Potassium Citrate Market Size Forecast to Reach $639.9 Million by 2026
Potassium citrate Market size is forecast to reach $639.9 million by 2026, after growing at a CAGR of 4.2% during 2021-2026 owing to increasing the consumption of potassium as a buffering agent, stabilizer food additives, flavoring agent, anti-oxidation agent in the food & beverage industry, pharmaceutical, and personal care & cosmetics sector. Potassium citrate is a combination of the potassium salt of citric acid and other chemicals such as potassium carbonate which are soluble in water (melting point 230oC) at 25oC. Potassium citrate is needed for body function to maintain heartbeat speed and treat a kidney stone condition including renal tubular acidosis. Thus, increasing demand from pharmaceutical, food & beverages, cosmetics, and other industries is estimated to grow the demand for potassium citrate.
Impact of COVID – 19
During 2020 and Q2 of 2021, major sectors saw a steady decline in growth owing to the decrease in transportation, production, marketing activities during the lockdown pandemic. Also, the food and beverages sector saw a decline during the pandemic. The rising consumer awareness about the packed food creates a hindrance for the potassium citrate industry growth.
Potassium Citrate Market Segment Analysis – By Purity
Above 99% purity segment held the largest share in the global potassium market in 2020. With this purity, suppliers can easily supply potassium cirtate in high-density polythene bags. They consist of a density of 1.182 g/cm3 with a 230°C melting point. Potassium citrate is a colorless crystalline powder that is soluble in water at 20 0C. Thus, this purity of potassium citrate is used as a food additive in food processing which is expected to drive the market.
Potassium Citrate Market Segment Analysis – By Application
Flavoring agents dominated the global market for potassium citrate in 2020 due to improving the quality of packed food and maintain the test of soft drinks. Food grade potassium citrate can be used to adjust pH level to maintain the acidity, fortify potassium, chelate metal ions, and lower sodium content in drinks. Potassium citrate is used as a food additive and preservative for processed food. According to the India Brand Equity Foundation (IBEF), India’s food processing sector is one of the largest in the world which is expected to reach US$ 535 billion by 2025-2026. The growing food industry attracted US$ 4.18 billion in foreign direct investments between April 2014 and March 2020. Hence, the growing investment in food sector is estimated to grow the demand for potassium citrate.
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Potassium Citrate Market Segment Analysis – By End-Use Industry
Food & beverages dominated the global potassium citrate market in 2020 and is growing at a CAGR of 5.5% during 2021-2026. Potassium citrate is a potassium salt of citric acid which is used as a food additive in the food & beverages industry. Potassium citrate as a food preservative is to have a buffer to control pH levels (between 7.5 and 9) in an alkaline state can inhibit the function of certain enzymes and preserve food for longer. Additionally, potassium citrate is used as a flavoring agent to provide a balanced flavor by offering a sour taste and lower the acidity in food and beverages. Thus, potassium citrate is required as food additive for food processing which are estimated to grow the market size. According to the India Brand Equity Foundation (IBEF), the processed food market was US$ 263 billion in 2019-20 which is projected to reach US$ 470 billion by 2025. Hence, the growing food industry is estimated to grow the consumption of potassium citrate.
Potassium Citrate Market Segment Analysis – By Geography
Asia Pacific dominated the global potassium citrate market in 2020 with a share of 38%, due to the increasing consumption of food additives, stabilizers, anti-oxidation agents, and others from various end-use industries such as personal care & cosmetics, food & beverages, and others in Asian countries. India, China, Japan, and others are estimated to grow the demand for potassium salt of citric acid as a flavoring agent which also creates an opportunity for the market size. Hence, the growing various end-use sector in Asian countries is estimated to grow the consumption of potassium citrate. According to the China Chain Store & Franchise Association, China’s food and beverage sector increased by US$595 billion in 2019 which is a 7.8 % increase in 2018. Additionally, according to the India Brand Equity Foundation (IBEF), the personal care market is forecast to reach US$ 20 billion in India by 2025. Furthermore, according to Cosmetic Europe, a personal care association, the cosmetics market increased to euro 32.6 billion (US$ 36.49 billion) in 2019 compared to euro 29.4 billion (US$ 34.7 billion) in 2018 in Japan.
Potassium Citrate Market Drivers
Increasing Demand from Personal Care & Cosmetics in Developing Economies
Potassium citrate, potassium salt of citric acid, is used as a skin condition agent for various types of cosmetics products such as soap, dyes, oral products, baby products, hair products, skin products, and others. Additionally, potassium citrate helps to naturally preserve cosmetics and personal care products by bonding metals and adjusts the acid/base balance. Thus, the growth in the cosmetic industry is estimated to create an opportunity for potassium citrate market growth. According to Cosmetic Europe, a personal care association, China’s cosmetics market increased by 15.33 % to euro 54.9 billion (US$ 61.45 billion) in 2019 compared to euro 47.6 billion (US$ 56.21 billion) in 2018. Additionally, the cosmetic industry is also increased in other Asian countries such as Indian and Japan. According to Cosmetic Europe, a personal care association, the Cosmetic industry in India increased by euro 12 billion (US$ 13.43 billion) in 2019 as compared to euro 10.7 billion (US$ 12.63 billion) in 2018. Furthermore, the US cosmetics industry grew by 3.95% to euro 73.7 billion (US$ 82.50 billion) in 2019 compared to euro 67.2 billion (US$ 79.36 billion) in 2018. Hence, increasing cosmetic industry is growing need for potassium citrate as cosmetic astringent which is estimated to grow the demand for potassium citrate.
Growing Consumption from Healthcare
Potassium citrate helps to reduce the risk of stroke and is used to remove protons, or positively charged atoms, which reduces acidity in the urine. Potassium citrate protects against increased urine saturation resulting from high-protein diets and maintains proper pH levels for bone health. Additionally, potassium citrate helps the kidneys get rid of uric acid and prevent kidney stones. It can also prevent and treat certain metabolic problems (acidosis) caused by kidney disease. Hence, the widespread consumption of potassium citrate from healthcare is estimated to grow the market size.
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Potassium Citrate Market Challenges
Adverse Impact on Health
Potassium citrate which is a potassium salt of citric acid poses various types of health issues such as black stools, confusion, dizziness, irregular heart rate, chest pain, blood pressure, stomach pain, painful swallowing, unusual weakness, and others. Additionally, high potassium levels in the blood cause tingling of the hands/feet, unusually cold skin, rapid weight gain problems. It also causes tissue injury which may create a hindrance for the market growth.
Potassium Citrate Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Potassium Citrate Market. Major players in the Potassium Citrate Market include:
Cargill
Jungbunzlauer Suisse AG
FBC Industries
ADM
COFCO Biochemical
American Tartaric Products
Gabot Biochemical Industries
Citrique Belge, Huangshi
Xinghua Biochemical
FBC Industries, and more
Key Takeaways
The Asia Pacific dominates the market of potassium citrate due to increasing demand for food additives from the food & beverages industry which creates an opportunity for manufacturers in emerging and developing countries such as India, China, Japan, and Others.
Potassium is a mixture of the potassium salt of citric acid combined with other molecules such as potassium carbonate, chloride, or hydroxide in medications or supplements.
Additionally, increasing the adoption of potassium salt as a cleansing agent in the cosmetic industry for various cosmetic products such as dyes, and hair care is growing the potassium cictate industry.
Relevant Report
Sodium Citrate Dihydrate Market – Forecast(2021 – 2026)
https://www.industryarc.com/Report/16253/sodium-citrate-dihydrate-market.html
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