Market Size –
The citric acid market size has grown strongly in recent years. It will grow from $4.19 billion in 2023 to $4.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increased food and beverage industry, pharmaceutical applications, cleaning and chelating agent, preservation and flavoring, and increased industrial applications.
The citric acid market size is expected to see strong growth in the next few years. It will grow to $6.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing need for clean label products, sustainable sourcing, biodegradable polymers, growing demand for personal care and cosmetics, and emerging market growth. Major trends in the forecast period include green chemistry initiatives, customized and tailored solutions, technological advancements, innovative specialty chemicals, and collaborations
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Scope Of Citric Acid Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Citric Acid Market Overview
Market Drivers –
The increasing need for food safety is expected to drive the growth of the citric acid market. Fruits and vegetables are the main sources of nutrients such as vitamin C, thiamine, niacin, pyridoxine, folic acid, minerals, and dietary fiber. Citric Acid is recognized as safe for foods and these fruits and vegetables are contaminated with harmful substances pre-harvest and post-harvest. Growing awareness about the food and safety among the people for healthy leaving. For instance, in May 2022, according to an article published by World Health Organization, a Switzerland-based international organization for public health, every year, an estimated 600 million people – nearly one in every ten people in the world – become ill after eating contaminated food, and 420 000 die, resulting in the loss of 33 million healthy life years. Each year, low- and middle-income countries lose USD 110 billion in productivity and medical costs as a result of unsafe food. Children under the age of five account for 40% of the foodborne disease burden, with 125 000 deaths each year. Therefore, there is a need for food safety that is driving the citric acid market growth.
The citric acid market covered in this report is segmented –
1) By Form: Liquid, Anhydrous
2) By Key Function: Acidulant, Preservative, Antioxidant, Sequestrant
3) By Application: Food And Beverage, Bakery, Confectionery, Dairy, Pharmaceutical, Personal Care, Other Applications
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Regional Insights –
Europe and North America was the largest region in the citric acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the citric acid market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the citric acid market include Jungbunzlauer Suisse AG, Cofco Biochemical Co. Ltd., Archer Daniels Midland Company, Cargill Incorporated, Gadot Biochemical Industries Ltd, Tate & Lyle PLC, Huangshi Xinghua Biochemical Co Ltd., RZBC Group Co Ltd., Weifang Ensign Industry Co Ltd., S.A. Citrique Belge N.V., Yixing Biochemical Co Ltd., Shandong Juxian Hongde Citric Acid Company Ltd, Merck KGaA, Foodchem International Corporation, Posy Pharmachem Pvt Ltd, Hawkins Pharmaceutical Group, Saudi Bio-Acids Company, Citrique Belge N.V., TTCA Co Ltd., Jiangsu Guoxin Union Energy Co Ltd., Laiwu Taihe Biochemistry Co Ltd., Bulk Apothecary, Ingredients Online, Gravitas Chemical LLC
Table of Contents
1. Executive Summary
2. Citric Acid Market Report Structure
3. Citric Acid Market Trends And Strategies
4. Citric Acid Market – Macro Economic Scenario
5. Citric Acid Market Size And Growth
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27. Citric Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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