The global sodium citrate market is estimated to witness a healthy growth, at an estimated CAGR of over 3%, over the forecast period. The major factor driving the growth of the market studied is growing consumption of packed food & beverages.
- Health issues associated with long-term usage is likely to hinder the markets growth.
- Increasing demand from the medical industry is also likely to augment the market growth in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Food and Beverages Segment to Dominate the Market
- Sodium citrate is primarily used as a food additive to add flavor to or preserve the food. In certain types of club soda, sodium citrate is used as a flavoring agent.
- In addition, sodium citrate is used as a flavoring agent in many ready-to-drink beverages, gelatin mix, ice creams, processed cheese, and sweets, among many others. Moreover, sodium citrate is used in, both, hydrous & anhydrous form.
- Furthermore, sodium citrate is also used in combination with citric acid as a buffering agent to maintain pH in many food & beverage applications.
- The food & beverage industry, especially in Asia-Pacific and GCC (primarily in UAE), is a lucrative market. The demand for food & beverage products is increasing rapidly in the UAE, and this trend has been anticipated to continue the next few years.
- Owing to all these factors, the market for sodium citrate is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market owing to the increasing demand form the food & beverage, medical, and personal care industries in the countries such as China and india.
- China, one of the largest pharmaceutical markets in the world, is not yet mature. The combined forces of economic and demographic development, government stimulus, enhanced health awareness among the public, market consolidation, and improved R&D capabilities may help the country in maturing into a sophisticated market within the next decade.
- At present, penetration of personal care products in India is comparatively lower when compared to developed or even other developing economies. However, improving economic environment and increasing purchasing power of the Indian population is expected to increase the adoption of personal care products in the country.
- According to a report published by the Ministry of Economy and Industry, the beauty and personal care (BPC) industry in the country is expected to reach more than USD 10 billion by 2021, at an estimated growth rate of 5%-6% annually. The personal care and cosmetics sector in India is expected to register continuous growth, with increasing shelf space in retail stores and boutiques in India.
- Due to all such factors, the market for sodium citrate in the region is expected to have a steady growth during the forecast period.
The sodium citrate market is partially consolidated in nature. Some of the major players in the market include Pan Chem Corporation, Jungbunzlauer Suisse AG, Cargill, Incorporated, ADM, and ATPGroup, among others.
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