Citrate Market Size 2023 Global Industry Share, Top Players, Opportunities And Forecast To 2033

According to Future Market Insights, the anticipated worth of the worldwide citrate market in 2022 was USD 851.94 million. Sales of citric acid are predicted to reach USD 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 pharmaceutical, 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.

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Key Takeaways from the Market Study

• 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 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.” remarks an FMI analyst.

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.

• 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 are:

• 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.

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).

About the Food and Beverage Division at Future Market Insights

The food and beverage team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.