Infinium Global Research Citric Acid Market -IGR | Page 3

Market Insights
The global citric acid market is projected to grow with a CAGR between 5.5%
and 6.0% during 2017-2023. Increasing demand of citric acid from detergents
& cleaners application, due to characteristic of citric acid to reduce hardness
of water and formation of foam, is the key factor driving the growth of citric
acid market worldwide. Moreover, growing demand for citric acid as a crucial
ingredient in various end user industries such as Food & beverages,
Pharmaceuticals, and Personal Care among others will drive the global citric
acid market. Furthermore, rising demand from consumers preferring products
including plant based natural ingredients due to increasing various health
issues is anticipated to drive the consumption of citric acid in food and
beverages industry over the forecast period. However, increasing prices of
molasses which is a prime feedstock used in the production of citric acid is the
key factor restraining the growth of global citric acid market. Nevertheless,
continuously rising demand for citric acid from emerging applications such as
food additives & animal feed are anticipated to create more opportunities for
the citric acid manufacturers over the forecast period. Moreover, environment
friendly properties of citric acid are likely to create more opportunities to citric
acid in other applications; as a result the market size of citric acid is projected
to grow at a rapid pace over the forecast period.
Infinium Global Research