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Global Citric Acid Market Expected to Reach USD 5.73 billion by 2024

28 Nov 2017

The global citric acid market is expected to reach USD 5.73 billion by 2024 driven by its increasing use in food & beverages and household detergents & cleaners. The growth of these end-use industries, particularly in emerging economies of Asia Pacific region, is anticipated to boost the growth of the chemical over the projected period.

 

The biobased and chelating characteristics of citric acid make it a viable solution to several toxic substances used for manufacturing detergents & cleaners, especially for household purposes. Rising awareness regarding cleanliness and hygiene is expected to augment the demand for detergents & cleaners, resulting in a volume CAGR of 3.8% over the projected period.
Asia Pacific dominated the global industry accounting for 29.6% of the global citric acid market volume share in 2016.

 

The difference in the properties of citric acid has resulted in making it suitable for use across a broad range of applications. The dual use of citric acid as a preservative as well as a flavouring agent in foodstuffs is expected to augment its demand for household purposes. Moreover, its suitability for a broad range of cuisines makes its suitable for restaurants. Increasing standard of living of consumers is expected to augment the demand for the product over the projected period.

 

Market Insights

 

The market for Citric Acid Monohydrate (CAM), Citric Acid Anhydrous (CAA) and Sodium Citrate in China has stabilized with prices remaining consistent over the period.

 

Our Recommendations

 

Buyers can consider ordering for the next 2-3 months as the current market price and delivery conditions are stable. Buyers can also consider CAA instead of CAM as a product substitute or replacement. For now –the price difference between CAM and CAA is relatively small.

 

 

Source

PR Newswire

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