Market Scope
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 Boosters and Barriers
Potassium citrates impressive properties like flavor profile, high solubility rate and hygroscopicity have widened its application range across a number of end-use sectors. The surging use of emulsifiers to achieve higher yield, better shelf life, and softer crumb structure has bolstered the penetration rate of citric product forms. Over the last couple of years, sales of cosmetic products in emerging nations like India, Mexico, and China, have been booming, thanks to the extensive marketing campaigns conducted by the top brands. This has been favorable for the Potassium Citrate Industry is a chief ingredient in most of the personal care and cosmetic products.
Potassium citrate’s applications in the healthcare industry as an electrolyte replenisher, protein supplement, antacid and excipient should benefit the global market as well. Rising expenditure related to personal healthcare among the burgeoning working individuals has led to higher use of the product in antacids as well as supplements. It also finds extensive use as a diuretic, given its ability to cut down the fluid level within the human body, without compromising the potassium content. Soaring use of diuretics parallel to the escalating cases of edema and congestive heart failure will mean higher demand in the following years.
Vendors are shifting their focus on technical integration during the value chain, which should foster the competitive quotient. Rising deployment of innovative technologies such as drones, Internet of Things (IOT), robotics, blockchain, artificial intelligence and cloud computing is expected to change several aspects of the manufacturing process, for the better. The use of these technologies has increased majorly for bolstering the safety level, fostering efficiency as well as reliability and facilitating accurate monitoring across the supply chain.
Segmental Analysis
The potassium citrate industry has been segregated in terms of function as well as application.
The various functions of potassium citrate include emulsifier, acidulant, chelating agent, stabilizer, diuretic, antioxidant, and more.
Major applications listed in the report include pharmaceuticals, food and beverage, household, personal care, and others.
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Regional Outlook
The regional segmentation of the potassium citrate industry covers Asia Pacific or APAC, Europe, Latin America, North America, as well as MEA or the Middle East & Africa.
Asia Pacific formed the biggest market for potassium citrate in 2017, seizing the highest share of 23% and is presumably growing at the fastest pace. The exploding population along with the surge in the consumers’ disposable income has raised the demand for potassium citrate market in the region. The flourishing food and beverage as well as healthcare sectors, which are the key end-users of potassium citrate are also responsible for the strong market demand in the region. The rising per capita income has also fostered the sales of personal care and cosmetic products, which should be a significant growth booster in the regional industry. Following the COVID-19 outbreak, several manufacturing plants were shut down due to the lockdown. However, the situation has improved significantly since several plants have resumed with their operations. The demand has also picked up post China’s economic rebound.
North America has emerged as a strong contender in the global potassium citrate in beverages market, considering the extensive pool of reputed manufacturers and the presence of highly developed end-use sectors. Potassium citrate also enjoys considerable demand in the region due to the surging consumer preference for on-the-go food items as well as processed meats. The mounting health concerns combined with the presence of a thriving personal care and cosmetics industry add to the market strength as well.
Eminent Companies
Players like Cargill, Incorporated (US), Archer Daniels Midland Company (US), Gadot Biochemical Industries Ltd. (Israel), Tate & Lyle Plc (UK), FBC Industries, Inc. (US), American Tartaric Products Inc (US), and Dr. Paul Lohmann GmbH KG (Germany), are leading the global industry for potassium citrate.
These companies mostly focus on launching new products and enter deals that include mergers and acquisitions, make strategic investments and foster production capacity to capitalize on the industry opportunities. Apart from this, the surge in FDA and other authoritative approvals encourages players to focus more on product innovation, thereby driving the competition.
To illustrate –
May 2021
Advicenne has received the marketing authorization from the European Commission for ADV7103 (mix of potassium citrate and potassium hydrogen carbonate), which will now be available under the name Sibnayal. This drug is useful in treating distal renal tubular acidosis. In adults with this condition, potassium citrate effectively reduces metabolic acidosis, giving a huge relief to the patients.
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