ID: MRFR/CnM/4789-HCR | February 2021 | Region: Global | 100 pages
Potassium citrate is a potassium salt of citric acid manufactured through the crystallization of citric acid with potassium bicarbonate. Potassium citrate has multiple uses in various application sectors as an acidulant, emulsifier, stabilizer, chelating agent, and antioxidant. Potassium citrate is widely used in the food and beverage industry as an important ingredient in beverages, bakery products, dairy products, and others. It is also used as a food additive as it aids in regulating acidity. Moreover, potassium citrate is used as an emulsifying agent in the healthcare industry. The global potassium citrate market is estimated to grow at a CAGR of over 3% during the forecast period of 2018–2023.
The growing demand in pharmaceuticals and food and beverage products are the major factors contributing to the growth of the market. Additionally, the growing awareness about the health benefits of potassium citrate is aiding the growth of the market. The emulsifier segment led the potassium citrate market, by function, in 2017 and is expected to remain dominant during the forecast period. Emulsifiers are used extensively in the food and beverage industry in bakery and confectionery items. The increasing use of emulsifiers in the cosmetics industry is also contributing to the growth of the market. The food and beverage application segment is expected to dominate the market during the review period.
Global Potassium Citrate Market Share, by Application
Source: MRFR analysis
The potassium citrate market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the majority share of 23% of the market in 2017 and is expected to be the fastest-growing regional market during the forecast period. The growing population and the increasing personal disposable income in the developing nations are primarily driving the growth of the potassium citrate market in Asia-Pacific. Moreover, the growing food & beverage and healthcare industries in the region are also generating substantial revenue. The growing per capita income in the region has led to the increased demand for cosmetics and personal care products which is expected to drive the growth of the potassium citrate market in the region. North America is another dominant region in the global market. The presence of developed end-use industries and the growing adoption of potassium citrate are the major factors contributing to market growth. The demand for on-the-go food products and processed meats is increasing in the region, which is driving market growth. The European market is expected to grow at a steady rate during the forecast period. Increasing health concerns and the developed cosmetics and personal care industry in the region is positively impacting market growth.
The global potassium citrate market has been segmented by function, application, and region. On the basis of function, the market has been segregated into acidulant, emulsifier, stabilizer, chelating agent, antioxidant, diuretic, and others. On the basis of application, the market has been segmented into food and beverage, pharmaceuticals, personal care, household, and others. On the basis of region, the global potassium citrate market has been segmented into North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa.
Some of the prominent players operating in the global potassium citrate market are Cargill, Incorporated (US), Tate & Lyle Plc (UK), Dr. Paul Lohmann GmbH KG (Germany), Archer Daniels Midland Company (US), Gadot Biochemical Industries Ltd. (Israel), American Tartaric Products Inc (US), and FBC Industries, Inc. (US).
The report offers a brief analysis of the major regions in the market, namely, Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Frequently Asked Questions (FAQ) :
The market would achieve a 3% CAGR during the forecast period of 2018 to 2023.
Increasing demand from pharmaceuticals and food & beverage industries would assist the growth.
The Asia Pacific market had the lead in 2017.
Companies like Tate & Lyle Plc (UK), Cargill, Incorporated (US), Archer Daniels Midland Company (US), Dr. Paul Lohmann GmbH KG (Germany), American Tartaric Products Inc (US), Gadot Biochemical Industries Ltd. (Israel), and FBC Industries, Inc. (US) are dominating the market.
The European potassium citrate market would enjoy backing from healthcare, cosmetics, and personal care industries.