Citrates: Market outlook
The versatility and by-products of citrate enable it to be a prominent compound used in various industrial applications. Citrates are derivative of citric acid which is a weak organic acid and plays a vital role in the food industry, pharmaceuticals, personal care, household, and other applications. The citrates include a wide range of citric acid salts like magnesium citrate, zinc citrate, potassium citrate, calcium citrate, and others. The market for citrates is anticipated to witness substantial growth over the forecast period. Citrates are predominantly used as a food additive to preserve or add flavor to the food products. It is used as a flavoring agent in ready-to-drink beverages; processed products like cheese; ice cream, soda, and others. Also, citrates find application in the pharmaceuticals industry. Sodium citrate is an ingredient used in some of the essential and extensively used drugs which are used to control acidity in urine and blood as it reduces the excessive acid contents in the body fluids. Besides, citrates are used as a buffering agent which maintains pH and acts as an acid regulator in many food & beverage applications, pharmaceuticals, and household cleaners. Besides citrates find application in personal care products as an emulsifier and chelating agent.
Versatility and Diverse Industrial Application is Anticipated to Fuel the Growth for Citrates
The increasing application of citrates in various industrial use is surging the growth of citrates over the forecast year. The concept of “premiumization” has caught on the Food and beverage industry at large, extending beyond pricing to include incredible quality and a superior experience. Premiumization has fueled consumer taste for value-added and high-quality products with the right quality ingredients. The surging growth of the food and beverage industry and fuelling demand for processed food is expected to boost the demand of citrates which are prominent food additives. Besides, the increasing market for cosmetics and personal care products is driving the need for products like lotions, creams, moisturizers, and others which in turn are fueling the demand for citrates. The citrates are used in the formulation of various pharmaceuticals for actions ranging from stabilization to pH adjustment and taste enhancements. The increasing use of citrates in the pharmaceutical application is expected to be a driving factor for the growing citrate market.
Global Citrates: Market Segmentation
On the basis of product type, the global Citrates market has been segmented as-
- Magnesium Citrate
- Zinc Citrate
- Potassium Citrate
- Calcium Citrate
On the basis of end use, the global Citrates market has been segmented as-
- Food & Beverages
- Personal Care
On the basis of region, the global Citrates market has been segmented as-
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Global Citrates: Key Players
Some of the major players of Citrates market include: Cargill, Incorporated, Archer Daniels Midland Company, Gadot Biochemical Industries LTD, Jost Chemical Co., S.A. Citrique Belge N.V., Cytoplan Ltd, Sucroal S.A, NOW Health Group, Inc.
Opportunities for Market Participants:
The global citric acid market was valued at USD 3.2 billion in the year 2017. The surging demand for citric acid and approaching new production plants for citric acid are estimated to drive the growth for global citrate market. The citrate and citrate salts are derivative of citric acid which finds application in a diverse range of applications. The citrates are witnessing a growing demand in both developed and developing economies. The Asia Pacific and the Middle East finds strong market prospects for Citrates. The increasing urbanization, per capita expenditure of consumers and rising standards of living of consumers in these regions is resulting in growth of food and beverage industry, cosmetic and personal care products, pharmaceutical and nutraceuticals industry, and other industrial application which is upscaling the demand for citrates. Besides, the Asia Pacific and the Middle East have comparatively lenient regulation regarding the usage and manufacturing facilities regarding the citrates; hence the new entrants and market players can easily enter in these regions and mark a strong market presence.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.