Apart from the largest economies, such as the U.S. and China, emerging economies from Latin America and Asia-Pacific, including Brazil, India, Indonesia, and Thailand, among others, are expected to witness substantial growth opportunities for the citric acid anhydrous market. The rapid pace of urbanization and industrialization in these countries has led to the growing disposable income. In addition to that, booming e-commerce in these countries has fueled the consumption of packaged food and cosmetics products, which ultimately creates the opportunity for the citric acid anhydrous market.
In particular, Indonesia is likely to be among the fastest-growing citric acid anhydrous market at the country level, owing to the rapidly growing end-user industries, including cosmetics and personal care, and pharmaceutical. The investment portfolio of Indonesia has been growing at a rapid pace since the last few years, attracting both domestic and international players across the industries. Indonesian pharmaceutical industry is growing with a CAGR of more than 10% for the last five years. Simultaneously, rising consumption of citric acid anhydrous as an ingredient, blood anticoagulant, diuretic, and flavoring agent in various pharmaceuticals is projected to stimulate market growth. Brazil and India have been among the fastest-growing and largest markets for citric acid anhydrous in their respective regional market.
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COVID-19 Impact on the Citric Acid Anhydrous Market
The widespread global pandemic has impacted almost every industry, and citric acid anhydrous is not an expectation. China, the country where the virus was originated, is under lockdown for nearly two months. China being the largest producer of citric acid anhydrous, the disruption in business operation in the country severely affects the global supply chain. The U.S., Brazil, and India are among the essential markets of citric acid anhydrous and are severely impacted by COVID-19, which is likely to disturb the growth of the citric acid anhydrous market. However, most of the countries have relaxed the stringent measurers pertaining to lockdown and allowed business operations, which is likely to rectify the disrupted supply chain soon.
Citric Acid Anhydrous Market: Segmentation
Central and South America and the Caribbean
The Middle East
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* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now