Global Citric Acid Market Will Generate New Growth Opportunities by 2023
The Infinium Global Research analyzes the Citric Acid Market over the period of 2017 to 2023. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global citric acid market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of citric acid. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the citric acid market during the period. The global citric acid market is projected to grow with a CAGR between 5.5% and 6.0% during 2017-2023.
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Citric Acid is an organic acid found naturally in citrus fruits, especially limes and lemons. It adds their tart and sour taste to soft drinks and foods. It is widely used as an acidifier, chelating and flavoring agent. It’s also used to preserve medicine and as a disinfectant against bacteria and viruses. It also aids as an environmentally benign cleaning agent and acts as an antioxidant.
Growing Demand for Citric Acids in the Pharmaceuticals Industry for the Manufacturing of Digestive Medicine to Ample the Growth of the Citric Acid Market
Growing demand for citric acids in the pharmaceuticals industry for the manufacturing of digestive medicine to ample the growth of the citric market. Moreover, increasing demand from the food and beverages industry also promoting the growth of the market. The most common use of citric acid is a preservative and flavoring agent in food and beverages includes soft drinks. In addition, increased use of citric acid in many end-users such as personal care, metal finishing & cleaning, and many others may further boost the global citric acid market growth. However, stringent regulation about the use of citric acid in nutraceuticals nutricosmetics, especially for infant formulations may hamper the growth of the citric acid market. Going further, the use of advanced machinery has enabled manufacturers to come up with new products is expected to create immense opportunities for the growth of the citric acid market in the coming years.
Citric Acid Market: Segmentations
The global citric acid market is segmented into form, grade, application, and end-use. The form segment is divided into liquid form and powder form. Furthermore, based on grade, the global citric acid market segmented as food-grade, and other grades (including industrial grade and pharmaceutical grade). On the basis of end-use, the global citric acid is categorized into food & beverages, pharmaceuticals, animal feed, personal care, metal finishing & cleaning, and others. The food & beverages segment dominated the global market. The growth of this segment is attributed due to its benefits such as preventing microbial growth and imparting tartness and sourness in food and beverages.
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The Asia Pacific is Anticipated to Witness Substantial Growth in the Global Citric Acid Market
Geographically, Asia Pacific is anticipated to witness substantial growth in the global Citric Acid market due to rapid growth in population coupled with an increase in demand for ready-to-drink beverages and processed foods. China is one of the major consumers and exporters of citric acid. Moreover, growth in end-user industries such as personal care, cosmetics, and pharmaceuticals also escalate the demand of the citric acid market. North America and Europe hold the maximum share in the citric acid market and is anticipated to grow during the forecast period. Extensive demand from the food and beverage, pharmaceuticals, and personal care industries is promoting the growth of the citric acid market in this region. The Latin America region is expected to increase in sluggish rate during the forecast period.
Citric Acid Market: Competitive Analysis
The global citric acid market is highly fragmented. The prominent players operating in the citric acid market are Archer Daniels Midland Company, Cargill Inc., Tate & Lyle PLC, HUANGSHI XINGHUA Biochemical Company Ltd., RZBC Group Company Ltd., Weifang Ensign Industry Company Ltd., Gadot Biochemical Industries Ltd., Jungbunzlauer Suisse AG, Pfizer Inc., Delek Group and Shandong Juxian Hongde Citric Acid Company Ltd. The well-established vendors account for a comparatively more share of the annual production of citric acid and have a competitive edge over the smaller players as they have prevailing goodwill in the market.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the citric acid.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2023.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.