In terms of revenue in 2014, the global market for Citric Acid Market was calculated to be USD 2.16 billion and is projected to reach USD 3.66 billion by 2022, growing at a CAGR of 7.4% from 2015 to 2022. In 2014, in terms of volume the market demand for citric acid was 1.80 million tons and is projected to reach 2.60 million tons by 2022 at a CAGR of 5.3% during the forecast period.
The purpose of the report is to illustrate the state of the market of Sterile Injectables, to present actual information about the volumes of production, exports, imports, consumption and the state of the market, the changes that took place in 2017, and also, to build a forecast for the growth of the industry in the medium term until 2026.
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The market is witnessing growth on the back of rising demand for innovative food and beverages with exotic and ethnic fruit flavors and flavor blends. Moreover, increased in popularity of convenience foods such as processed food, frozen food and ready to drink beverages are the factors driving the market growth. Emergence of lactic acid as a new substitute for citric acid is one of the major factor inhibiting the market growth. Untapped economies such as Africa, Brazil, UAE, Syria, Turkey and Egypt offers huge market potential.
Citric acid is mainly used in food & beverages industries, due to its low toxicity when compared with other acidulants. More than half of the market pie is accounted by food and beverages segment and is projected to maintain their dominance during the forecast period. Household detergents and cleaners is another major application of citric acid and is projected to exhibit average growth rates of 5.1% from 2015 to 2022. Pharmaceuticals and cosmetics are the two emerging applications of citric acid but offers huge growth potential during the forecast period.
By geography, Europe and North America accounted for two third of the pie and is projected to maintain their dominance during the forecast period. In these regions, food and beverages is the major end use application for citric acid in spite of flat to negative growth of carbonated soft drink market in the U.S., Germany and Canada. Asia Pacific is the fastest growing market. It is projected to grow at a CAGR of 7.9% from 2015 to 2022 in terms of revenue. RoW regions such as Brazil, UAE, Turkey and Africa also offers huge market potential and projected to exhibit above average growth rates.
Archer-Daniels-Midland Company, Tate & Lyle PLC, RZBC Group Co. Ltd., Anhui COFCO Biochemical and Jungbunzlauer are some of the major players present in this market.
Why was the report written?
This report is the result of an extensive survey drawn from Credence Research’s exclusive panel of leading global market industry executives; it provides data and analysis on buyer investment, acquisition, and developments within the global market research. It includes key topics such as global Sterile Injectables buyer expenditure and procurement behaviors and strategies and recognizes the threats and possibilities within the industry, economic outlook trends, and business confidence within global industry executives. Most secondary research reports are based on general industry drivers and do not understand the industry executives’ attitude and changing behaviors, creating a gap in presenting the business outlook of the industry; in an effort to bridge this gap, Credence Research created this primary research-based report by gathering the opinions of multiple stakeholders in the value chain of the global industry.
What is the current market landscape and what is changing?
Executives from the global industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2017.
The report on the market of Citric Acid contains:
Analysis and forecast of Sterile Injectables market dynamics;
Analysis of domestic production, market shares of the main market players;
Analysis of exports and imports;
Analysis of factors, leading the development of the Sterile Injectables market;
Assessment and forecast of Sterile Injectables market development;
Financial and business profiles of the leading companies in the Sterile Injectables industry.
– Up to date working Sterile Injectables data by major regions in the world, the forecast of planned capacity additions by 2026
– The annual breakdown of capital expenditure spending on proposed Sterile Injectables for the period 2018 to 2026
– Planned Sterile Injectables additions and capital expenditure spending by key countries and companies across the world
– Planned capital expenditure spending on new Sterile Injectables projects by region, key countries, and companies
– Details of major planned Sterile Injectables projects in the world up to 2026
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