Citric Acid Market Revenue is expected to Reach US$ 4,494.8 Mn by 2026
Future Market Insights (FMI) delivers key insights on the global citric acid market in its latest report titled,“Citric Acid Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”. In terms of value, the global citric acid market is expected to witness a CAGR of 4.6% during the forecast period due to various factors on which FMI offers vital insights in detail.
Consumers are preferring products comprising of plant based natural ingredients due to various health issues. This is fuelling demand for citric acid worldwide. Moreover, increased usage of citric acid as a cleaning agent due to a ban on phosphate in various regions is further expected to drive the market demand in the near future. Citric acid is used as an ingredient in manufacture of convenience food and beverages as it provides acidity, acts as a preservative, provides antioxidants and enhances the flavour, which is further expected to drive the market demand in the near future.
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- On the basis of form, the global citric acid market has been segmented into powder and liquid. Powder segment is estimated to account for the largest share by 2016 end. The powder segment is further sub segmented as anhydrous and monohydrous. Anhydrous, sub segment formulation is expected be the most preferred ingredient among the food manufacturers.
- Global citric acid market has been segmented by application into acidulant, cleaning agent, binding agent, preservative & others. Among all these segment, acidulant segment is expected to account for highest value share during the forecast period. In terms of volume the acidulant segment has been estimated to represent 964,827.9 MT in 2016.
- The market has been segmented on the basis of end use into food & beverages, animal feed, pharmaceutical/personal care, metal finishing & cleaning and others. Food & beverages segment is further sub segmented as bakery & confectionery, dairy, convenience food, beverages, jams & preserve and others. Among all these sub-segments, beverages segment is expected to register a highest growth in terms of both value and volume over the forecast period.
- On the basis of grade, the citric acid market has been segmented into food grade, pharmaceutical grade and industrial grade. Among all these segments, food grade segment is estimated to represent highest value share of 67.0% in 2016 and expected to remain dominant over the forecast period. In terms of volume, this segment is expected to witness a CAGR of 4.1% over the forecast period.
Regional market projections
This report discusses trends driving growth of each segment and offers analysis and insights on the potential of the global citric acid market in specific regions including North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), the Middle East & Africa and Japan. Markets in APEJ and Western Europe are expected to record high growth rates in terms of value between 2016 and 2026. Among all the regions, Western Europe is estimated to account for a comparatively higher value share in 2016. The market in Western Europe is expected to remain dominant over the forecast period. APEJ is another major market for citric acid. China is estimated to be the largest producer of citric acid followed by India in 2015 across the region.
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This report covers detailed profiles of key players in citric acid market, which includes key strategies, key developments, product offerings and others. Key companies profiled in this report are Archer Daniels Midland Company, Shandong Juxian Hongde Citric Acid Co. Ltd., Jungbunzlauer Suisse AG, Basel, Delek Group, Cargill, Incorporated, Weifang Ensign Industry Co., Ltd., Tate & Lyle plc. COFCO Biochemical (AnHui) Co. Ltd., RZBC GROUP and Pfizer Inc.