Citric acid’s wide ranging applications in the food and beverages, and pharmaceutical industries has propelled its demand in the past few years. The global citric acid market has been sturdy, and is predicted to witness a steady growth in the coming years.
An upcoming Transparency Market Research report on the global citric acid market provides a detailed analysis of the current market and contains forecasts for the period between 2018 and 2026. The report sheds light on the market’s overview, major drivers and restraints, geographical analysis, competitive dynamics and its future prospects. These insights can prove as game changers for existing and upcoming players of the global citric acid market.
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Global Citric Acid Market: Drivers and Restraints
The food and beverage industry continues to dominate the global citric acid market with respect to demand. This is predominantly due its widespread use in ice creams and dietary supplements. The acid’s ability to inhibit the growth of microbes, and enhance a product’s shelf life, makes it a preferred preservative. Further, it imparts sourness and tartness to enrich the food’s flavor.
Another noteworthy quality of citric acid is its ability to aid digestion. Many people across the world suffer from digestive problems, thus fuelling the demand for citric-acid-based food and beverages.
Pharmaceuticals is a prominent end use sector in the global citric acid market. Citric acid acts as a buffer that regulates pH in medicines. It is also used to prepare salt derivatives of metals and minerals. In addition, it is combined with sodium bicarbonate and used in effervescent formulas to manufacture personal care products.
Other than food and beverage and pharmaceutical industries, the global citric acid market is also being driven by the animal feed, textiles, detergents and cleaners, and cosmetics industries. In cleaning products, it acts as a foaming and chelating agent that reduces the hardness of water. Citric acid is also used to develop photographic films.
Consumption of citric acid in disproportionate amounts is the one of the foremost challenges of the global citric acid market. This can cause side effects like abdominal pain, nausea, vomiting and diarrhea.
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Global Citric Acid Market: Geographical Analysis
North America is expected to hold the highest share in the global citric acid market. The steady rise in the population suffering from digestive problems will likely steer the demand in the U.S. For the very same reason, Europe could be another prominent region. People in countries like Germany are conscious about maintaining their digestive health. This has shot up the demand for products like citric acid based yoghurt. Awareness about citric acid-based food and pharmaceutical agents is witnessing an upward trend in the Middle East. Renowned pharmaceutical companies are opening offices in the Middle East region. This could be a major driver of the citric acid market in the region. Increase in the prevalence of cardiovascular diseases and the growing geriatric population is fuelling the demand for citric acid food products in China.
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Global Citric Acid Market: Competitive Dynamics
The major players in the global citric acid market are from the pharmaceuticals, and food and beverages industries. Some of them include Pfizer Inc., Cargill Inc., Jungbunzlauer Suisse AG, and Kenko Corporation. Such established players are seen adopting advanced machinery to produce innovative products. They are also investing heavily into research and development of new products.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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