Global Citric Acid Market – Growth, Trends, and Forecasts (2017 - 2022)
Citric Acid Market The market is projected to reach US$ XXX Billion by 2022 and is expected to witness a CAGR of 4.9% during the forecast period. Market Dynamics
Citric acid is a cost effective ingredient with wide-ranging applications. The driving factor behind the growth of global citric acid market is growing application in various industries like food & beverages, cleaning & chelating agent, pharmaceuticals and others. Among these applications, food and beverages are expected to account the largest share followed by cosmetics and personal care. The rising consumption of food & beverages and personal care products has boosted the regional as well as global market.
Disproportionate Citric acid consumption can cause a variety of side-effects such as vomiting, diarrhea, nausea and abdominal pain; these issues are limiting consumer demand for citric acid which is hampering the growth of the market.
The global citric acid market is currently witnessing high opportunity because of increased usage of citric acid as a cleaning agent due to ban on phosphate in various regions
The market is segmented on the basis of key forms, functions, applications, and geography. Amongst all the application segments, acidulant segment is expected to account for highest share.
Geographically, Europe accounts for the largest market share of the worldwide Citric acid production followed by North America and Asia-Pacific.
The prominent citric acid market players have adopted new product development as their key development strategy to attend different consumer’s requirement from food and non-food sectors in matured and untapped markets as well. They also focus on procuring local players of the industry and base for expansion. This has not only supported them to expand their geographical reach but has also strengthened their market position by gaining a larger share concerning revenue and product portfolio.
The key players of global Citric Acid market report include
Archer-DanielsMidland Company COFCO Biochemical (AnHui) Co. Ltd. Cargill Jungbunzlauer Suisse AG Tate & Lyle PLC Our report on the global citric acid market covers: