(Entertainment-NewsWire.com, February 03, 2018 ) Market Research Reports Search Engine (MRRSE) has recently publicized a new study to its vast repository, which is titled as Citric acid market is a cost effective ingredient with wide ranging applications in various industries such as food & beverages, animal feed, metal finishing and others, which is expected to drive the market growth over the forecast period. The global citric acid market is currently witnessing major trends like the increasing usage of citric acid as a cleaning agent due to ban on phosphate in various regions. Global sale of citric acid was valued at US$ 2,756.5 Mn in 2015, and is projected to be valued at US$ 4,494.8 Mn by 2026. Sales revenue is expected to register a CAGR of 4.6% during the forecast period (2016–2026). In terms volume, the market is expected to witness a CAGR of 3.7% during the forecast period.
Wide ranging use of citric acid in convenience food and beverages is fuelling the global citric acid market
Consumers are preferring products comprising of plant based natural ingredients due to various health issues. This is fuelling demand for citric acid worldwide. Moreover, increased usage of citric acid as a cleaning agent due to a ban on phosphate in various regions is further expected to drive the market demand in the near future. Citric acid is used as an ingredient in manufacture of convenience food and beverages as it provides acidity, acts as a preservative, provides antioxidants and enhances the flavour, which is further expected to drive the market demand in the near future.
However, excessive consumption of citric acid causes diarrhoea, stomach cramps, loss of appetite, vomiting and increased sweating. Citrus flavoured drinks include artificial sweeteners to enhance the flavour of drinks. Sweeteners are known to cause weight gain and are associated with obesity prevalence. Growing inclination of consumers towards low calorie beverages that do not contain artificial sweeteners is expected to restrain demand for citrus flavoured drinks, in turn, hampering growth of the market.
Acidulant application segment is projected to account for highest share in terms of volume expanding at a CAGR of 4.2% by 2026 end
Amongst all the application segments, acidulant segment is projected to account for highest share in terms of volume registering a CAGR of 4.2% by 2026 end. Cleaning agent segment is estimated to occupy the second largest share, accounting for 24.4% value share in 2015.
Powder form segment is expected to represent largest share both in terms of value and volume
On the basis of form, the global citric acid market has been segmented into powder and liquid. Powder segment is expected to represent largest share both in terms of value and volume. In terms of volume, the segment has been estimated to be 1,480,566.8 MT in 2016. Revenue contribution of the segment to the global citric acid market is expected to exhibit a CAGR of 4.7% from 2016 to 2026. Liquid form of citric acid is quite expensive as compared to powder form which may restrain the growth of liquid segment over the forecast period.
The food grade segment is estimated to represent highest value share of 67.0% in 2016 and is expected to remain dominant over the forecast period
On the basis of grade, the citric acid market has been segmented into food grade, pharmaceutical grade and industrial grade. Among all these segments, food grade segment is estimated to represent highest value share of 67.0% in 2016 and is expected to remain dominant over the forecast period. In terms of volume, this segment is expected to register a CAGR of 4.1% over the forecast period. Wide usage of citric acid in beverages and increasing application in convenience food is expected to support the segment growth during the forecast period. Industrial grade segment is expected to represent a substantial growth over the forecast period. The segment is projected to register a CAGR of 4.3% in terms of value growth by 2026 end.
Metal finishing and cleaning end use segment is forecasted to register a CAGR of 4.7% during the forecast period
The global citric acid market is further segmented on the basis of end-use which includes food & beverages, animal feed, pharmaceutical/personal care, metal finishing & cleaning and others. Among all of these segments, food & beverages segment is estimated to be dominant both in terms of value and volume in 2016. While metal finishing & cleaning is expected to represent favourable growth in terms of value, registering a CAGR of 4.7% over the forecast period.
APEJ region is estimated to dominate the overall market in terms of value in 2015 and register a CAGR of 5.7% over the forecast period
On the basis of regions, the global citric acid market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, the Middle East & Africa and Japan. Among all these regions, APEJ region is estimated to dominate the overall market in terms of value in 2015. Market in the region is expected to register a CAGR of 5.7% over the forecast period.
Key market players operating in the global citric acid market
Some of the key players in the global 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 and Pfizer Inc.
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