped opportunities. Household detergents and cleaners and industrial applications among others are projected to exhibit average growth rates during the forecast period.   

On the basis of geography, the global lactic acid market is segmented into following regions,

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • Rest of Asia Pacific
  • Rest of the World
    • Brazil
    • Rest of RoW 

In 2014, Europe and North America together accounted for more than 65% of the market in terms of revenue and volume and projected to maintain their dominance in future. Asia Pacific is projected to be the fastest growing market at a CAGR of 7.9% from 2015 to 2022 in terms of revenue. China is not only the major consumer of citric acid but one of the major producers and exporters also.

Citric Acid Market 

 

RoW regions also offers huge market potential and is projected to grow at a CAGR of 5.5% from 2015 to 2022 in terms of volume. Countries such as Saudi Arabia, Egypt, UAE and Syria offers significant market opportunities.

Citric acid is a weak organic acid. Citric acid finds its applications in various end use industries such as food and beverages, pharmaceuticals, cosmetics, industrial applications, household detergent and cleansers, metal cleaning among others. Due to its versatile properties such as tart taste, chelating & buffering, low toxicity and preservative characteristics are responsible for its growing consumption in a wide range of applications. It is widely used as an acidulant in food and beverage industry. Citric acid is a versatile and safe alimentary additive. It is accepted worldwide as GRAS (generally recognized as safe), approved by the Joint FAO/WHO Expert Committee on Food Additives.

Rising demand for innovative food and beverage products with blend of different flavors.  Increasing popularity of convenience food and beverages such as packaged food, ready to drink beverages are the major factors driving the market growth. Emergence of lactic acid as a new substitute for citric acid and intense competition faced by manufacturers for sourcing raw materials are the factors inhibiting the market growth. However, there are huge growth potential in untapped market such as UAE, Egypt, KSA and Syria among others. Pharmaceuticals and cosmetics are two emerging applications of citric acid but shows huge growth potential over the coming six years.

Europe is the largest market for citric acid followed by North America. Both these regions accounted for two third of the market pie in 2014 and are projected to maintain their dominance over the next six years. Asia Pacific and RoW regions are projected to be the fastest growing markets. Increasing population, rise in spending power, development of new food and beverages industries setting up in these regions, additional demand for citric acid will be created. China is one of the single largest market for citric acid. It accounts for around 30% - 35% of worldwide production of citric acid. China is not only one of the largest producers but also one of the largest exporters. It accounts for 40% – 45% of worldwide exports of citric acid. Chinese suppliers sell their citric acid at lowest price possible in order to bring in hard currency and this has made extremely hard for European suppliers to compete.

To maintain their market position key players adopted different competitive strategies. While some adopted for new product development strategy to serve wide range of applications.  On the other hand some adopted for development of new technologies for production of citric acid which could help in cost reduction. Players on the regional level is targeting on the global as well as regional export markets. Global players are also focusing on acquiring players at the regional level to increase their market presence and to develop new customer base. Cargill, Archer-Daniels-Midland, Tate & Lyle PLC, COFCO Biochemical (AnHui) Co., Ltd., JUNGBUNZLAUER SUISSE AG, Weifang Ensign Industry Co., Ltd. and RZBC Group Co. Ltd are some of the major players present in this market.

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Published Date:  Mar 2016
Category:  Chemicals
Report ID:   57758
Report Format:   PDF
Pages:   120
Rating:    4.4 (65)
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