Market Revenue Citric Acid Market Revenue, Production | Page 2

Powder citric acid and liquid citric acid are the major forms that could be explored in Citric Acid in the forecast
period. In 2016, powder sector accounted for the largest market share of 63.3% in terms of revenue. However,
liquid segment is estimated to grow at highest CAGR in the foremost period. This may be because of its beneficial
properties in a food and dairy products. Moreover, it is exclusively used in oil industry as an oil control additive
for maintaining the pH and chelating acidizing fluids.
The market may be categorized based on applications like food & beverages, pharmaceutical, and others. In
2016, food & beverage sector lead the overall market with the largest share of 57.9% in terms of volume. Also,
the sector is estimated to grow at highest CAGR between 2017 to 2025. The reason behind the growth could be
high demand for dietary supplements and ice creams, exclusively used to form salt derivatives of metals and
minerals in pharmaceuticals, and highly used to control the pH value in medicines. However, other segment
includes textiles, detergents & cleansers, animal feed, and cosmetics.
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Globally, North America accounts for the largest market share of Citric Acid and is estimated to lead the overall
market in the coming years. In North America approx. 65 to 70, million people suffer from digestive system
problems stated by WHO. Inversely, this led to high demand for digestive citric acid-based pharmaceuticals and
food & beverages in the region. German Nutrition Society (DGE) stated that, rising awareness amongst European
consumers regarding citric acid for maintaining health. In 2016, this is increased to 49% from 44% in 2015.
Moreover, the people consuming citric acid-based yogurt to maintain digestive health has been raised.
However, in Middle East, growing awareness regarding citric acid-based food and beverages and
pharmaceuticals is compelling the market growth in the region. This may be because of rising number of major
manufacturers in the region to increase their impression. Moreover, Asia Pacific is estimated to grow at fastest
pace in the future period. Also, estimated to grow at highest CAGR in the coming years. The aspects that may
be ascribed to the growth comprise occurrence of lifestyle diseases like gut-health related issues, cardiovascular
disease, and mental health problems and growing geriatric population.
The key players of Citric Acid Industry are Danisco A/S, Kenko Corporation, Tate & Lyle plc, and Archer Daniels
Midland (ADM) Company. These players are concentrating on inorganic growth to sustain themselves amongst
fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
Market Segment: