Citric Acid Market is Expected to Witness Significant Growth on Account of its Extensive use in Food & beverages to Metal finishing

Hexa Research

The Global Citric Acid Market is expected to reach USD 5.73 billion by 2024 driven by its increasing use in food & beverages and household detergents & cleaners. The growth of these end-use industries, particularly in emerging economies of Asia Pacific region, is anticipated to boost the growth of the chemical over the projected period.

The biobased and chelating characteristics of citric acid make it a viable solution to several toxic substances used for manufacturing detergents & cleaners, especially for household purposes. Rising awareness regarding cleanliness and hygiene is expected to augment the demand for detergents & cleaners, resulting in a volume CAGR of 3.8% over the projected period.

Asia Pacific dominated the global industry accounting for 29.6% of the global citric acid market volume share in 2016.

Rapid industrialisation resulting in the presence of large-scale manufacturing bases for food & beverages, pharmaceuticals, and cosmetics is expected to augment the demand for the chemical as an intermediate in several processes.

Increasing healthcare expenditure coupled with rising number of ailments across the world is expected to augment the demand for pharmaceuticals. The demand for citric acid in pharmaceutical applications was estimated to be 153.1 kilo tons in 2016 and is projected to progress in tandem with the development of the pharmaceutical sector.

The difference in the properties of citric acid has resulted in making it suitable for use across a broad range of applications. The dual use of citric acid as a preservative as well as a flavouring agent in foodstuffs is expected to augment its demand for household purposes. Moreover, its suitability for a broad range of cuisines makes its suitable for restaurants. Increasing standard of living of consumers is expected to augment the demand for the product over the projected period.

In line with the growing demand for the chemical, manufacturers such as Jungbunzlauer, ADM, and Cargill are focusing on increasing their market presence through R&D to introduce innovative products catering to niche application segments. Thus, the growth of the food & beverages, pharmaceutical, and cosmetic industries coupled with the eco-friendly properties of the product is expected to drive the growth of the citric acid market over the forecast period.

Hexa Research has segmented the global citric acid market on the basis of application and region:

Segmentation by application, 2014 – 2024 (Kilo Tons) (USD Million)

  • Food & beverages
  • Household detergents & cleaners
  • Pharmaceutical
  • Cosmetics
  • Others

Segmentation by region, 2014 – 2024 (Kilo Tons) (USD Million)

  • North America
  • U.S.
  • Europe
  • Germany
  • Asia Pacific
  • China
  • India
  • Central and South America
  • Brazil
  • MEA

Key players analyzed

  • Archer Daniel Midland
  • Cargill
  • COFCO Biochemical (Anhui)
  • Gadot Biochemical Industries
  • Jungbunzlauer Suisse
  • Citrique Belge
  • Tate & Lyle
  • Weifang Ensign Industry Co., Ltd.
  • RZBC GROUP CO., LTD.
  • Huangshi Xinghua Biochemical 

 

HexaResearch offers quantitative and qualitative market research options that can be tailored to projects of any scope. Our state-of-the-art research facility ensures a pleasant and productive environment for conducting focus groups. As a leader among western market research companies, we proudly lend our skills, assistance and expertise to the following services. Medical and Pharma and Focus groups,Oil and Gas, Energy sector as well as healthcare research.

South America Organic Acid market to Cross $ 427.62 million during forecast period 2026

South America Organic Acid market is projected to reach $ 427.62 million by 2026, during forecast period. Increasing urbanization coupled with growing agriculture sector to meet the rising demand of expanding population is aiding South America organic acid market. Moreover, shifting consumer preference towards high price, premium quality and eco-friendly cosmetic and food & beverage products is forecast to aid South America organic acid market during forecast period.

According to “South America Organic Acid Market By Type, By End Use, By Country, Competition Forecast and Opportunities, 2012 – 2026”, major players operating in South America organic acid market are Elekeiroz S.A., The Dow Chemical Company, Cargill Inc. etc. Our research calculated market size for organic acid market in South America using a bottom-up approach, where manufacturers’ value sales data for standard types (acetic acid, citric acid, formic acid, etc.) were recorded as well as forecast for the future years. Our research sourced these values from industry experts and company representatives, and externally validated through study historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources, secondary sources directories, databases, etc. were also used by our research. “South America Organic Acid Market By Type, By End Use, By Country, Competition Forecast and Opportunities, 2012 – 2026” report elaborates following aspects related to the South America organic acid market.

•  South America Organic Acid Market Size, Share & Forecast
• Segmental study – By Type (Acetic Acid, Citric Acid, Formic Acid, Lactic Acid & Others), By End Use (Industrial, Food & Beverage, Pharmaceutical, Personal Care, & Others), By Country
•  Changing Market Trends & Emerging Opportunities
•  Policy & Regulatory Landscape
•  Competitive Landscape & Strategic Recommendations

Why You Should Buy This Report?
•  To gain an in-depth understanding of South America Organic Acid Market
• To identify the on-going trends and anticipated growth in the next nine years
• To help industry consultants, organic acid chemicals manufacturers, vendors and dealers align their market-centric strategies
• To obtain research based business decisions and add weight to presentations and marketing material
• To gain competitive knowledge of leading market players
• To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer’s specific needs

Report Methodology
The information contained in this report is based upon both primary and secondary sources. Primary research included interviews with organic acid chemicals manufacturers, suppliers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and other proprietary databases.

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