LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global citric acid market is expected to grow at a CAGR of close to 6% during the forecast period.
This research report titled ‘Global Citric Acid Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Ajay Adikhari, a lead analyst at Technavio for specialty chemicals research, “The global citric acid market is expected to grow owing to its multiple applications in the food processing and pharmaceutical industries.”
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The market research analysis categorizes the global citric acid market into three major application segments. They are:
- Foods and beverages
- Pharmaceuticals and personal care products
- Detergents and cleaners
Global citric acid market for foods and beverages
The global citric acid market for foods and beverages was the largest and fastest growing application segment for the global citric acid market in 2016. The segment is likely to witness significant growth during the forecast period owing to the increasing preference for packaged and convenience food products.
Citric acid is used for flavor fixation, bacterial stabilization, sterilization, flavor enhancement, and adjustment of acid levels. Citric acid is frequently used in ice creams, puddings, desserts, canned and jarred foods, sauces, cake mixes, baked goods, packaged vegetables and fruits, frozen fish products, and cheese products. Citric acid also finds applications in various beverage products such as fruit juices, soft drinks, energy drinks, cider, soda, beer, and wine.
Global citric acid market for pharmaceuticals and personal care products
Citric acid is widely used in pharmaceutical applications as flavoring agents, stabilizing agents, antacids, and dentifrices. It is commonly used as an excipient in pharmaceutical applications due to its antioxidant and chelating properties.
Citric acid and its various salts such as sodium citrate, aluminum citrate, potassium citrate, ferric citrate, diammonium citrate, monosodium citrate, zinc citrate, and magnesium citrate are widely used in personal care products and cosmetics. Citric acid also helps in balancing the acidic and basic level of cosmetics.
Global citric acid market for detergents and cleaners
The demand for citric acid is rising in detergents and cleaners due to its recyclability, biodegradability, and eco-friendliness. Citric acid also functions as a chelating agent in detergents and cleaners. It chelates the metal particles in hard water, which helps detergents to produce enough foam to clean efficiently. The property of citric acid as a weak organic acid helps it in becoming a strong water softener.
Citric acid is widely used to remove lime scales from the evaporators and boilers. It is commonly used as an active ingredient in the various kitchen, bathroom, and laundry cleaning solutions. Citric acid solutions are used to remove calcium scales and soap stains.
“The cost-effective nature of citric acid in comparison with other cleaning agent is expected to drive the demand for citric acid in the detergents and cleaners segment during the forecast period,” says Ajay.
The top vendors highlighted by Technavio’s chemicals and materials market research analysts in this report are:
- Archer Daniels Midland
- Cargill
- COFCO Biochemical (Anhui)
- Gadot Biochemical Industries
- Jungbunzlauer Suisse
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- Global Capric Acid Market 2017-2021
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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