Press release
Citric Acid Market growth prospects with challenges, comprehensive evaluation, analysis of regional trends, key players Tate & Lyle plc, Jungbunzlauer Suisse AG, Cargill Inc., Archer Daniel Midlands Company, Anhui BBCA Biochemical Co. Ltd., Gadot Biochemi
Citric Acid
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Food and beverages segment held a market share of around 73% in the global citric acid market. Carbonated soft drinks accounted for major share in food and beverage segment. The pharmaceutical industry utilizes citric acid as an excipient due to its anti-oxidant properties. Citric acid also being a chelating agent is used in detergents and soaps. It is used in home care materials and is also utilized for regeneration of ion exchange materials in water softeners.
Utilization of lactic acid as a substitute for citric acid is expected to hinder growth of the citric acid market. Lactic acid is also used as a food preservative, curing agent, and flavoring agent. Moreover, concerns regarding using Genetically Modified Organism (GMO) sources for sucrose and glucose, which is used in the citric acid manufacturing process may restrain growth of the citric acid market.
Market Outlook
-Europe held the dominant position in for citric acid market in 2017. The region is expected to account for around 28% of the global citric acid demand. This is largely due to the thriving food & beverage industry in the region. According to European Union statistics, the food industry in European Union was valued at US$ 1.08 trillion in 2014. The region also had a trade surplus of around US$ 35 billion due to the food & beverages industry
-Asia Pacific is projected to be the fastest growing region in citric acid market due to the fast growing food & beverages industry in the region. According to Indian Brand Equity Foundation (IBEF), India’s was the sixth largest food & beverage industry in the world. China was the largest producer of citric acid in 2016, and it is projected to maintain its dominance in terms of production over the forecast period.
Major players operating in the global citric acid market include Tate & Lyle plc, Jungbunzlauer Suisse AG, Cargill Inc., Archer Daniel Midlands Company, Anhui BBCA Biochemical Co. Ltd., Gadot Biochemical Industries Ltd., Huangshi Xinghua Biochemical Co.Ltd., and RZBC Group Co., Ltd.
Market Taxonomy
On the basis of product type, the global citric acid market is segmented into:
Anhydrous
Hydrous
On the basis of end-use industry, the global citric acid market is segmented into:
Food & Beverages
Chemical
Cosmetics
Pharmaceutical
Others
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