Market Research Report
Citric Acid Market - Growth, Trends, and Forecast (2020 - 2025)
|Citric Acid Market - Growth, Trends, and Forecast (2020 - 2025)|
Published: April 1, 2020
Mordor Intelligence Pvt Ltd
Content info: 100 Pages
Delivery time: 2-3 business days
The global citric acid market is projected to reach USD 3.36 billion registering a CAGR of 4.2% during the forecasted period (2019-2024).
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.
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) healthful beverages is 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.
Europe is the Largest 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.
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.