New York, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Consegic Business Intelligence analyzes Potassium Citrate Market is expected to witness significant growth at a remarkable CAGR of 2.9% during the forecast period of 2023-2030. The factors such as the increasing development of new pharmaceutical manufacturing units, growth in the investment of industrial facilities, and others are accelerating the demand for potassium citrate, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of potassium citrate product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the potassium citrate market is poised for strong expansion and is expected to reach USD 854.77 Million by 2030. The market, which was valued at USD 684.69 Million in 2022, is predicted to grow at a compound annual growth rate of 2.9% during the period 2023-2030. The report highlights the increasing adoption of potassium citrate in the food & beverage industry, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the potassium citrate market.
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Potassium citrate is deployed as a flavoring agent in the food and beverage industry for pH control. The potassium citrate substance is employed in various food and beverage products such as bakery products, dairy products, processed food, non-alcoholic beverages, and others. For instance, according to the International Trade Administration, the Canadian food and beverage processing industry is ranked as the 2nd largest industry in Canada, accounting for a 20% share in the manufacturing industry. In 2021, the food and beverage processing industry in Canada was valued at USD 100 billion, a year-on-year increase of 14.8%. Thus, the bolstering food and beverage industry is fostering the demand for potassium citrate to reduce the acidity of foods and beverages. This vital determinant is propelling market growth at the global level.
Future projected developments related to industrial manufacturing units are expected to be increased due to prominent variables such as rising government initiatives promoting products made in the country, increasing investment in production expansion, and others. Hence, the advent of future projects for industrial manufacturing will boost the demand for potassium citrate as it is deployed in preservatives, PH buffers, cleaning chemicals, and others. This prominent factor will foster market growth during the forecast period.
Global Potassium Citrate Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 854.77 Million |
| CAGR (2023-2030) | 2.9% |
| By Purity | Less than 98%, 98%-99%, and Above 99% |
| By End-use Industry | Food & Beverages, Pharmaceutical, Cosmetics & Personal Care, Industrial, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Cargill, Incorporated., ADM, Tate & Lyle, Juxian Hongde Citric Acid Co.LTD, Niran BioChemical Limited, Gadot Biochemical Industries, Huangshi Xinghua Biochemical, FBC Industries, Adani Pharmachem, and Global Calcium |
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Global Potassium Citrate Market Segmentation Details:
Based on Purity, the above 99% segment contributed the largest shares to the market growth in 2022. The above 99% potassium citrate purity is widely deployed in the manufacturing of pharmaceuticals, food & beverage, and other products. The rising demand for the above products across various industries has led to the growth in the adoption of the above 99% purity potassium citrate. Also, above 99% potassium citrate ensures superior properties such as neutral and organic which are beneficial for the production of pharmaceutical drugs. Thus, the due to the aforementioned factors the deployment of above 99% purity of potassium citrate is increasing. As a result, the segmental growth of above 99% is leading to the potassium citrate market growth.
Based on End-use Industry, the food & beverage segment accounted for the largest market share in the year 2022. Potassium citrate is utilized in the food and beverage industry to enhance the taste and texture of food and beverage products. Potassium citrate is employed as a food preservative to have a buffer so that the pH levels are controlled in an alkaline state. This inhibits the function of certain enzymes. The above feature ensures preserve food for longer. Thus, potassium citrate is ideal for food and beverage products such as bakery products, chocolates & confectionery, dairy products, and others. Therefore, the bolstering food and beverage industry is spurring the demand for potassium citrate to provide a balanced flavor. This, in turn, is driving the market growth.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth, owing to the growth of the food & beverage industry. For illustration, according to the State Council, The People's Public of China, the agricultural and sideline food processing industry in China registered an annual growth rate of 5.7% in 2021. Henceforth, the expansion of the food and beverage industry is amplifying the demand for potassium citrate in the Asia Pacific region. This vital variable is driving the growth of the potassium citrate market.
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Competitive Landscape
Cargill, Incorporated., ADM, Tate & Lyle, and Juxian Hongde Citric Acid Co.LTD, are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of potassium citrate. Further, the potassium citrate market is expected to grow steadily due to rising demand from the cosmetics & personal care industry, especially in the regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing investments in potassium citrate product development is anticipated to increase the competition in the market.
Recent Developments
- In April 2021, Camber Pharmaceuticals Inc, a United States-based manufacturer launched Generic Urocit-K, potassium citrate ER tablets. Thus, the development of new products will foster market growth in the upcoming years.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 35.55% and was valued at USD 243.41 million in 2022, and is expected to reach USD 305.75 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 26.05% during the base year of 2022.
- Based on purity, the above 99% segment accounted for the highest share contribution to the potassium citrate market statistics in 2022.
- In the context of end-use industry, the food & beverage segment is expected to contribute significant shares to the growth of potassium citrate market statistics during the forecast period.
- Europe is expected to boost the market demand for potassium citrate due to the increasing investments in pharmaceutical plants in countries such as the United Kingdom, Germany, and others.
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List of Major Global Potassium Citrate Market:
- Cargill, Incorporated.
- ADM
- Tate & Lyle
- Juxian Hongde Citric Acid Co.LTD
- Niran BioChemical Limited
- Gadot Biochemical Industries
- Huangshi Xinghua Biochemical
- FBC Industries
- Adani Pharmachem
- Global Calcium
Global Potassium citrate Market Segmentation:
- By Purity
- Less than 98%
- 98%-99%
- Above 99%
- By End-use Industry
- Food & Beverages
- Pharmaceutical
- Cosmetics & Personal Care
- Industrial
- Others
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Frequently Asked Questions in the Potassium Citrate Market Report
- What was the market size of the potassium citrate industry in 2022?
- In 2022, the market size of potassium citrate was USD 684.69 million
- What will be the potential market valuation for the potassium citrate industry by 2030?
- In 2030, the market size of potassium citrate will be expected to reach USD 854.77 million.
- What are the key factors driving the growth of the potassium citrate market?
- The booming food and beverage industry is accelerating the potassium citrate market growth.
- What is the dominating segment in the potassium citrate market by purity?
- In 2022, the above 99% segment accounted for the highest market share of 52.75% in the overall potassium citrate market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the potassium citrate market?
- Asia Pacific accounted for the highest market share in the overall potassium citrate market.
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