LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global citric acid market and the market is poised to experience spend growth of more than USD 900 million between 2018-2023 at a CAGR of over 5% during the forecast period. Request Free Sample Pages.
Read the 101-page research report with TOC and LOE on "The Global Citric Acid Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The growing penchant of consumers towards natural and organic products will drive the market demand growth as citric acid is a derivative of lemon juice and hence, organic. It is extensively used as a non-toxic and biodegradable alternative to phosphates that are currently banned in Europe and North America for the manufacturing of detergents. This will contribute to spend growth in the citric acid market to a significant extent. It is used as an effective substitute for other acids in F&B applications such as dairy products, soft drinks, and sports drinks for functionalities such as enhancing taste and increasing the shelf life of these products.
Subscribe to our procurement platform to get instant access to over 1000 market-ready procurement intelligence reports without any additional costs or commitment.
The Top Citric Acid Suppliers Enlisted in this Report:
An increase in transportation costs due to rising fuel prices and the rise in spend on inventory and warehousing to stock citric acid are increasing the overall OPEX borne by citric acid suppliers. A significant portion of this increasing OPEX is compensated by buyers in the form of excess procurement spend in this market. Considering its probability, this report has listed the top citric acid suppliers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal and cost-effective procurement in this market.
Cargill- It features in the list of the global suppliers who are known to operate on the highest profit margins due to their brand value and value-additions they provide such as R&D support, technical support, and customization. This citric acid supplier offers bundling of citric acid with other ingredients used in the end-products of buyers, thereby reducing their overall procurement costs through bundling of procurement needs.
ADM- It is among the suppliers who focus on innovation of new products to meet the needs of niche markets such as sports drinks, biomedical applications, and poultry. Global suppliers are starting R&D centers in different geographies to develop region-specific insights and innovate on product offerings for specific regions. ADM has opened an innovation center in Singapore to research the needs of consumers in Southeast Asia.
Tate & Lyle- Buyers are advised to assess the logistics capability of this supplier prior to finalizing the contract. Suppliers with their own fleets can assist buyers through timely delivery of citric acid to their production units, thereby minimizing chances of downtime. This can also help buyers reduce transportation and logistics costs and complexities.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the citric acid market.
Some of the key topics covered in this report are:
- Citric acid market spend segmentation by region
- Citric acid supply market analysis
- Regional spend opportunity for citric acid suppliers
- Citric acid suppliers cost structure
- Total cost of ownership analysis in the citric acid market
- Citric acid pricing models analysis
- Category management objectives
- Cost saving opportunities in the citric acid market
Free sample of reports that you may like:
- Global Caustic Soda Market - Procurement Intelligence Report
- Global Sorbitol Market - Procurement Intelligence Report
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal