Market Scenario
Citric acid is an organic acid that can be derived from the citrus fruits. It is used as an intermediate in biochemistry. This acid generally comes in powdered and liquid form. And, is used in a number of end-use industries such as cleaning agent, food & beverages, pharmaceuticals, cosmetics & personal care, among others. However, F&B remains the key application areas of Citric Acid for being an excellent chelating agent, binding metals by making them soluble.
The versatile Citric acid Market Size is safe for the oral consumption. Hence, it is extensively used in food items and medicines. This also makes the acid ideal for a wide range of applications areas. Some of the newly found application areas of the Citric acid include personal care & cosmetics, due to its acidulant qualities and it’s added to the Ice creams as an emulsifying agent to prevent fats from separating
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to the report, the Citric acid market is expected to grow to USD 4 Billion by 2022, registering 6.2% CAGR during the anticipated period (2016 – 2022).
Conversely, the market is confronted with some of the challenges such as volatility of prices & supply of integral feedstock. Nevertheless, increasing production capacities of Citric Acid in the Asia Pacific region are expected to propel the industry growth worldwide.
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Citric Acid Market – Geographical Analysis
Globally, Europe is the largest market for Citric Acid followed by the North America and Asia-Pacific markets respectively. Augmented demand for the Citric acid, backed by the increasing applications in various end-user industries such as Cleaning & Chelating Agent, Food & Beverages, Pharmaceuticals, Cosmetics & Personal Care, among others, drive the market growth in the region. Growing end-users industries in some of the European countries like Germany, Italy, France and the UK fosters the growth of the regional market.
The Asia-Pacific market accounts for one of the lucrative markets for Citric Acid, expanding rapidly in the global market. The market is growing constantly owing to the presence of several notable manufacturers and the growing industrialization in the region. Moreover, the factors such as burgeoning industries such as Food and beverages, cosmetic & personal care products and pharmaceutical help to bolster the regional market growth. APAC market, accounting for the largest producer and consumer of Citric Acid, is estimated to register a phenomenal CAGR during the review period.
Citric Acid Market – Competitive Landscape
The global Citric Acid market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.
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Key Players
The Global Citric Acid Market is led by some of the fervent key players including COFCO Biochemical (AnHui) Co. Ltd., Archer-Daniels-Midland Company, Jungbunzlauer Suisse AG, Cargill, Incorporated, RZBC Group Co. Ltd., Huangshi Xinghua Biochemical Co.Ltd., Ensign Industry Co. Ltd., Weifang Tate & Lyle PLC, Citrique Belge N.V., Gadot Biochemical Industries Limited, and S.A. Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of the competition.
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