Global Potassium Citrate Market
Global market for potassium citrate is expected to grow exponentially due to the growth applications for it in various industries especially in food and beverage due to its functional properties like preservatives, emulsifiers etc. The global potassium citrate market was valued at USD 629.23 million in 2017, and is expected to reach USD 773.65 million by 2023, at a CAGR of 3.70%, during the forecast period. Globally, the highest application for potassium citrate is in the food & beverage industry.
Potassium citrate is a chemical product used in the production and formulation of a wide variety of food and beverages, pharmaceuticals, and cosmetics, as well as commercial and household products, including detergents and metal cleaners, and in textile finishing treatments and other industrial applications. The extensive use in various industrial applications is mainly due to its functional and health benefits. In food products, such as processed meat, bakery products, pasteurized dairy products, syrups, among others, it is used as an acidity regulator, preservative, salt substitute, and for its emulsifier properties.The low price performance against substitutes, such as sodium citric acid, curbs the market growth; but, increasing awareness among consumers, of its benefits and growing number of manufacturers of potassium citrate is expected to decrease the price of the product in the near future.
Asia-Pacific accounted for the largest market share of potassium citrate in 2017, and is expected to record the highest CAGR, during the forecast period, of 4.46%. In the Asia-Pacific region, food and beverage are expected to have the highest CAGR of 4.51%, by application accounting to USD 150.4 million by 2023. China accounts for the largest consumption of potassium citrate; it accounts for about 44% of the market share in the Asia-Pacific region.
The global potassium citrate market is segmented by type into food, pharmaceutical and Industrial grade. In 2017, food grade has the largest market share of 67.20%, globally. The pharmaceutical grade potassium citrate market is expected to reach USD 68.47 million in 2023, at an estimated CAGR of 3.89% during the forecast period.
The global potassium citrate market is fragmented among the key players. The leading players include Archer Daniels Midland (ADM), Cargill, Jungbunzlauer Company, and Tate & Lyle, among others. The key global players have wide geographical reach. Brand awareness also gives them an upper hand, as compared to regional players.
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