Citric Acid Market key players insight & growth driver analysis 2014 – 2025
Global Citric Acid Market is expected to reach USD 3.83 billion at a significant CAGR of 4.9% by 2025 as the scope and its applications are rising enormously across the globe. Citric acid is also termed as anhydrous citric acid or citrate or 2-hydroxypropane-1,2,3-tricarboxylic acid, with a molecular formula C6H8O7. These are odorless, colorless & translucent crystals with an acid taste and are denser than water. Its molecular weight is 192.123 g/mol. It is an organic acid compound found in citrus fruits and plays important role in metabolism to create energy.
It has a calcium chelating ability and is exclusively used as anticoagulants. It is soluble in ether and very soluble in water, whereas freely soluble in ethanol. It is usually found in fruits like oranges, lemons, pineapples, limes, and grapefruit. More commonly added to various foods and beverages for flavor or as a preservative. It is also known by sour salt or lemon salt.
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Citric acid reduces the hardness of water and helps in the foam formation, rising use for descaling of mineral deposits, and exclusively used to remove dirt spots and grime from the surfaces and fabrics, are documented as major factors of Citric Acid Market that are estimated to enhance the growth in the years to come. Rising popularity of organic food additives and is biodegradable, non-corrosive, and non-toxic in nature are the other factors that boost overall market growth in the coming years.
Citric Acid Market is segmented based on types, form, application, and region. Food grade citric acid, citric acid solvents, and pharmaceutical citric acid are the main types that could be explored in Citric Acid in the future period. Powder citric acid and liquid citric acid are the major forms that could be explored in Citric Acid in the forecast period. In 2016, powder sector accounted for the largest market share of 63.3% in terms of revenue. However, liquid segment is estimated to grow at highest CAGR in the foremost period. This may be because of its beneficial properties in a food and dairy products. Moreover, it is exclusively used in oil industry as an oil control additive for maintaining the pH and chelating acidizing fluids.
The market may be categorized based on applications like food & beverages, pharmaceutical, and others. In 2016, food & beverage sector lead the overall market with the largest share of 57.9% in terms of volume. Also, the sector is estimated to grow at highest CAGR between 2017 to 2025. The reason behind the growth could be high demand for dietary supplements and ice creams, exclusively used to form salt derivatives of metals and minerals in pharmaceuticals, and highly used to control the pH value in medicines. However, other segment includes textiles, detergents & cleansers, animal feed, and cosmetics.
Globally, North America accounts for the largest market share of Citric Acid and is estimated to lead the overall market in the coming years. In North America approx. 65 to 70, million people suffer from digestive system problems stated by WHO. Inversely, this led to high demand for digestive citric acid-based pharmaceuticals and food & beverages in the region. German Nutrition Society (DGE) stated that, rising awareness amongst European consumers regarding citric acid for maintaining health. In 2016, this is increased to 49% from 44% in 2015. Moreover, the people consuming citric acid-based yogurt to maintain digestive health has been raised.
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However, in Middle East, growing awareness regarding citric acid-based food and beverages and pharmaceuticals is compelling the market growth in the region. This may be because of rising number of major manufacturers in the region to increase their impression. Moreover, Asia Pacific is estimated to grow at fastest pace in the future period. Also, estimated to grow at highest CAGR in the coming years. The aspects that may be ascribed to the growth comprise occurrence of lifestyle diseases like gut-health related issues, cardiovascular disease, and mental health problems and growing geriatric population.
The key players of Citric Acid Industry are Danisco A/S, Kenko Corporation, Tate & Lyle plc, and Archer Daniels Midland (ADM) Company. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.