2.

2 PROJECT CONCEPTION

2.2.1 DATA MARKET ANALYSIS

Market Overview
Globally, citric acid is mainly used in industries like food and beverages, pharmaceuticals
and cosmetics. Due to increasing of human population, the demand for citric acid increasing
every year and the forecast of the citric acid demand supply to grow at 4.4% by year 2023,
according to report by Gen Consulting Company. Currently, Malaysia fully imported citric acid
from other country for 5000 tonnes per year. Even though there are multiple local manufacturers
that produce citric acid, the amount of the citric acid required for the industries is still quite big to
fulfil the demand. Based on Figure 2.1, the percentage of citric acid usage is dominated by food
and beverages, followed by household, pharmaceuticals, cosmetics and others in year between
2015 to 2025.

Figure 2.1 Global Citric Acid Market Share by Application in Year 2015-2025 (%)

Geographical Analysis
The forecast of global citric acid market is determined by the volume, basis of application
and geography. The geographical region for global citric acid market includes North America,
Europe, Asia Pacific, South America and Middle East. Apparently, North America hold the
highest share in global citric acid market as the rising population that suffer from digestive
problems that might be on the factors in increasing demand on the citric acid market, as well as
in Europe, where the people are more conscious in maintaining their digestive system.
However, Asia Pacific monopolized the global industry as the biggest citric acid manufacturer,
as the product capacity accounted for above 67% in global citric acid market in 2019.
Figure 2.2 Global Citric Acid Market Revenue Based on Regional Geography
REFERENCES

Gen Consulting Company Report (2019, December 2). Citric Acid Market 2018-2023 / Trends,
Growth, Opportunities And Top Key. Retrieved from https://www.marketwatch.com/press-
release/citric-acid-market-2018-2023-trends-growth-opportunities-and-top-key-2019-12-02