CITRIC ACID MARKET TO REACH USD 5.1 BILLION BY 2027 | CAGR 5.4% — FORENCIS RESEARCH
Global Citric Acid Market: Key Highlights
- According to the new market research report “Citric Acid Market by Source (Natural, Synthetic), by Form (Powdered, Liquid), by Application (Food and Beverages, Cosmetic & Personal Care, Pharmaceutical, Industrial Processes), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2020 to 2027)”, the global citric acid market is estimated to reach USD 5.1 Billion by 2027 at a CAGR of around 5.4% during the review period.
- Citric acid is the weak inorganic acid used across cosmetic, food and beverages, personal care and industrial processes
- It is used as stabilizers, preservative, flavoring agent, taste enhancer and anti-oxidant
- It is naturally present in the citrus fruits such as lemon, lime, oranges, grapefruit and others
Global Citric Acid Market: Key Market Dynamics
- Increasing demand for processed food products from the developing economies driving the citric acid market
- Higher demand for organic ingredients owing to awareness regarding the ill effects of chemicals is further boosting the market growth
- Availability of substitutes such as lactic acid, tartaric acid, and malic acid among other few hampers the market growth
- Increasing Research and Development Activities for New Production Techniques for maximum extraction of citric acid is acting as opportunities for the citric acid market
- Regulation on the amount of use in Functional Food impact the overall market growth
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Global Citric Acid Market: Regional Overview
- North America
The citric acid market in the North American region is expected to witness strong growth in the forecast period owing to growing preference to the processed food products. The demand for the processed and convenience food has increased since the past few years owing to a higher preference towards saving cooking and cleanup by the US population. Rising disposable income with a higher tendency to spend on the processed food products is driving demand for citric acid.
- Asia Pacific
Asia-Pacific has emerged as the promising region for the citric acid market. Growing geriatric population along with shifting preference of youth population towards herbal dietary supplement and functional food drives the regional market. Growing demand for health drink and dietary supplement in China, India and Indonesia. Rapidly growing count of the health consciousness Indonesian consumers is driving the demand for healthier products. Switzerland Global Enterprise stated that imports of instant drinks in Indonesia rose from USD 46.1 million in 2016 to USD 108 million in 2017. Due to this, the demand for citric acid in the health/energy drinks and carbonated drinks, and ready to drink juice increases.
Global Citric Acid Market: Key Players Overview
ADM or Archer-Daniels-Midland Company is the global manufacturer of food and beverage ingredients. The company was established in 1923 with global headquarters at Illinois, United States. The company operates through four major business segment: Origination, Oilseeds, Carbohydrate Solutions, and Nutrition. The carbohydrate solution segment engages in production of the ingredients used in the food and beverages including sweeteners, starch, citric acid, wheat flour and bi-products. In 2017, the company entered into an exclusive distribution partnership with H & R Schwarz (Australia) for supplying ingredients and specialty services.
- Cargill, Incorporated:
Cargill, Incorporated, a US-based food corporation with a strong global reach through its supply chain and exclusive product portfolio. Key business lines include food ingredients and bio-industrial, animal nutrition, protein, agricultural supply chain and metals and shipping. The company offers citric acid in both anhydrous as well as the liquid form to be used in foods and beverages, pharmaceuticals, household detergents and cosmetics application areas.
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