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Market Overview:
The global Potassium Citrate Market is projected to grow to $935.4 million by 2030, at a CAGR of 4.7% during the forecast period of 2024 to 2030. The increasing use of potassium citrate as a buffering agent, flavoring agent, and stabilizer in industries such as food and beverages, pharmaceuticals, and cosmetics is driving the market. Consumers are demanding clean-label products, free from artificial ingredients, which is further bolstering the adoption of potassium citrate derived from natural sources, such as citrus fruits and fermentation processes. Additionally, the therapeutic properties of potassium citrate make it a preferred ingredient in pharmaceutical formulations for treating urinary tract infections, kidney stones, and acidosis.
Regional Insights:
The Asia-Pacific (APAC) region dominates the global potassium citrate market with an estimated 39% share in 2023, driven by increasing demand for processed foods, functional beverages, and pharmaceutical products. The region's health-conscious consumers and growing population, particularly in China and India, have prompted a surge in demand for potassium citrate as a natural ingredient. North America and Europe are also key markets, with a strong focus on clean-label and natural products driving consumption across the food, beverage, and cosmetics industries.
Impact of COVID-19 and Ukraine Crisis
The COVID-19 pandemic disrupted global supply chains, causing a temporary decline in demand across industries. However, the potassium citrate market recovered as consumer spending increased on pharmaceutical and personal care products. Additionally, the Russia-Ukraine conflict has affected global trade routes, leading to market volatility and pricing challenges for potassium citrate suppliers.
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Scope of the Report:
Recent Developments:
- In June 2022, BASF SE introduced a new biopolymer called Verdessence™ RiceTouch, designed to provide smoother skin.
- In September 2022, Cargill Incorporated unveiled a plant-based dielectric cooling solution for data centers.
Potassium Citrate Market: Competitive Landscape
The Potassium Citrate market is competitive, with key players focusing on product innovation, strategic partnerships, and geographical expansion. Major companies include: Cargill, Incorporated, Jungbunzlauer Suisse AG, Gadot Biochemical Industries Ltd, Foodchem International Corporation, Merck KGaA, Huangshi Xinghua Biochemical Co. Ltd., ATPGroup, Niran BioChemical Limited, Shandong Ensign Industry Co., Ltd., FBC Industries, Inc.
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