Citric acid refers to an organic acid which exists in a variety of fruits and vegetables, especially in citrus fruits, namely oranges, lemons, limes, pineapples and grapefruits. It is a natural ingredient that boosts detoxification, maintains energy levels, and supports healthy digestion and kidney function. Citric acid has a slightly tart, refreshing flavour and is used to balance the sweetness in soft drinks, juices, and other beverages. Moreover, citric acid is frequently found in facial packs and masks as it brightens and lightens skin tone, reduces breakouts and oiliness, and regenerates dead skin cells. A new research report by IMARC Group, titled “Citric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a volume of 2.3 Million Tons in 2017. The report further anticipates the market to reach a volume of 2.8 Million Tons by 2023, at a projected CAGR of 3% over the forecast period.
Global Citric Acid Market Drivers/Constraints:
- The growing demand for organic food has led to the rising preference for natural food additives in order to lower the chemical intake. This is expected to boost the consumption of citric acid globally.
- The longer shelf-life of citric acid enables it to be used as preservative, emulsifier, flavouring agent, acidulant and buffering agent in various food and non-food products. This has propelled the growth of the market across the globe.
- Owing to its acidic nature, citric acid easily removes dirt spots and grime from fabrics. This results in an increasing demand for citric acid from the detergents, soaps and cleaning agents industries, thereby fuelling its demand worldwide.
- The stringent regulations on the import/export of citric acid have adverse effects on the profitability of the manufacturers. In addition to this, the fluctuating prices of the raw materials used in the production of citric acid can hamper the growth of the global citric acid market.
Based on application, the market has been segmented into food and beverages, household detergents and cleaners, pharmaceuticals and others. Amongst these, food and beverages represent the largest segment due to the extensive use of citric acid in a variety of food products, such as candies, creams, mayonnaise, soups, sauces, juices, wines and carbonated drinks.
Region-wise, Western Europe represents the leading market on account of the high demand for citric acid in the food and beverage industry in the region. Other major regions are the United States, China, Middle East and Africa, Central/Eastern Europe, Brazil and India.
The market is highly concentrated in nature with a small number of players holding the majority of the market share. The high capital investment required to set-up a plant makes it difficult for small players to enter the market. Some of the leading players operating in the market are:
- Shandong Lemons Biochemical Co., Ltd.
- Rizhao Luxin Jinhe Biochemical Co., Ltd.
- COFCO Biochemical
- Tate & Lyle PLC
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