Citric Acid Market Price Trend 2018, Size Estimation, Research Report Overview, Growth Analysis, Industry latest Trends and Global Forecast 2023

Market Synopsis

Citric acid (C6H8O7) is a weak organic acid that occurs naturally in citrus fruits. It is produced commercially through the fermentation process and appears as a white, odorless, and crystalline powder at room temperature. It is widely used in the food and beverage industry as a preservative/sequestrant, acidulant, antioxidant, chelating agent, emulsifying agent, and flavoring agent in beverages, alcoholic beverages, dairy products such as processed cheese and ice cream, jams and jellies, meat and fish, ketchup, hummus, mayonnaise, and others. Citric acid also finds application in many different industries and products. It is used for medicinal purposes and cosmetics and personal care products such as body lotions, shampoos, bathing creams, soaps, and cleaning products.

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The rising demand for Citric Acid from the food and beverage industry as a food additive is set to remain the key driving factor for the growth of the global citric acid market during the forecast period. The significant demand for carbonated soft drinks and convenience and ready-to-eat products due to the growing urban population and changing consumer trends are contributing in a large way to the demand for citric acid in the food and beverage industry. Increasing industrial preferences for additives derived from natural sources over their synthetic counterparts are likely to contribute to product demand in the food and beverage, cosmetics, and pharmaceuticals industries. For instance, there is a growing demand for citric acid in the detergents and cleaners segment due to its non-toxic, non-corrosive, and biodegradable characteristics. The segment is expected to showcase substantial growth during the forecast period.

The key players in the Citric Acid Market are adopting various strategies such as expansions, product launches, and mergers and acquisitions. For instance, in December 2017, Jungbunzlauer Suisse AG announced the construction of new citric acid plant in Austria to meet growing demand. At the plant the company would use corn as a carbohydrate feedstock for the fermentation process based on natural, non-genetically modified microorganisms.

The availability of substitutes such as tartaric acid and increasing raw materials prices due to intense competition from industrial peers may hamper the growth of the product market to some extent during the forecast period.

Regional Analysis

The Global Citric Acid Market has been segmented into five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.

The market in Asia-Pacific is expected to be the largest and fastest-growing Citric Acid Market during the forecast period. The growing food industry, due to the increasing acceptance of ready-to-drink (carbonated) beverages and processed foods, is expected to drive the regional product market. China is one of the largest consumers and exporters of citric acid and held a substantial share of the Global Citric Acid Market as of 2017. Relaxed investment norms, low production cost, and the availability of cheap labor in China contributes to the growth of end-use industries such as cosmetics and personal care, pharmaceuticals, and home care, which will stimulate product demand during the forecast period.

North America and Europe are also major markets for Citric Acid that are expected to continue growing during the forecast period. Significant demand from the established food and beverage, pharmaceuticals, and cosmetics and personal care industries in these regions are expected to result in market growth during the forecast period.

The market in the Middle East and Africa is at a nascent stage; however, the growing food and beverage and cosmetics and personal care industries in Saudi Arabia, the UAE, and other GCC countries are likely to provide business opportunities to market players during the forecast period.

The Latin American market holds the smallest market share and is expected to show sluggish growth during the forecast period due to poor economic growth in the region.

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