Citric Acid Market – Competitive Insights
The leading players in the market are Cargill, Archer Daniels Midland, Pfizer, Kenko Corporation, Tate & Lyle and Danisco. Major mechanical shifts in manufacturing processes and the rising usage of cutting edge hardware are foreseen to emphatically influence the development of citrus extract creation over the estimate time frame. The usage of cutting edge apparatus has empowered makers to concoct inventive items, for example, exemplified citric acid.
The Citric Acid Market was worth USD 2.56 billion in 2014 and is expected to reach approximately USD 4.12 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.42% during the forecast period. Rising demand for the product to preserve food is anticipated to be a key driver for the business development. Additionally, the developing interest for the compound in pharmaceutical industry for the assembling of stomach related solutions is foreseen to emphatically drive the market over the conjecture time frame. Citric acid gives sourness and tartness and augments the flavours. The acid, when used as an additive in food products, is viable in restraining the growth of microorganisms and, accordingly, broadens their time span of usability. The previously mentioned factors are foreseen to increase the product demand throughout the following years.
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Food & beverages
By Region –
North America – U.S, Canada, Mexico
Europe – Germany, France, UK, Italy, Spain, Rest of Europe
Asia-Pacific – Japan, China, Australia, India, South Korea, Rest of Asia Pacific
Rest of the World – Brazil, South Africa, Saudi Arabia, United Arab Emirates, Others
Regional Outlook and Trend Analysis
As per the World Health Organization (WHO), around 65 to 70 million individuals in North America encounter digestive system issues. This, thusly, has prompted an expansion in the interest for digestive citric acid-based food & beverages and pharmaceuticals in the area, subsequently affecting the business on a positive note. As per the German Nutrition Society (DGE), awareness among buyers in Europe relating to the usage of citric acid for maintaining digestive health expanded to 49% in 2016 when compared with 44% in 2015.
Application Outlook and Trend Analysis
On the basis of application, the market has been sectioned into food & beverages and pharmaceutical. Based on volume, food & beverages application commanded the worldwide market with a share of more than 57.9% in 2016. The high share of the overall industry of food & beverage portion can be ascribed to the broad use in desserts and dietary supplements. It is used to control the pH level in medicines and form salt derivatives of minerals and metals in pharmaceuticals.
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Table of Contents
2. Executive Summary
3. Market Overview
4. Market Analysis by Regions
5. Citric Acid Market, By Application
6. Citric Acid Market, By Form
7. Citric Acid Market, By Region
8. Company Profiles
9. Global Citric Acid Market Competition, by Manufacturer
10. Citric Acid Market Forecast (2018-2023)
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Citric Acid market based on product and application. It also provides market size and forecast till 2023 for overall Citric Acid market with respect to five major regions, namely; North America, Europe, Asia-Pacific, Rest of the World, which is later sub-segmented by respective countries and segments. The report evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend and provides exhaustive PEST analysis for all five regions.
Also, key Citric Acid market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered.
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Reason to Buy –
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Citric Acid market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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