The citric acid market is directly influenced by the growth of food additives in the processed food industry. Consumer interest in food & beverage products prepared from safe ingredients is projected to remain strong during the forecast years. Moreover, increasing application in the pharmaceutical & personal care industries also help in augmenting market demand for citric acid products.
Pune, India -- (SBWIRE) -- 11/02/2015 -- The report "Citric Acid Market - Global Forecast to 2020", defines and segments the citric acid market with analyses and projections of the market size in terms of value and volume. It also identifies the driving and restraining factors of the market with analyses of the trends, opportunities, restraints, and challenges. The size of the market in key regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) has been estimated and projected. The market is further segmented on the basis of key countries in these regions.
Browse 64 market data Tables and 47 Figures spread through 128 Pages and in-depth TOC on "Citric Acid Market - Global Forecast to 2020"
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The citric acid market is considered one of the fastest-growing segments of the food additives market due to the increasing consumer preference for convenience food & beverage products. The citric acid market is driven by the rising demand for food safety. However, in developed regions, it has struggled with rising prices of molasses, a key raw material in citric acid production. Despite this, the global market is impacted by large-scale production and export of inexpensive citric acid products from the Asia-Pacific market, especially from China.
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The global market for citric acid stood at USD 2.6 Billion in 2014, at USD 3.6 Billion by 2020 and is projected to grow at a CAGR of 5.5% from 2015 to 2020. In 2014, the European region was the largest market for citric acid. The high growth corresponds to the increasing demand for additives of natural origin, especially in processed food & beverage products and cosmetic products. The wide applicability of citric acid as an acidulant, preservative, emulsifier, flavorant, sequestrant, and buffering agent in numerous products of food and non-food industries has led to its propelled growth, which is expected to continue in the forecast period. Emerging applications of citric acid in cleansers and detergents for their biodegradability and other environment-friendly properties are also key driving factors for the citric acid market.
The report includes development strategies and product portfolios of leading companies such as Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Tate & Lyle PLC (U.K.), and JUNGBUNZLAUER SUISSE AG (Switzerland). Other players include COFCO Biochemical (AnHui) Co., Ltd. (China), HUANGSHI XINGHUA BIOCHEMICAL CO.LTD (China), RZBC Group Co. Ltd. (China), Weifang Ensign Industry Co., Ltd. (China), Gadot Biochemical Industries Limited (Israel), and S.A. Citrique Belge N.V. (Belgium) among others. Leading players have adopted new product development as their key development strategy to serve different consumers from food and non-food sectors in matured and untapped markets as well.
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