The global citric acid ester market was valued at US$ 285.2 Million in 2021, according to the Global Citric Acid Ester Market report, by Grade (Pharmaceutical Grade, Food Grade and Industrial Grade), by End-use Industry (Polymer, Food & Beverages, Pharmaceutical, Beauty care, Construction and Others (Automotive etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global citric acid ester market is expected to surpass US$ 468.6 Million by 2030 and exhibit a CAGR of 5.6% during the forecast period (2022-2030). An ester of citric acid called citric acid ester is produced when ethanol and citric acid are fermented together. In the polymers business, citric acid ester is used as a plasticizer. The market is expanding as a result of rising demand for citric acid ester to improve the characteristics of polymers. Citric acid esters are also utilized in the food industry as an additive and flavor. Since citric acid ester is a common solvent in paint and coatings, the construction and automobile industries' booming demand for paint and coatings also contributes to the market growth.
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Browse 30 market data tables* and 24 figures* on "Global Citric Acid Ester Market” - Forecast to 2030.
Key Trends and Analysis of the Global Citric Acid Ester Market:
- Asia Pacific citric acid ester market was valued at US$ 59.1 Million in 2021 and is expected to exhibit a significant CAGR of 4.9% during the forecast period, rapid industrialization and urbanization are driving the growth of the citric acid ester market in emerging nations. Citric acid ester is increasingly being used as a flavor enhancer and food additive due to population growth and rising food demand in the Asia Pacific region. In 2021, According to Ministry of Food Processing Industries, Approximately, US$ 3.92 Billion of India's exports were attributable to the food processing industry in 2017–18, and by 2025, domestic consumption of food and beverages is projected to reach US$ 1.142 trillion, significantly increasing demand for citric acid ester. Citric acid ester's use as a plasticizer has increased due to the thriving plastics industries in China.
Key Takeaways of the Market:
- A frequent component of many cosmetics and beauty products is citric acid ester. Perfumers utilize citric acid ester as a solvent, diluent, and fixative. Prior to deterioration, it is thought to have low toxicity and is easily biodegradable. In 2016, The Indian Brand Equity Foundation (IBEF) estimates that the country's beauty, cosmetics, and grooming business was worth US$ 6.5 billion in 2016 and would be worth US$ 20 billion by 2025. Citric acid ester combines readily with water and a variety of organic substances, making it a useful solvent for lacquers, varnish, and deodorants. Citric acid ester was used in practically every category of cosmetic items, with 10,000 documented uses, according to the U.S. Food and Drug Administration's Voluntary Cosmetic Registration Program (VCRP), 2016. The largest favorable market factor influencing the development of the citric acid ester market is the rising demand for citric acid ester's application in consumer goods.
- Pharmaceutical coating helps in increasing the shelf life of the tablets as the coating can protect tablets from light, moisture, and oxidation. In addition, coating of tablet improves the ease of swallowing by making the tablets smoother and also increases the strength of the tablet. Increasing health concerns and government's spending on healthcare has embolden the pharmaceutical sector owing the need for citric acid ester. According to the World Health Organization (WHO), the global health spending increased by 3.9% annually between 2000 and 2017, surpasses the global economy's 3.0% annual growth rate. This trend of the health sector growing faster than the economy is continuing today.
- Major players operating in the global citric acid ester market include ChemPoint, Tokyo Chemical Industry, AA BLOCKS, INC., Fine Organics, Oakwood Products, Inc., Nutrition & Biosciences, Zhonglan Industry Co.,Ltd., Indo-Nippon Chemical Co. Ltd, Weifang Limin Chemical Co., Ltd. And Lemon-flex Company Limited
Global Citric Acid Ester Market - Impact of Coronavirus (Covid-19) Pandemic
After the COVID-19 virus hit the world, food industries has adopted many measures to protect their employees, secure supply chains, and address other concerns in the market. During initial days of pandemic Food & Beverages market and grocery stores were shut down but later it has created a massive spike in online grocery delivery services. Closures of restaurants caused a effect among related industries such as food production, food and beverage shipping etc. Pandemic has negative imoact on all segments of food supply chains, simultaneously affecting farm production, food processing, transport and logistics demand.
