Global Citrate Market is expected to reach a worth of US$ 1,422.9 Million by 2033 end, expanding at 4.7% CAGR | Latest Data Report by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Germany plays a significant role in the citrate market in Europe, and it is projected to experience a steady growth rate of 3.3% CAGR throughout the forecast period. Among the various products, potassium citrate holds the largest market share, accounting for 42.5% in 2022, and is expected to grow at a CAGR of 4.0%. This odorless crystalline powder with a saline taste is primarily utilized for the treatment of kidney stones.
NEWARK, Del, June 20, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the anticipated worth of the worldwide citrate market in 2022 was US$ 851.94 million. Sales of citric acid are predicted to reach US$ 1422.97 million by 2033 thanks to shifting customer tastes, with a forecasted CAGR of 4.7% from 2023 to 2033.
Citrate and its derivatives are versatile substances that are employed in a variety of industrial applications. Citrate, which is generated from citric acid, is utilized in pharmaceuticals, food, housekeeping, personal care, and other industries. A wide variety of citric acid salts are included in citrate, including zinc citrate, calcium citrate, magnesium citrate, potassium citrate, and others. Most often, citrate is employed in food as a preservative or flavoring. It serves as a flavoring ingredient in a variety of processed foods, including cheese, soda, ice cream, and ready-to-drink drinks.
Citrate is also employed as a buffering agent and to regulate pH levels in a variety of medicinal, home cleaning, and food and beverage applications. Furthermore, it serves as a chelating agent as well as an emulsifier in various kinds of cosmetics and personal care products.
The popularity of processed food among consumers is rising. Maintaining product quality and boosting nutritional value is still the top priority for food sector producers. Citrate is being used more often in the food industry as a result of changing consumer dietary habits and increased demand for processed foods. A profitable opportunity for development is being created by the rising premiumization, self-care trend, and E-commerce penetration.
Key Takeaways from this Market Study:
The global market for citrate is expected to be valued at US$ 851.94 million by 2023.
Sales of citrates increased at a 3.1% CAGR between 2018 and 2022.
In terms of the global share, potassium citrate has the largest market share, accounting for 42.5% of the market in 2022.
In 2022, citrates in powder form retained the largest market share at 92.5%.
With an 86% market share in terms of the value of the citrate market in 2022, the United States is expected to continue to be one of the most profitable markets during the forecast period.
Germany holds a sizeable portion of the European citrate market and is anticipated to expand at a CAGR of 3.3% during the anticipated period.
“Citrate serves as a vegan food component since it doesn't contain any animal products in its manufacture or raw ingredients. Citrate will increasingly be used in food and beverage goods as there is a rising desire for vegan meals,” - says a lead analyst of Future Market Insights (FMI).
Competitive Landscape: Prominent players in the Citrate Market are:
Cargill, Inc.
Archer Daniels Midland Company
Tate & Lyle PLC
Jungbunzlauer Suisse A
Shandong Juxian Hongde Citric Acid Co., Ltd.
S.A. Citrique Belge N.V.
Weifang Ensign Industry Co., Ltd.
RZBC Group
Gadot Biochemical Industries Ltd.
Some key developments of the leading companies in this market:
In 2023, Jungbunzlauer Suisse AG sought to assist its customers by producing goods that were safer and more environmentally friendly in accordance with its goal, ‘From nature to ingredients’. To efficiently eliminate rust while keeping the integrity of the base metal, the business started producing citric acid through the fermentation of renewable raw resources, such as carbohydrates from maize.
ADM purchased Comhan, a significant South African flavor distributor, in February 2022. The company's manufacturing and supply chains for cutting-edge flavored goods were extended as a result of the purchase, which allowed it to grow its presence in South Africa.
Key Segments Profiled in the Global Citrate Market:
By Product Type:
Calcium Citrate
Potassium Citrate
Sodium Citrate
Magnesium Citrate
Others (Zinc, Choline, etc.)
By Form:
Powder
Liquid
By Application:
Food & Beverages
Pharmaceutical
Animal Feed
Nutraceuticals
Industrial
Others (Personal Care and Cosmetics, Research, etc.)
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
More Valuable Insights Available: Future Market Insights offers an unbiased analysis of the global citrate market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the citrate market, the market is segmented on the basis of citrate by product type (calcium citrate, potassium citrate, sodium citrate, magnesium citrate), form (powder, liquid), application (wet food & beverages, pharmaceutical, animal feed, nutraceuticals, industrial) and across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and Their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyers 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
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