Citric Acid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1450
Citric Acid Market size will witness a substantial growth, with increasing demand of the product as a vital intergradient in food, beverages, detergents, pharmaceuticals, personal care products and other industrial applications. Rising demand for carbonated soft drinks will add to citric acid market growth in forecast time frame. Food manufacturers are shifting focus on consumer preference for ready to eat foods. Preventing microbial activity, enhancing flavors, imparting tartness and sourness are the major driving factors for citric acid market growth.
Rising demand of the product as a cleaning agent following ban of phosphate in many region will propel the growth of citric acid market in forecast time frame. Product application as flavoring substance, emulsifiers, and buffering agent in food industry are anticipated to increase substantially which will add to citric acid market growth. Increasing demand of organic food additive owing to rising consumer health preference will be the most key factor responsible for driving the product growth in forecast period.
Non-toxic, antioxidant, non-corrosive, and biodegradable characteristics make citric acid even more popular, and demand in detergents and cleaners segment continue to witness significant gains in forecast period. Upsurge in preference for concentrated liquid detergents in laundry segment will lead to citric acid market growth.
The citric acid market is vulnerable to fluctuating costs, however the problem will be diminished in forecast period due to rising worldwide capacities and penetration of Chinese products in global arena. Multiple benefits of this product in wide range of applications and consumer health will drive the citric acid market growth.
Asia Pacific is anticipated to witness significant demand of the product in forecast period owing to growing population and surge in demand of the preservatives in food industry. Growing demand of carbonated drinks in the region will further support the product penetration. China is one of the largest consumer and exporter of the product. The region is native to major producers which will supplement the rising product demand. Increasing concern over food safety, acceptance for ready to drinks and processed foods in the region will further add to citric acid market growth. Further, rising demand of cosmetics and personal care products will propel the product demand in forecast period.
North America, led by the U.S. is projected to provide various growth opportunities for the product owing to surge in product application in food and beverage industry over forecast period. The region accounts for more than 20% of the global product consumption. Health awareness and deficiencies among consumers will lead to surge in consumption of fruits rich in nutritional content. At the same time, surge in demand for product in laundry application will further add to the citric acid market growth.
Europe will continue to witness substantial growth due to upsurge in utilization of the product in various industries will propel citric acid penetration. The region will dominate the global consumption in forecast period due to rising application of product in cosmetics and pharmaceuticals.
Middle East led by Saudi Arabia will provide business opportunities for the product owing to huge demand potential for the product as an additive in food and beverages industries. Setting up of new food and beverages industries in the region will boost the product penetration in forecast period. Currently the demand for the product in the region is met through import mainly from China and Europe.
Some of the key industry participants operating in the citric acid market are Pfizer, Tate & Lyle plc, Archer Daniels, and Gadot Biochemical Industries. The companies are competing to gain a major market share and increase their customer base. Manufacturers are investing heavily to develop innovative products to meet the rising demand and deliver products to various industries worldwide.
Modern technologies encourage the growth of advanced products that contribute in reducing the prices. Emerging countries like India and China offer great business opportunities for manufacturers, owing to availability of low cost feedstock.
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