In terms of revenue in 2014, the global market for citric acid was calculated to be USD 2.16 billion and is projected to reach USD 3.66 billion by 2022, growing at a CAGR of 7.4% from 2015 to 2022. In 2014, in terms of volume the market demand for citric acid was 1.80 million tons and is projected to reach 2.60 million tons by 2022 at a CAGR of 5.3% during the forecast period.
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The market is witnessing growth on the back of rising demand for innovative food and beverages with exotic and ethnic fruit flavors and flavor blends. Moreover, increased in popularity of convenience foods such as processed food, frozen food and ready to drink beverages are the factors driving the market growth. Emergence of lactic acid as a new substitute for citric acid is one of the major factor inhibiting the market growth. Untapped economies such as Africa, Brazil, UAE, Syria, Turkey and Egypt offers huge market potential.
Citric acid is mainly used in food & beverages industries, due to its low toxicity when compared with other acidulants. More than half of the market pie is accounted by food and beverages segment and is projected to maintain their dominance during the forecast period. Household detergents and cleaners is another major application of citric acid and is projected to exhibit average growth rates of 5.1% from 2015 to 2022. Pharmaceuticals and cosmetics are the two emerging applications of citric acid but offers huge growth potential during the forecast period.
By geography, Europe and North America accounted for two third of the pie and is projected to maintain their dominance during the forecast period. In these regions, 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., Germany and Canada. Asia Pacific is the fastest growing market. It is projected to grow at a CAGR of 7.9% from 2015 to 2022 in terms of revenue. RoW regions such as Brazil, UAE, Turkey and Africa also offers huge market potential and projected to exhibit above average growth rates.
Archer-Daniels-Midland Company, Tate & Lyle PLC, RZBC Group Co. Ltd., Anhui COFCO Biochemical and Jungbunzlauer are some of the major players present in this market.
Release ID: 1592