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(Transportation-News.com, February 26, 2018 ) Citric acid is generally used to impart tartness & sourness and enhance the flavor of the food product. The acid, once used as an additive in the food products, is effective in inhibiting microbe growth and, therefore, extends their shelf life. The factors mentioned above are expected to enhance the product demand over future years. In 2016, only in US, the citric acid market accounted for about USD 449 million.
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The Asia Pacific Citric Acid market is estimated to have a value of USD 0.81 billion in 2016. With a CAGR of 6.4%, the market size is expected to grow rapidly to cross USD 1.11 billion by 2021. The market growth apart from increasing shell life and changing the flavor of food can be attributed to the increased usage of citric acid in the pharmaceutical industry for the manufacturing of digestive medicines and application of citric acid in detergents & cleaners industry.
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The bio-based and chelating characteristics of citric acid make it a viable answer to many harmful substances used for manufacturing detergents & cleaners, particularly for home purposes. Rising awareness concerning cleanliness and hygiene is predicted to enhance the demand for detergents & cleaners, leading to a volume CAGR of 3.8% over the forecast period mentioned above. Rapid industrialization leading to the presence of large-scale producing bases for food & beverages, prescription drugs, and cosmetics is predicted to enhance the demand for the citric acid as an intermediate in many processes.
Increasing healthcare expenditure in addition to rising variety of ailments across the globe is predicted to enhance the demand for pharmaceuticals. The demand for citric acid in pharmaceutical applications was studied and calculated to be 153.1 kilo-tons in 2016 and is projected to progress in sync with the development of the pharmaceutical sector.
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As of now, Asia -Pacific accounted for the largest share of the market and is expected to be fast growing market due to factors such as rising consumer awareness regarding hygiene and cleanliness, particularly in developing economies like India & China, and is expected to bolster the growth of the detergents & cleaners market over the projected period.
The major market contributors for the Citric Acid market are Tate & Lyle plc, Archer Daniels Midland Company, Pfizer Inc., and Gadot Biochemical Industries.
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