Potassium Citrate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Potassium Citrate Market and is expected to reach USD 817.51 million by 2024, growing at a CAGR of 3.70%. Potassium citrate has wide range of applications in a number of industries, such as foods & beverages, pharmaceuticals, cosmetics, as well as personal care products. In the food & beverage industry, it has applications such as acidity regulator, firming agent, and a preservative. Potassium citrate has its major applications in the food industry. Food industry holds the major share of more than 60% of the total potassium citrate usage. The demand for low sodium products and the increased industrial applications of potassium citrate has boosted the market. Asia Pacific is the largest market for potassium citrate at the global level.
Potassium citrate is mostly used as an effective substitute for sodium citrate. Potassium citrate is used in food where sodium content should be less. Excess consumption of sodium has higher risks of heart attacks. The recommended consumption limit of sodium is 1,500 milligrams a day, but the average consumption of sodium in United States is about 3,400 milligrams a day, which is almsot the double. Inclusing potassium in your diet is a solution for avoiding the health issues caused by sodium. Consumers all around the world are shifting to a healthier diet, thus, prefer products that are healthier, which drives manufactures to use healthier additives in foods, such as potassium citrate. Potassium citrate salt can also be used in place of sodium bicarbonate and potassium chloride in oral rehydration solution.
Asia-Pacific accounts for the largest share of the global potassium citrate market. China is the largest producer and exporter of potassium citrate in the region. United States accounts for the largest export share of potassium citrate from China. The export from this region is very high as compared to other regions. This is mainly due to the low price offered by the manufacturers for a competitive advantage, this is attributted by the lower production cost of potassium citrate in the region. The food & beverage sector accounted for the largest share in the potassium citrate market in Asia-Pacific, due the extensive list of properties of the compound, such as the ability to act as a preservative, emulsifier, etc. The lack of stringent regulations for food additives acts as a prominent factor for the use of potassium citrate in the region.
Global potassium citrate market is fragmented with the presence of many players. Major players have their presence in almost all the major countries.Due to the various applications in food industry, players are formulating strategies for expansion. The major players of the market are Archer Daniels Midland (ADM), Cargill, Jungbunzlauer Company, and Tate & Lyle etc.