Rising Application in Cleaning Agent Manufacturing Will Propel Citric Acid Market Growth: FMI
Jun 16, 2021
Increasing cases of lifestyle ailments, affecting people irrespective of their age, will accelerate the citric acid market growth.
Dubai, United Arab Emirates - June 15, 2021 /MarketersMedia/ —
The global citric acid market is forecast to grow at 4.5% CAGR over the forecast period of 2021 to 2031. Application of citric acid in animal feeders and pharmaceutical industry owing to its superior digestibility and nutritional content will boost the market growth.
Growing urbanization, increasing consumer spending on organic products, and elevated demand for health and diet supplements will accelerate the citric acid market growth, finds ESOMAR-certified consulting firm Future Market Insights in this study.
Increasing cases of lifestyle ailments have fueled the market sales of citric acid. Growing efforts to ensure nutritional value in processed food by food processing industry is fueling the demand of citric acid
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Citric acid is considered as a natural alternative to traditional phosphate ingredients especially in food and beverage industry. Citric acid is also considered as a clean label solution to edible gums, titanium oxide and hydrocolloids.
Extensive research is being carried out among manufacturers in order to develop a citric acid based stabilizing and binding agents to manage flavored oils in beverage production. Citric acids are also used in yogurts as an emulsifier.
These researches will promote the utilization of citric acid in metal, and personal care & cosmetics industries. Increasing demand for essential nutrients among millennial population and availability of clean label products will boost the market growth in upcoming years.
“Increasing implementation of healthcare awareness campaigns across the globe along with elevated consumption of healthy food items amidst COVID-19 pandemic will boost the citric acid market growth throughout the forecast period”, remarks the FMI analyst.
Key Takeaways
The U.S. is expected to lead the citric acid market in North America owing to the presence of a flourishing food and beverage industry and increasing use of citric acid in processed food industry.
A temporary slump in production of citrus fruit in Germany was observed due to poor environmental conditions. However a fast recovery is expected due to increasing consumer preference towards healthy food items and growing export of citric acid products to other countries.
Rise in disposable income, booming food processing industries, and easy availability of production and packaging technologies in Saudi Arabia will boost the market growth in the region.
Growing consumer preference towards healthy lifestyle along with rapid globalization will create an ideal environment for market growth of food grade citric acid. High demand for food grade citric acid in pharmaceutical industries will lead to market growth at 4.5% CAGR by the end of 2031.
The demand for citric acid as acidulants additive will increase in the following years. Acidulant application segment of citric acid is expected to grow at 4% CAGR throughout the forecast period
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Prominent Drivers
Increasing demand for ready to eat food items and use of citric acid as preservative is driving the citric acid market growth.
Shelf life improvement and pH buffering capabilities of citric acid is further fuelling the market demand.
Rise of beverages made from exotic fruits and use of citric acid to provide tartness in the beverage will magnify the market growth.
Key Restraints
Growing cases of counterfeiting and contamination in terms of food grade offerings is restricting the market growth.
Lack of proper food and beverage regulatory policies in developing nations is hurting the market profits for regional manufacturers.
Unreliable yielding and fluctuation in citric acid raw material cost due to unpredictable environment conditions will hinder the market growth.
Competitive Landscape
According to FMI, citric acid market is moderately consolidated and highly competitive owing to presence of large number of regional and global players active in the industry.
The keyh the help of extensive research. New product development through collaboration, merger and acquisition is on the cards among market players.
For instance, a non-binding MOU was signed between Delek Group Ltd. and Fortissimo Fund. The intent of the MOU was to sell 60% of Delek Infrastructure subsidiary as a contingent on debt of around US$ 100 Mn.
Tate & Lyle Plc aims to segregate its primary product segments from food & beverages solutions division. To achieve such goal, in April 2021, the company announced a probable sale of its controlling interest in primary product business which includes citric acid products as well.
To tackle the issue to rancidity of up-cycled ingredients from side streams of herring fillets, WaSeabi launched a new stabilization technology which provides rancidity solutions which consists of rosemary extract and citric acid.
Leading players profiled by FMI operating in citric acid market include:
Archer Daniels Midland Company
Shandong Juxian Hongde Citric Acid Co. Ltd.
Jungbunzlauer Suisse AG
Basel
Delek Group
Cargill, Incorporated
Weifang Ensign Industry Co. Ltd.
Tate & Lyle Plc.
COFCO Biochemical (AnHui) Co. Ltd.
RZBC GROUP
Pfizer Inc.
More Insights on FMI’s Citric Acid Market
The latest market study on global citric acid market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
Download Methodology of this Report @ https://www.futuremarketinsights.com/askus/rep-gb-890
Application
Acidulant
Cleaning agent
Binding Agent
Preservative
Others
Form
Liquid
Powder
Anhydrous
Monohydrous
Grade
Food Grade
Industrial Grade
Pharmaceutical Grade
End Use
Food & Beverages
Bakery & Confectionary
Dairy
Convenience Food
Beverages
Jams & Preserves
Others
Pharmaceutical
Animal feed
Personal care
Metal finishing & cleaning
Others
Region
North America (U.S. & Canada)
Latin America (Mexico, Brazil, Argentina, Chile, Peru, & Rest of LATAM)
Western Europe (Germany, U.K., France, Italy, Spain, BENELUX, Nordic, & Rest of W. Europe)
Eastern Europe (Russia, Poland, CIS Countries and Rest of E. Europe)
Middle East and Africa (GCC Countries, Turkey, South Africa, Israel, & Rest of MEA)
Japan
Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, & Rest of APEJ)
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/citric-acid-market
Source: MarketersMedia
Release ID: 89028345
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