Sodium Citrate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Sodium Citrate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The global sodium citrate market is estimated to register healthy growth, at an estimated CAGR of over 3%, over the forecast period.

COVID-19 negatively impacted the market in 2020. Several countries worldwide went into lockdown to curb the virus spreading due to the pandemic scenarios. However, the condition recovered in 2021, benefiting the market growth studied over the forecast period.

• The primary factor driving the studied market's growth is the growing consumption of packed food & beverages.
• Health issues associated with long-term usage will likely hinder the market's growth.
• Increasing demand from the medical industry is also likely to augment the market growth in the coming years.
• Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

• Sodium citrate is primarily used as a food additive to flavor or preserve food. In certain types of club soda, sodium citrate is used as a flavoring agent.
• In addition, sodium citrate is used as a flavoring agent in many ready-to-drink beverages, gelatin mix, ice creams, processed cheese, and sweets, among many others. Moreover, sodium citrate is used in both hydrous & anhydrous forms.
• Furthermore, sodium citrate is combined with citric acid as a buffering agent to maintain pH in many food & beverage applications. It is used in various cosmetic products, including baby products, make-up, bath products, hair dyes and colors, and skin care products.
• In 2022, the global cosmetics market experienced growth of over 16% in comparison to the previous year. As of 2021, the French cosmetics company L'Oréal was the leading beauty manufacturer in the world, generating revenues of about USD 35 billion.
• Sodium Citrate is the natural sodium salt of citric acid. It retains citric acid's sour taste and is used as a sour salt flavor additive and food preservative. It is majorly used in non-alcoholic beverages, specifically lemon-lime soft drinks. It is also used to control acidity and acts as a stabilizer.
• According to the estimates by Statista, the non-alcoholic drinks market amounts to USD 1.48 tons in 2023 and is expected to grow annually by 4.65% by 2027.
• The food & beverage industry is lucrative, especially in Asia-Pacific and GCC (primarily in UAE). The demand for food & beverage products is increasing rapidly in the UAE, which is anticipated to continue in the next few years.
• According to the Dubai Department of Economy and Tourism, Dubai includes 13,000 food and beverage outlets. The UAE's Food and beverage trade increased steadily, reaching USD 20 billion in the first nine months of 2021.
• Owing to all these factors, the market for sodium citrate will likely grow worldwide during the forecast period.

• Asia-Pacific region is expected to dominate the market owing to the increasing demand from the food & beverage, medical, and personal care industries in the countries such as China and India.
• China is the world’s largest importer of both food and beverages. In December 2022, approximately 13.8 million metric tons of soft drinks were produced in China, indicating a 4.6% increase compared to the same period of the previous year.
• In the pharmaceutical industry, it controls pH and can be used as an alkalizing and buffering agent, emulsifier, sequestering agent, diuretic and expectorant. Also, it acts as an anticoagulant for blood withdrawal.
• China is the second-largest market for pharmaceuticals globally. China’s pharmaceutical industry experienced rapid progress when the country entered the World Trade Organization. As of 2021, China holds 12% of the global pharmaceutical market, following the United States, responsible for 40% of the total revenue worldwide.
• In 2021, China produced over 38 million metric tons of sodium hydroxide, followed by Japan with 4.16 million metric tons and South Korea with 2.23 million metric tons.
• According to the Ministry of Industry and Information Technology, in January-April 2022, major beverage firms produced 57.9 million tons of beverages, up 1% from the same period in 2021.
• Presently, the penetration of personal care products in India is comparatively lower than in developed or other developing economies. However, improving the economic environment and increasing purchasing power of the Indian population is expected to increase the personal care products adoption in the country.
• Due to all such factors, the sodium citrate market in the Asia-Pacific region is expected to grow steadily during the forecast period.

The sodium citrate market is partially consolidated in nature. Some of the major players in the market include Pan Chem Corporation, Jungbunzlauer Suisse AG, Cargill, Incorporated, ADM, and ATPGroup, among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support