Asia Pacific is projected to grow at the fastest estimated CAGR of 7.9% from 2015 to 2022 in terms of revenue. China is the single largest market for citric acid which accounts for more than 30% of the global production. It is also projected to remain a major exporter of citric acid. Of the six largest citric acid producers, four of them produce citric acid solely in China. Companies Jungbunzlauer and Anhui COFCO Biochemical operates in more than one country. These companies target global export as well as domestic end use applications.
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North America is the second largest market for citric acid and is projected to grow at a CAGR of 5.2% from 2015 to 2022 in terms of volume. In this region, food and beverages is the major end use application for citric acid in spite of flat to negative growth of carbonated soft drink market in the U.S. and Canada. Europe is the largest market for citric acid in terms of volume and revenue as well. It accounts for 40% share of the market in volume and revenue. Western Europe is the most mature market where as Eastern Europe offers huge untapped opportunities.
The utilization of citric acid in the various industries in economies such as Saudi Arabia, Turkey, and Egypt has increased significantly in the past five years. There is huge demand potential for citric acid in food and beverages industries in these regions. With new food and beverages industries setting up in these countries, additional demand for citric acid will be created. At present, demand for citric acid in these countries is met through import mainly from Europe and China. In 2010, the total import of citric acid in the KSA, Syria, UAE, Turkey, Pakistan and Egypt was approximately 84,256 tons.
Tate & Lyle PLC, Archer Daniels Midland, Jungbunzlauer Suisse AG, Weifang Ensign Industry Co., Ltd., RZBC Group Co. Ltd. Among others are some of the major players present in this market.
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