Global Citric Acid Ester Market is Estimated to Witness Steady Growth Owing to Expanding Applications & Increasing Demand from Personal Care Industry
The global citric acid ester market is estimated to be valued at USD 312.2 Mn in 2024, exhibiting a CAGR of 6.8% over the forecast period (2024-2031). Citric acid esters find wide applications in personal care products such as shampoos, soaps, creams, etc. due to their conditioning and moisturizing properties. Furthermore, growth of personal care industry and increasing spending on premium personal care products are expected to drive the demand for citric acid esters.
Market Dynamics:
Expanding applications of citric acid esters - Citric acid esters are increasingly being used in applications beyond personal care such as food additives, dental products, pharmaceuticals, etc. owing to their abilities as emulsifiers, solubilizers, and stabilizers. This widespread use across industries will boost market revenues. Increasing demand from personal care industry. The personal care industry is growing globally led by skincare, haircare, and cosmetics segments.
Growing Demand from the Food and Beverages Industry is Driving the Global Citric Acid Ester Market
The food and beverages industry has seen significant growth over the past few years. Citric acid esters are widely used as flavoring agents and preservatives in various food products such as desserts, candies, and beverages. Their unique properties like solubility in oils and water, compatibility with other food ingredients, and ability to inhibit microbial growth make them very suitable for food applications. With rising health consciousness, the demand for healthier and natural food products is also increasing which is further propelling the use of citric acid esters. Their regulatory approval and presence of natural compounds assures consumers of no adverse effects. All these factors are fueling the growth of citric acid ester consumption in the food industry.
Increasing Usage as Fragrance Ingredients in Cosmetics is Augmenting Market Growth
Citric acid esters find extensive applications as fragrance ingredients in cosmetic products such as perfumes, soaps, lotions, and hair care products. Their pleasant odor and ability to solubilize oils make them effective carrier solvents for other fragrance compounds. Rising disposable incomes in developing nations have boosted consumer spending on personal care items. Further, growing working women population demanding convenience and multi-benefit cosmetic products is also driving their demand. Strict regulations regarding use of synthetic compounds in cosmetics have increased focus on natural ingredients like citric acid esters which assure product safety. This growing preference for natural ingredients in cosmetic formulations is stimulating the market for citric acid esters.
Stringent Environmental Regulations on VOC Emissions Can Inhibit Growth
Citric acid esters emit volatile organic compounds (VOCs) during production and processing. Prolonged or high-level exposure to VOCs can cause irritation to the eyes, nose, and throat in humans. Strong regulations have been implemented across various countries to control and limit VOC emissions from industrial facilities into the atmosphere. For example, in Europe, the volatile organic compound emissions standards prescribed are stringent. Complying with such strict norms requires significant investments in advanced emission control technologies. This increases production costs and acts as a restraint for small manufacturers. Further, switching to alternatives with lower VOC footprints may also impact the demand growth of citric acid esters.
Availability of Bio-based Substitutes Can Pose Challenge
Significant research efforts are ongoing to develop sustainable and bio-based alternatives that can substitute synthetic products across various applications. For example, products derived from vegetable oils and other plant extracts are being commercialized as natural preservatives, solvents, and emulsifiers. Some of them have comparable performance characteristics as citric acid esters. While they are expensive currently due to development and commercialization costs, once the technologies reach maturity, bio-based alternatives can erode the market share of conventional citric acid esters. Especially, manufacturer’s shifting focus towards green chemistry and sustainability goals may promote the adoption of substitutes. This presents a major challenge for long-term growth prospects.
Growing Demand for Eco-friendly Ingredients Offers Opportunities
Rising consumer awareness about harmful effects of chemical compounds and preference for natural products has increased the demand for green and sustainable ingredients. Citric acid being a bio-based compound provides an advantage. Manufacturers are investing in developing value-added citric acid ester products derived from renewable resources through eco-friendly processes with improved performance characteristics. For example, developing esters suitable for applications like dispersants, emulsifiers, and solvents at competitive costs. The 'green' image and regulatory approvals can help penetrate new application areas like metalworking fluids, agrochemicals, coatings, etc. Furthermore, focus on circular economy models to recover citric acid from waste streams for reuse presents opportunities.
Expanding End-use Applications across Industries Will Drive Future Growth
Ongoing R&D efforts to explore new functionalities of citric acid esters is expected to stimulate new application avenues. For instance, emulsifying properties enable usage as dispersants and binders for agrochemical formulations. Compatibility with polymers supports applications as plasticizers. Extensive evaluation is also being conducted for their effectiveness as natural preservatives for personal care, paints, construction, and other industries. Further, exploration of application feasibility as environment-friendly solvents and carriers can promote usage in pharmaceuticals, electronic cleaners, and other segments. This continuous expansion into novel application areas will spura fresh wave of demand and assure sustainable long-term growth of the global citric acid ester market.
Link - https://www.coherentmarketinsights.com/market-insight/citric-acid-ester-market-5293
Key Developments:
- In 2021, Lanxess, a leading company in the specialty chemicals industry, purchased Emerald Kalama Chemical for approximately US$ 1.1 billion. This acquisition, which included a portfolio of citric acid esters, has strengthened Lanxess' position in the market. Emerald Kalama Chemical is a U.S.-based manufacturer specializing in specialty chemicals such as benzoic acid, benzaldehyde, and related compounds. These products were integral to various industries, including flavors and fragrances, non-phthalate plasticizers, antimicrobials, synthesis intermediates, and rubber additives.
Key Players:
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., Lemon-flex Company Limited, Wacker Chemie AG, Sabo S.p.A., Mitsubishi Chemical Corporation, Axxence Aromatic GmbH, and K. S. B. S.p.A.
