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Citric Acid Market - Growth, Trends, and Forecast (2020 - 2025)
Global citric acid market is segmented by form into, liquid and powder, by application into, food and beverages, pharmaceuticals, personal care, and others and by geography.
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2016-2024
Base Year:
2019
Fastest Growing Market:
Asia Pacific
Largest Market:
Europe
CAGR:
4.2 %
Major Players:
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Market Overview
The global citric acid market is projected to growth with a CAGR of 4.2% during the forecasted period (2019-2024).
- Broad applicability of citric acid as an acidulant, preservative, antioxidant, and buffering and binding agent in the food and non-food industries is expected to result in its increasing growth over the forecast period.Citric acid is used throughout the dairy industry, in particular, within cheese production and processing. The acid helps create the perfect environment for stabilization of emulsions, and it prevents fats from separating. It can also be used to adjust the pH of both beer and wine solutions during manufacture.
- Europe is the largest market for citric acid globally attributable to growing number of vegan population which has drastically increased since 2016 in the United Kingdom, which further increase the demand for natural food additives and preservatives, like citric acid in the country.
Scope of the Report
The global citric acid market is segmented on the basis of form, into liquid and powder forms. On the basis of application, the global citric acid market can be segmented into food and beverages, pharmaceuticals, personal care, and others. The food and beverages segment can be further sub-segmented into, bakery, confectionery, dairy beverages, and others. By geography, the global citric acid market is segmented into, North America, South Africa, Europe, Asia Pacific, and the Middle East and Africa.
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Key Market Trends
Increasing Demands from RTD Beverages and RTE foods
The rising demands from RTD beverages and RTE foods is another major factor for the market studied. The global marketplace has also witnessed the emergence of innovative beverages with exotic and ethnic fruit flavors and flavor blends. The functional superiority of citric acid in shelf-life enhancement, pH buffering, and in providing flavor and tartness is higher than that of phosphoric, tartaric, and lactic acids to name a few. The robust demands for ready-to-drink (RTD) healthy beverages and soft drinks are facilitating the usage of citric acid. Citric acid is widely used to impart a pleasant, tart flavor to foods and beverages. It also acts as a pH adjuster in the manufacture of gelatin desserts, jellies, jams, etc. It acts as flavor enhancers for fruits, berries, and other ingredients used in the manufacture of foods and candies. Moreover, citric acid is used to add an acidic (sour) taste to foods and soft drinks, and as a firming compound in products, such as canned tomatoes. Citric acid is a dry alternative to lemon juice or vinegar in dry foods, such as seasoning salts, flavoring powders, and crunchy snacks.
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Europe Dominates the Global Market
The global citric aid market is fueled by increasing demand for citric acid across countries such as Germany, United Kingdom. Spain and Italy. For example, the food and beverage sector is a key pillar in Germany, ~80 % of agrarian products in Germany are processed by the industry to high-quality food and drinks. There is a high demand among German food and pharma manufacturers for citric acid, due to its low toxicity, as compared with other acidulants used mainly in the pharmaceutical and food industries. Furthermore, the number of breweries in countries such as the United Kingdom has doubled in recent years. Craft brewers occasionally use additions of citric acid to advance some tartness to Belgian-style witbier, it is further expected to boost the demand of citric acid among the food and beverage industry in the United Kingdom. Moreover, the extended application of citric acid across various end-user industries, such as cosmetics and personal care, pharmaceuticals, and home care, are stimulating the growth of citric acid in European countries.
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Competitive Landscape
The global citric acid market exhibits fragmented traits, with a prominence of the key players. The major players include Archer Daniels Midland (ADM), Cargill, Jungbunzlauer Company, and COFCO Biochemical, among others. The key global players have a wide geographical reach. Brand awareness also gives them an upper hand, as compared to regional players. The key players are also known to adopt effective production standards, higher operational capabilities, particularly, with the design and development of specialized grades of citric acid that have pharmaceutical and food applications.
Table Of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Form
5.1.1 Liquid
5.1.2 Powder
5.2 By Application
5.2.1 Food and Beverage
5.2.1.1 Bakery
5.2.1.2 Confectionery
5.2.1.3 Dairy
5.2.1.4 Beverages
5.2.1.5 Others
5.2.2 Pharmaceutical
5.2.3 Personal Care
5.2.4 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Italy
5.3.2.7 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Most Adopted Strategy
6.4 Company Profiles
6.4.1 Jungbunzlauer Suisse AG
6.4.2 Cargill Incorporated
6.4.3 Merck KGaA
6.4.4 Gadot Biochemical Industries
6.4.5 Archer Daniels Midland Company
6.4.6 Foodchem International Corporation
6.4.7 Cofco Biochemical
6.4.8 Posy Pharmachem Pvt Ltd
6.4.9 Hawkins Pharmaceutical Group
6.4.10 Saudi Bio-Acids Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
* List Not Exhaustive
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