Market Insights
The global citric acid market is projected to reach USD 3.2 billion by 2023 and is expected to witness a CAGR of 5.1% during the forecast period.
Market Dynamics
Citric acid is a cost-effective ingredient with wide-ranging applications. The driving factor behind the growth of the global citric acid market is the expanding application in various industries like food & beverage, cleaning and chelating agent, pharmaceuticals, and others. Among these applications, food & beverage is expected to account the largest share, followed by cosmetics and personal care. The rising consumption of food & beverage and personal care products has boosted the regional as well as global market.
Disproportionate citric acid consumption can cause a variety of side-effects such as vomiting, diarrhea, nausea, and abdominal pain. These issues are limiting consumer demand for citric acid, which is hampering the growth of the market.
The global citric acid market is currently witnessing high opportunity because of increased usage of citric acid as a cleaning agent due to the ban on phosphate in various regions.
Market Segmentation
The citric acid market is segmented by key forms, functions, applications, and geography. Among all the application segments, the acidulant segment is expected to account for the highest share.
Geographically, Europe accounts for the largest market share of the worldwide Citric acid production, followed by North America and Asia-Pacific.
The prominent citric acid market players have adopted new product development as their key strategy to attend different consumer requirements from food and non-food sectors, in matured and untapped markets as well. They also focus on procuring local players of the industry and base for expansion. This has not only supported them to expand their geographical reach but has also strengthened their market position by gaining a larger share in the revenue and product portfolio.
Key Developments
- April 2015: Cargill Incorporated raised investment to expand the production capacity of its citric acid plant in Uberlandia, Minas Gerais plant.
- April 2012: Tate & Lyle PLC agreed to sell 50% stake in Sucromiles, its Colombian citric acid joint venture, to its long-standing business partner, Organizacion Ardila Lulle.
Competitive Landscape
The major players include Archer Daniels Midland Company, Cargill, COFCO Biochemical (Anhui) Co., Ltd, Delek Group, Gadot Biochemical Industries Ltd, Huangshi Xinghua Biochemical Co., Ltd, Jungbunzlauer Suisse AG, Pfizer Inc., RZBC Group Co., Ltd, S.A. Citrique Belge N.V., Shandong Juxian Hongde Citric Acid Co., Ltd, Suisse AG, Basel, Tate & Lyle PLC, and Weifang Ensign Industry Co., Ltd, among others.
Reasons to Purchase the Report
- Analyzing outlook of the market with the recent trends and Porter’s Five Forces Analysis.
- Studying the market dynamics, essentially considering the factors which impel the present market scenario along with growth opportunities of the market in the years to come.
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects.
- Regional and country-level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
1. Introduction
1.1 Research Methodology
1.2 Market Definition
1.3 Report Description
2. Executive Summary
3. Market Overview
3.1 Market Dynamics
3.1.1 Drivers
3.1.1.1 Growing Demand from Food Industry
3.1.1.2 R&D Investments and Technological Innovations like Micro-encapsulation
3.1.2 Restraints
3.1.2.1 Health Issues Related to Excessive Consumption
3.1.3 Opportunities
3.1.3.1 Capitalize the Prevailing Market Trend
3.1.3.2 Potential to Grow in Untapped Countries
3.1.4 Porter's Five Forces Analysis
3.1.4.1 Bargaining Power of Suppliers
3.1.4.2 Bargaining Power of Buyers
3.1.4.3 Threat of New Entrants
3.1.4.4 Threat of Substitute Products and Services
3.1.4.5 Degree of Competition
4. Market Segmentation
4.1 By Form
4.1.1 Liquid Citric Acid
4.1.2 Powder form
4.1.2.1 Anhydrous Citric Acid
4.1.2.2 Monohydrate Citric acid
4.2 By Function
4.2.1 Acidulant
4.2.2 Preservative
4.2.3 Antioxidant
4.2.4 Binding Agent
4.2.5 Others
4.3 By Application
4.3.1 Beverages
4.3.2 Confectioneries
4.3.3 Convenience Food Products (Creams, Fats, Mayonnaise, Soups & Sauces, Oils, and Fillings)
4.3.4 Dairy Products
4.3.5 Pharmaceuticals & Personal Care
4.3.6 Others
4.4 By Geography
4.4.1 North America
4.4.1.1 United States
4.4.1.2 Canada
4.4.1.3 Mexico
4.4.1.4 Rest of North America
4.4.2 Europe
4.4.2.1 Spain
4.4.2.2 United Kingdom
4.4.2.3 France
4.4.2.4 Germany
4.4.2.5 Italy
4.4.2.6 Rest of Europe
4.4.3 Asia-Pacific
4.4.3.1 China
4.4.3.2 India
4.4.3.3 Japan
4.4.3.4 Australia
4.4.3.5 Rest of Asia-Pacific
4.4.4 South America
4.4.4.1 Brazil
4.4.4.2 Argentina
4.4.4.3 Rest of South America
4.4.5 Africa
4.4.5.1 South Africa
4.4.5.2 Egypt
4.4.5.3 Rest of Africa
5. Competitive Landscape
5.1 Strategy Adopted by Key Players
5.2 Most Active Companies in the Past Five Years
5.3 Market Share Analysis
6. Company Profiles
6.1 Archer Daniels Midland Company
6.2 COFCO Biochemical (Anhui) Co., Ltd
6.3 Cargill
6.4 Delek Group
6.5 Gadot Biochemical Industries Ltd
6.6 Huangshi Xinghua Biochemical Co., Ltd
6.7 Jungbunzlauer Suisse AG
6.8 Pfizer Inc.
6.9 RZBC Group Co., Ltd
6.10 S.A. Citrique Belge N.V.
6.11 Shandong Juxian Hongde Citric Acid Co., Ltd
6.12 Suisse AG, Basel
6.13 Tate & Lyle PLC
6.14 Weifang Ensign Industry Co., Ltd
6.15 Innova Corporate (India)
6.16 Posy Pharmachem Pvt. Ltd.
*List not Exhaustive
7. Appendix
7.1 Disclaimer
7.2 Sources
