According to the report published by IndustryARC titled “Citric Acid Market: by End-Use Industry (Food & Beverage, Pharmaceutical, Soap & Detergent, Printing, and Others); by Application (Acidulant, Stabilizer, Cleaning Agent, Binding Agent, and Others); By Geography – Forecast (2018 – 2023),” the market is estimated to reach $4.38 billion by 2023.

Browse 83 Market Tables, and 179 Figures and go through an in-depth TOC on “Citric Acid Market”

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According to a recent study from IndustryARC, the citric acid market is forecast to reach $4.38 billion by 2023 and is estimated to grow at a CAGR of 3.8%. The growth in the citric acid market can be attributed to the commencement of advanced applications in pharmaceuticals and canned food manufacturing companies.

The market for citric acid is all set to exhibit robust development with a broad range of applications introduced in pharmaceutical, and food & beverage industry. Citric acid functions as a pH control agent and as a chelating agent which improves the action of antioxidants in food preservation which is a major contributor for the increasing the demand for citric acid market globally. Food & Beverage industry has the maximum share of 71.6% in the citric acid market. Citric acid has high anti-oxidant properties, due to which it is readily used as an excipient in the pharmaceutical preparations.

Europe was the largest market for citric acid globally, having a market share of 39.09% in 2017. The largest end-use segment of the American citric acid market is food and beverage (particularly for beverages) used to control the pH of the drinks, followed by industrial segment (especially for household detergent and cleaners) and then pharmaceutical segment (which includes beauty & cosmetics). The growing demand for products such as diabetic baked products, low fat dairy products made using citric acid are increasing the demand for citric acid. The various end users assessed includes personal care, stabilizer, cleaning agent, binding agent, and animal feeds.

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The Major Players in this Market Include

Tate & Lyle
Archer Daniels Midland Company (ADM)
Jungbunzlauer AG
Cargill Corporation
Hoffmann-La Roche AG
Chinese Companies (COFCO Biochemical (Anhui) Co.,Ltd., Yixing Biochemical Co.,Ltd., Jiangsu Gadot Nuobei Biochemical Co.,Ltd., are few Chinese companies)

Citric Acid manufacturers have utilized mergers and acquisitions as well as product launches as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.

The end-user industries covered in the Citric Acid Market report include:

Food & Beverage
Pharmaceutical
Soap & Detergent
Printing
Others (Cosmetic Products, Photography, Industrial construction and more)

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.

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In 2018, the global citric acid market size was valued at USD xx million and estimated to project the value of USD xx million in 2025, registering a CAGR of x.x% during the forecast period.

The global citric acid market in 2018 in the United States was valued for USD xxx.x million in 2016 and is estimated to have a steady growth in the next few years. Citric acid is mostly used in the regional food processing industry to expand the shelf life of convenience foods. The region is expected to hold a tag of a one of the well-established food processing industry in the citric acid marketplace.

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Citric acid is basically used as an additive in food products, and extends the shelf life. The aforementioned factors are anticipated to augment the product demand over the next coming years. Regulations for the use of citric acid in nutricosmetics, nutraceuticals, and dietary supplements, for infant formulas, North America, are stringent which are estimated to pose a challenge to regional players.

The key manufacturers in the market are steadily penetrating into several market segments by introducing citric acid-based products such as diabetic baked products, ice creams, low-calorie sugar, dietary beverages & snacks, low-fat dairy products, confectionery products. The increasing demand for these products is expected to boost the demand among the consumers.

Due to the growing awareness in the Middle East about citric acid based food & beverages and pharmaceuticals, the market is driving the market growth in the emerging region. Several international market are building offices, plants and massive infrastructure in the region in an attempt to increase their forefront.

China is anticipated to witness the high hike rate in Asia Pacific over the forecast period. The citric acid market is majorly driven by factors such as prevalence of lifestyle diseases sub categorized by cardiovascular diseases, gut health-related issues, and mental health problems.

The global citric acid market is segmented into several classifications including form outlook, application outlook, and regional outlook. Based on the form outlook, the market is driven by liquid and powder. On the basis of application outlook, the market is segmented into Pharmaceutical, Food & Beverages, and others. Whereas, based on the regional outlook, the market is widely range to North America, U.S., Europe, Germany, Asia Pacific, China, India, Central & South America, and the Middle East & Africa.

Leading players of the global citric acid market include Cargill, COFCO Biochemical (Anhui) Co, Ltd, Gadot Biochemical Industries Ltd, Archer Daniels Midland Company, Huangshi Xinghua Biochemical Co, Jungbunzlauer Suisse AG, Pfizer Inc, S.A. Citrique Belge N.V., Shandong Juaxian Hongde Citric Acid Co., Suisse AG, Basel, Tate & Lyle PLC, Weifag Ensign Industry Co., Ltd, RZBC Group Co., and more others.

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What to expect from the upcoming report on ‘Global citric Acid Market:

- Future prospects and current trends of the global citric acid market by the end of forecast period (2018-2025)

- Information regarding technological progressions as well as innovations taking place in developing economies

- Supportive initiatives by government likely to influence the market dynamics

- Trends, drivers, opportunities, restraints, challenges and key developments in the market

- In-depth analysis of different market segmentations including regional segmentations, and product types

- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market

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