Infinium Global Research has added a new report on Global Citric Acid Market. The report predicts the market size of Citric Acid is expected to reach XX billion by 2023.
Citric acid is a key intermediate in metabolism. It is an acid compound found in citrus fruits. Moreover, citrus acid is primarily produced by the microbial fermentation of carbohydrates such as molasses, corn sugar, cane sugar and beat. Furthermore, citric acid is also extracted from citrus fruits as they contain up to 8% of citric acid. Fruits such as oranges, lemons and limes are among the rich sources of citric acid. Citric acid is mainly used in food industry, detergents, pharmaceuticals, mineral supplements and household cleaning owing to its properties such as antioxidant, non-corrosive, non-toxic and biodegradable.
The global citric acid market is projected to grow with a CAGR between 5.5% and 6.0% during 2017-2023. Increasing demand of citric acid from detergents & cleaners application, due to characteristic of citric acid to reduce hardness of water and formation of foam, is the key factor driving the growth of citric acid market worldwide. Moreover, growing demand for citric acid as a crucial ingredient in various end user industries such as Food & beverages, Pharmaceuticals, and Personal Care among others will drive the global citric acid market. Furthermore, rising demand from consumers preferring products including plant based natural ingredients due to increasing various health issues is anticipated to drive the consumption of citric acid in food and beverages industry over the forecast period. However, increasing prices of molasses which is a prime feedstock used in the production of citric acid is the key factor restraining the growth of global citric acid market. Nevertheless, continuously rising demand for citric acid from emerging applications such as food additives & animal feed are anticipated to create more opportunities for the citric acid manufacturers over the forecast period. Moreover, environment friendly properties of citric acid are likely to create more opportunities to citric acid in other applications; as a result the market size of citric acid is projected to grow at a rapid pace over the forecast period.
The report segments the citric acid market by form, by grade, by application, by end use and by region. Market segmentation based on form includes liquid form and powder form. Moreover, the global citric acid market based on grade is segmented into food grade, and other grades (including industrial grade and pharmaceutical grade). Furthermore, based on application the global citric acid market is segmented into acidulant, cleaning agent, binding agent, preservative and others. The global citric acid market segmentation based on end use includes food & beverages, pharmaceuticals, animal feed, personal care, metal finishing & cleaning and others. The food & beverages application segment covers usage of citric acid into bakery & confectionary, dairy, convenience food, and jams & preserve among others.
- Archer Daniels Midland Company
- Cargill Inc.
- Tate & Lyle PLC
- HUANGSHI XINGHUA Biochemical Company Ltd.
- RZBC Group Company Ltd.
- Weifang Ensign Industry Company Ltd.
- Gadot Biochemical Industries Ltd.
- Jungbunzlauer Suisse AG, Pfizer Inc.
- Delek Group
- Shandong Juxian Hongde Citric Acid Company Ltd.
Key topics covered:
3.Global Citric Acid Market Overview
4.Global Citric Acid market by Form (USD Million) 2017 – 2023
5.Global Citric Acid market by Grade (USD Million) 2017 – 2023
6.Global Citric Acid market by Application (USD Million) 2017 – 2023
7. Global Citric Acid market by End Use (USD Million) 2017 – 2023
8. Global Citric Acid Market Analysis, by Region (USD Million) 2017 – 2023