The Global Citric Acid Market is expected to reach USD 5.73 billion by 2024
driven by its increasing use in food & beverages and household detergents
& cleaners. The growth of these end-use industries, particularly in
emerging economies of Asia Pacific region, is anticipated to boost the growth
of the chemical over the projected period.
The
biobased and chelating characteristics of citric acid make it a viable solution
to several toxic substances used for manufacturing detergents & cleaners,
especially for household purposes. Rising awareness regarding cleanliness and
hygiene is expected to augment the demand for detergents & cleaners,
resulting in a volume CAGR of 3.8% over the projected period.
Asia
Pacific dominated the global industry accounting for 29.6% of the global citric
acid market volume share in 2016.
Rapid
industrialisation resulting in the presence of large-scale manufacturing bases
for food & beverages, pharmaceuticals, and cosmetics is expected to augment
the demand for the chemical as an intermediate in several processes.
Increasing
healthcare expenditure coupled with rising number of ailments across the world
is expected to augment the demand for pharmaceuticals. The demand for citric
acid in pharmaceutical applications was estimated to be 153.1 kilo tons in 2016
and is projected to progress in tandem with the development of the
pharmaceutical sector.
The
difference in the properties of citric acid has resulted in making it suitable
for use across a broad range of applications. The dual use of citric acid as a
preservative as well as a flavouring agent in foodstuffs is expected to augment
its demand for household purposes. Moreover, its suitability for a broad range
of cuisines makes its suitable for restaurants. Increasing standard of living
of consumers is expected to augment the demand for the product over the
projected period.
In
line with the growing demand for the chemical, manufacturers such as
Jungbunzlauer, ADM, and Cargill are focusing on increasing their market
presence through R&D to introduce innovative products catering to niche
application segments. Thus, the growth of the food & beverages,
pharmaceutical, and cosmetic industries coupled with the eco-friendly
properties of the product is expected to drive the growth of the citric acid market
over the forecast period.
Hexa
Research has segmented the global citric acid market on the basis of
application and region:
Segmentation
by application, 2014 - 2024 (Kilo Tons) (USD Million)
• Food
& beverages
•
Household detergents & cleaners
• Pharmaceutical
•
Cosmetics
•
Others
Segmentation
by region, 2014 - 2024 (Kilo Tons) (USD Million)
•
North America
• U.S.
•
Europe
• Germany
• Asia
Pacific
• China
• India
•
Central and South America
• Brazil
• MEA
Key
players analyzed
•
Archer Daniel Midland
•
Cargill
•
COFCO Biochemical (Anhui)
•
Gadot Biochemical Industries
•
Jungbunzlauer Suisse
•
Citrique Belge
• Tate
& Lyle
•
Weifang Ensign Industry Co., Ltd.
• RZBC
GROUP CO., LTD.
•
Huangshi Xinghua Biochemical
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/bulk-chemicals-industry
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