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.
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.
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.
- 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.
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).
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1.1 Research Methodology
1.2 Market Definition
1.3 Report Description
2. Executive Summary
3. Market Overview
3.1 Market Dynamics
22.214.171.124 Growing Demand from Food Industry
126.96.36.199 R&D Investments and Technological Innovations like Micro-encapsulation
188.8.131.52 Health Issues Related to Excessive Consumption
184.108.40.206 Capitalize the Prevailing Market Trend
220.127.116.11 Potential to Grow in Untapped Countries
3.1.4 Porter's Five Forces Analysis
18.104.22.168 Bargaining Power of Suppliers
22.214.171.124 Bargaining Power of Buyers
126.96.36.199 Threat of New Entrants
188.8.131.52 Threat of Substitute Products and Services
184.108.40.206 Degree of Competition
4. Market Segmentation
4.1 By Form
4.1.1 Liquid Citric Acid
4.1.2 Powder form
220.127.116.11 Anhydrous Citric Acid
18.104.22.168 Monohydrate Citric acid
4.2 By Function
4.2.4 Binding Agent
4.3 By Application
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
4.4 By Geography
4.4.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
4.4.4 South America
18.104.22.168 Rest of South America
22.214.171.124 South Africa
126.96.36.199 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
6.4 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