Food Acidulants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Food Acidulants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The food acidulants market is projected to grow at a CAGR of 7.4% during the forecast period (2020 - 2025).

Key Highlights

• A wide scope of application in the food and beverage industry coupled with the range of functional benefits provided by food acidulants are key factors driving the food acidulants market globally.
• In addition, the robust growth in the food and beverage sector majorly supports the market worldwide. With the economic development along with changing consumer behavior in Asia-Pacific, the region outshines as a promising market for the food and beverage industry supplementing the consumption of food acidulants.
• By type, citric acid is the majorly produced and consumed food acidulants, which holds around 70% of its application in the food and beverage industry while 30% of total production is used in other industries.
• As an impact of COVID-19, the demand for acidulants, especially citric acid has witnessed a boost owing to its immunity boosting property. However, the disturbed supply chain of the ingredients majorly impacted the growth of the market.

Key Market TrendsCitric Acid Dominates the Market

The global citric acid market is preliminarily driven by its robust utility factor across a diverse range of application areas. It is one of the most utilized food acidulants, especially in carbonated soft drinks (CSDs). Whereas, the pH of citric acid also makes it useful in other ready-to-drink beverages and ready-to-eat food. The global marketplace has also witnessed the emergence of innovative beverages with exotic and ethnic fruit flavors and flavor blends with the use of citric acid. The natural occurrence of citric acid facilitates its classification as a non-toxic component and makes it suitable for use in food products. Additionally, the functional superiority of citric acid in shelf-life enhancement, pH buffering, and in providing flavor and tartness is higher than that of phosphoric, tartaric, and lactic acids to name a few. The robust demands for ready-to-drink (RTD) healthful beverages are facilitating the usage of citric acid.

Asia-Pacific Expected to Witness the Highest Growth Rate

Abundant availability, lower-cost production, wide application scope, and multi-functional attributes are few factors augmenting the growth of the acidulant market, in the Asia Pacific region. Key players in the food acidulants market are posing a high threat to western players leading in production, export as well as consumption in attributing to high domestic production of organic and inorganic acids. China is the largest producer and exporter of citric acid having 4 out of 5 headquarters of major citric acid manufacturers in the world. Also, being the reserve for phosphates is again leading in the production of phosphoric acid followed by the USA, Morocco, and Russia. Some of the region based key players are Huangshi Xinghua Biochemical Co.Ltd. and COFCO Biochemical.

Competitive Landscape

Globally, the food acidulants market faces high competition, with the presence of both global and local players. There are several local companies in each region that are intensely competitive with global players (as these manufacturers price their products lower than most global players). Key players are actively increasing production capacities to meet the rising demand of global consumers and to establish their presence in the market studied. Product innovation and expansion is the prominent strategy adopted by the leading players of the market with an aim to strengthen their position.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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