Industry Outlook and Trend Analysis:
The Citric Acid Market was worth USD 2.56 billion in 2014 and is expected to reach approximately USD 4.12 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.42% during the forecast period.
Rising demand for the product to preserve food is anticipated to be a key driver for the business development. Additionally, the developing interest for the compound in pharmaceutical industry for the assembling of stomach related solutions is foreseen to emphatically drive the market over the conjecture time frame. Citric acid gives sourness and tartness and augments the flavours. The acid, when used as an additive in food products, is viable in restraining the growth of microorganisms and, accordingly, broadens their time span of usability. The previously mentioned factors are foreseen to increase the product demand throughout the following years.
The leading players in the market are Cargill, Archer Daniels Midland, Pfizer, Kenko Corporation, Tate & Lyle and Danisco. Major mechanical shifts in manufacturing processes and the rising usage of cutting edge hardware are foreseen to emphatically influence the development of citrus extract creation over the estimate time frame.
The Citric Acid Market is segmented as follows-
Food & beverages
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Table of Contents
5.Citric Acid Market, By Application
5.2.Global Citric Acid Sales, Revenue and Market Share by Application (2014-2017)
5.3.Citric Acid Market Assessment and Forecast, By Application, 2014-2023
5.5.Food & Beverages
6.Citric Acid Market, By Form
6.2.Global Citric Acid Sales, Revenue and Market Share by Form (2014-2017)
6.3.The Citric Acid Market Assessment and Forecast, By Form, 2014-2023
To be continued…
Regional Outlook and Trend Analysis
As per the World Health Organization (WHO), around 65 to 70 million individuals in North America encounter digestive system issues. This, thusly, has prompted an expansion in the interest for digestive citric acid-based food & beverages and pharmaceuticals in the area, subsequently affecting the business on a positive note. As per the German Nutrition Society (DGE), awareness among buyers in Europe relating to the usage of citric acid for maintaining digestive health expanded to 49% in 2016 when compared with 44% in 2015.
What our Citric Acid Market Report offers:
Citric Acid Market share assessments for the regional and country level segments
Market share analysis of the top industry players
Strategic recommendations for the new entrants
Competitive landscaping mapping the key common trends.
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements
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About Crystal Market Research:
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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