Citric
acid is rapidly gaining popularity with demand rising considerably
from multiple industrial end users, especially with a growing focus on clean
label trends in the food and beverage industry. According to a report by Future
Market Insights (FMI), the niche applications in pharmaceuticals and animal
feed products will bolster sales and create lucrative opportunities between
2021 and 2031. According to the study the market sales revenue is expected to
rise at more than 4.5% CAGR through the end of the forecast period in 2031.
Investments into the development of modern production
technologies are positively influencing the rise in advanced offerings, while
also cutting down costs. Emerging economies in particular including India and
China will prove to be lucrative markets owing to easy access and low costs of
raw materials.
Players in the citric acid market are expected to face
challenges in terms of fluctuating costs, and changes in yield from natural
sources which could impact profitability in the industry. However, the wide
range of end use applications will play a key role in sustained growth for the
market for the foreseeable future.
Key Takeaways from the Citric Acid Market Study
- Powder
forms of citric acid will hold the lead accounting for more than 60% of
the global market in 2021.
- Food
& beverage applications of citric acid continue to dominate the market
landscape, with impetus from use as additives and ingredients in dietary
supplements.
- United
States the U.S. will emerge as a major market for citric acid, driven by
demand from the food processing and pharmaceutical sector in the country.
- Germany
will showcase lucrative opportunities driven by increased levels of
consumer awareness in digestive health.
- China
is projected to reflect relatively higher levels of growth owing to higher
levels of lifestyle-based ailments, especially amidst the vast geriatric
Chinese demographic.
“The global citric acid market will witness substantial
growth, with rising demand as a key intergradient in food & beverages,
pharmaceuticals, personal care products and more. Furthermore, the increasing
demand for organic food additives which is caused by the higher degree of
consumer health awareness will prove to be a very important factor positively
influencing market growth throughout the assessment period,” says the FMI
analyst.
Application of Citric Acid in Pharmaceuticals Creating
Growth Opportunities
Growing interest in natural ingredients in pharmaceutical
offerings, has increased the demand for citric acid. The material is considered
to be an effective and financially viable excipient, with minimal risk of side
effects in the human body. Leading players are exploring niche opportunities by
widening their portfolio in the pharma sector.
The powder form of pharmaceutical grade citric acid will
primarily find use in medicine production. Also, consumers are increasingly
likely to spend on pharmaceutical products with clean label certifications.
Better health outcomes are expected to result in higher levels of citric acid
being incorporated in terms of pharmaceutical safety standard parameters. This
is a key factor positively influencing the use of citric acid products.
Who is Winning?
Leading companies operating in the citric acid market are
increasingly focused on investing into research and development to widen the
scope of applications for citric acid products. In addition, manufacturers are
also pushing towards strategic divestment and acquisition of assets to optimize
profitability as per demand, with a growing interest in emerging economies.
Some of the leading players in the citric acid market
include but are not limited to Shandong Juxian Hongde Citric Acid Co. Ltd.,
Archer Daniels Midland Company, Basel, Jungbunzlauer Suisse AG, Cargill
Incorporated, Delek Group, Tate & Lyle plc., Weifang Ensign Industry Co.,
Ltd., RZBC GROUP, COFCO Biochemical (AnHui) Co. Ltd., and Pfizer Inc.
Get Valuable Insights on the Citric Acid Market
Future Market Insights, in its new offering, provides an
unbiased analysis of the citric acid market presenting historical demand data
(2016-2020) and forecast statistics for the period from 2021-2031. The study
divulges compelling insights on the citric acid market based on application
(acidulant, cleaning agent, binding agent, preservative, and others), by form
(Powder and Liquid), By grade (food grade, industrial grade, and pharmaceutical
grade), and by end use (food & beverages, pharmaceutical, animal feed,
personal care, metal finishing & cleaning, and others) across seven major
regions.
Access Full Report: https://www.futuremarketinsights.com/reports/citric-acid-market