Understanding Impact of COVID-19 on Citric Acid Market
Citric acid’s wide ranging applications in the food and beverages, and pharmaceutical industries has propelled its demand in the past few years. The global citric acid market has been sturdy, and is predicted to witness a steady growth in the coming years.
An upcoming Transparency Market Research report on the global citric acid market provides a detailed analysis of the current market and contains forecasts for the period between 2018 and 2026. The report sheds light on the market’s overview, major drivers and restraints, geographical analysis, competitive dynamics and its future prospects. These insights can prove as game changers for existing and upcoming players of the global citric acid market.
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Global Citric Acid Market: Drivers and Restraints
The food and beverage industry continues to dominate the global citric acid market with respect to demand. This is predominantly due its widespread use in ice creams and dietary supplements. The acid’s ability to inhibit the growth of microbes, and enhance a product’s shelf life, makes it a preferred preservative. Further, it imparts sourness and tartness to enrich the food’s flavor.
Another noteworthy quality of citric acid is its ability to aid digestion. Many people across the world suffer from digestive problems, thus fuelling the demand for citric-acid-based food and beverages.
Pharmaceuticals is a prominent end use sector in the global citric acid market. Citric acid acts as a buffer that regulates pH in medicines. It is also used to prepare salt derivatives of metals and minerals. In addition, it is combined with sodium bicarbonate and used in effervescent formulas to manufacture personal care products.
Other than food and beverage and pharmaceutical industries, the global citric acid market is also being driven by the animal feed, textiles, detergents and cleaners, and cosmetics industries. In cleaning products, it acts as a foaming and chelating agent that reduces the hardness of water. Citric acid is also used to develop photographic films.
Consumption of citric acid in disproportionate amounts is the one of the foremost challenges of the global citric acid market. This can cause side effects like abdominal pain, nausea, vomiting and diarrhea.
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Global Citric Acid Market: Geographical Analysis
North America is expected to hold the highest share in the global citric acid market. The steady rise in the population suffering from digestive problems will likely steer the demand in the U.S. For the very same reason, Europe could be another prominent region. People in countries like Germany are conscious about maintaining their digestive health. This has shot up the demand for products like citric acid based yoghurt. Awareness about citric acid-based food and pharmaceutical agents is witnessing an upward trend in the Middle East. Renowned pharmaceutical companies are opening offices in the Middle East region. This could be a major driver of the citric acid market in the region. Increase in the prevalence of cardiovascular diseases and the growing geriatric population is fuelling the demand for citric acid food products in China.
Global Citric Acid Market: Competitive Dynamics
The major players in the global citric acid market are from the pharmaceuticals, and food and beverages industries. Some of them include Pfizer Inc., Cargill Inc., Jungbunzlauer Suisse AG, and Kenko Corporation. Such established players are seen adopting advanced machinery to produce innovative products. They are also investing heavily into research and development of new products.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
