The Global Citric Acid Market was worth USD 2.9 billion in 2016 and estimated to be growing at a CAGR of 5.5 %, to reach USD 3billion by 2021. The Citric Acid market is showing evident potential in the mentioned forecasting period. The market continues to gain momentum with the heavy demand for functional food additives from the rising processed food & beverage market.
Citric acid is an organic acid found in citrus fruits. It is mainly used as acidulant to add sour taste to soft drinks and foods and also used as preservative in various kinds of processed foods. It can also be used in the manufacturing of various detergents and cleaners, pharmaceuticals, industrial applications and personal care products.
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Citric acid market is driven by factors like wide applicability of citric acid as an acidulant, emulsifier, preservative, sequestrant, flavorant, and buffering agent in various products of non-food and food industries. Rising applications of citric acid in detergents and cleansers for their biodegradability and other ecofriendly properties are also key driving factors of market. However, these manufacturers face strong competition from inter and intra market peers. This acts as one of the major restraint restricting the market.
The Global market for Citric Acid is segmented on the basis of form, application, Function and grade. The market segmentation on the basis of form is done under Anhydrous and Liquid. Based on application, market is further segmented into Food, Pharmaceuticals & Cosmetics, Reagents and Others, where food segment is further segmented into Beverages, Confectionaries, Convenience food products, Dairy products. Of which, Convenience food products segment is further segmented into Creams, fats and fillings, Soups and Sauces, oils. The market segmentation based on function is done under Acidulant, Antioxidant, Preservative, and Sequestrant. On the basis of grade, market is further segmented into Pharmaceutical, Industrial. Food segment dominates the market with around three fourths of the share.
Based on geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. Europe and Asia-Pacific are the major markets for Citric acid. European revenue was triggered by demand for natural food additives from its food and beverage industry. Asia-Pacific position can be attributed to china being major exporter and consumer of citric acid.
Some of the major companies dominating the market, by their products and services include Tate & Lyle plc, Archer Daniels Midland Company, Pfizer Inc., and Gadot Biochemical Industries.
Market Segmentation
1)Form
• Introduction
• Anhydrous and
• Liquid
• Y-o-Y Growth Analysis, By Form
• Market Attractiveness Analysis, By Form
• Market Share Analysis, By Form
2 )Application
• Introduction
• Food Products
• Beverages
• Confectionaries
• Convenience food products
• Creams, fats and fillings
• Soups and Sauces
• Oils
• Diary products
• Pharmaceuticals, and Cosmetics
• Reagents
• Others
• Y-o-Y Growth Analysis, By Application
• Market Attractiveness Analysis, By Application
• Market Share Analysis, By Application
3) Function
• Introduction
• Acidulant
• Antioxidant
• Preservative
• Sequestrant
• Y-o-Y Growth Analysis, By Function
• Market Attractiveness Analysis, By Function
• Market Share Analysis, By Function
4)Grade
• Introduction
• Pharmaceutical
• Industrial
• Y-o-Y Growth Analysis, By Grade
• Market Attractiveness Analysis, By Grade
• Market Share Analysis, By Grade
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Scope of the report :
• Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
• Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
• Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
• Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
• Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
• A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
• Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
• An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
• Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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