Market Overview:
Potassium citrate is a potassium salt of citric acid and an effective substitute for sodium citrate, which has its application across diverse set of industries such as pharmaceuticals, food and beverage, personal care, and others. The potassium Citrate Market and is expected to reach USD 817.55 million by 2028, growing at a CAGR of 3% from Forecasts Period (2021–2028).
Market Drivers and Restraints:
Potassium citrate is a kind of mineral potassium that is used to treat renal tubular acidosis, commonly known as kidney stone condition. Rise in prevalence of renal diseases as a result of changing lifestyle and other medical conditions such as diabetes is inducing high demand for potassium citrate in the pharmaceutical industry in order to develop effective medicines to treat these diseases. Hence, recent developments in pharmaceutical industry are resulting in the expansion of the global potassium citrate market. Rise in demand for personal care products and cosmetic products among the urbanized population is also contributing to expansion of the potassium citrate market. Increasing popularity of ready-to-eat food products is another factor that is driving the expansion of the global potassium citrate market. However, concerns regarding the side effects caused due to high consumption of potassium-based salts are likely to act as restraining factors on the growth of the global potassium citrate market during the forecast period.
Market Segmentation:
The global potassium citrate market has been segmented on the basis of function and application. Based on function, the potassium citrate market has been segmented into acidulant, emulsifier, stabilizer, chelating agent, antioxidant, diuretic, and others. The emulsifier segment commanded for the major share in the global potassium citrate market owing to its utilization in various food products such as packaged processed food, confectionery, and others. Based on application, the potassium citrate market has been segmented into food and beverage, pharmaceuticals, personal care, household, and others. The food and beverage segment is leading the global potassium citrate market owing to the high demand for potassium citrate for preparation of various food products in food and beverage industry.
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Regional Analysis:
Geographically, the global potassium citrate market has been segmented into five major regions such as North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. The Asia Pacific region commands for the major share of 23% in the global potassium citrate market. Rise in demand for potassium citrate in rapidly expanding food and beverage, and healthcare industry is majorly fueling the growth of the potassium citrate market in the Asia Pacific region. Increasing demand for cosmetics and personal care products as a result of changing lifestyle and rise in disposable income are propelling the growth of the potassium citrate market in the North America region.
Rise in popularity of on-the-go food and ready-to-eat food products are also resulting in the significant expansion of the potassium citrate market in this region. rapid development of cosmetic and personal care industry and expansion of healthcare industry as a result of extensive research and development activities are driving the expansion of the potassium citrate market in the Europe region. Poor economic conditions and lack of primary healthcare facilities in the underdeveloped countries are restraining the growth of the potassium citrate in the Middle East and Africa region.
Key Players:
The key players profiled by MRFR that are operating in the global potassium citrate market are Cargill, Incorporated (US), Tate & Lyle Plc (UK), Dr. Paul Lohmann GmbH KG (Germany), Archer Daniels Midland Company (US), Gadot Biochemical Industries Ltd. (Israel), American Tartaric Products Inc (US), and FBC Industries, Inc. (US). The players in the global potassium citrate market are focusing on expansion of their business through strategic mergers and acquisitions and by increasing the R&D expenditure for new product launch in order to sustain the growing competition in the global potassium citrate market.
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