The global citric acid market is expected to reach USD 3.83 billion by 2025, growing at a CAGR 4.9%, according to a new report by Grand View Research, Inc. Increasing demand for the product as an acidulant in food & beverages application is expected to be a major factor driving the market.
The market is highly competitive in nature with companies increasing their production capacities to serve the growing demand. The companies compete on the basis of product superiority, manufacturing technologies, and adherence to regulations pertaining to citric acid products in an attempt to increase their revenue.
The industry is marked by the presence of major participants focusing on R&D activities to come up with application-specific citric acid products. These well-established players account for a relatively larger share of the annual production of citric acid and have a competitive edge over the smaller players as they have a prevailing goodwill in the market.
The industry is marked by the presence of numerous small unorganized players that deal majorly with the local distribution and cater to the demand in domestic and adjoining economies. These small players in the industry do not have a significant impact on the market dynamics due to low production volumes and smaller geographic reach.
Powder grade citric acid dominated the industry in 2016 accounting over 63% of the overall market on account of its extensive use in food & beverages for preservation and flavoring
Liquid form is anticipated to ascend at a CAGR of 5.1% over the forecast period on account of high demand in food & beverages industry owing to its beneficial properties such as acidification, texture modification, and flavor enhancement
Food & beverages application segment is anticipated to ascend at an estimated CAGR of 5.0% over the forecast period. The growing demand for processed food products with high stability and shelf life is expected to have a positive impact on the industry growth.
Germany citric acid market was valued at USD 220.1 million in 2016 and is anticipated to witness a high growth rate over the forecast period. The high growth rate was attributed to the presence of major pharmaceutical manufacturers in the region such as Bayer AG; Merck; and Schering AG.
The industry is highly competitive with the presence numerous small and medium scale manufacturers, however is dominated by a few major industry players including Kenko Corporation; Archer Daniels Midland (ADM) Company; Tate & Lyle plc; and Danisco A/S
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Grand View Research has segmented the global citric acid market on the basis of application and region:
Citric Acid Form Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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