According to the report published by IndustryARC titled “Citric Acid Market: By Application (Acidulant, Stabilizer, and Others); By End-Use Industry (Food & Beverage, Pharmaceutical, and Others); By Geography – Forecast (2018-2023), the market is estimated to reach $4.2 billion by 2023
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According to a recent study from IndustryARC, the citric acid market is forecast to reach $4.2 billion by 2023 and is estimated to grow at a CAGR of 4.53%. A high consumption of flavor enhancer to increase the quality of beverages has led to increasing in the production of citric acid.
Citric Acid is mainly found in the ingredient list of many of the foods in the kitchen for its sour taste and high preservative quality which acts as a pH buffer.
The global demand for citric acid has increased exponentially due to the growing demand for canned and frozen foods. Europe held a major share in citric acid market in 2017. The market dominance by Europe is primarily due to high demand for hygienic food and beverages, increased purchasing power, increased health concerns, growing market player focus, increased government initiatives, environmental concerns, and changing lifestyles. Europe's emerging nations are estimated to be the fastest growing citric acid markets in the coming years. Germany is dominating the citric acid market in Europe. APAC region is the second fastest growing market, this is due to the high population and an increase in health awareness. China is the fastest growing country of citric acid across APAC.
- The major players in this market include
- Shandong TTCA Co., Ltd.
- RZBC Group
- COFCO Bio-chemical (Anhui) Co., Ltd.
- Yixing-union Biochemical Co., Ltd.
- Jiangsu Gadot Nuobei Biochemical Co., Ltd.
These top five companies’ hold about 40 percent of the citric acid market, owing to a wide distribution network across food & beverages, and other industries. The number of citric acid manufacturers has multiplied and they are actively investing in expanding their market position and attracting profitable deals. Major firms have spent a large amount of money in innovations and research to reduce the toxic properties of this chemical so that it can be used in a better form in the future.
The Various end-user applications covered in the Citric Acid Market report include:
- Cleaning Agent
- Binding Agent
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each application is highlighted and market players are profiled.
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Flavor Additives & Enhancers Market
Food Acidulants Market
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