The global Citric Acid Market is subject to witness substantial growth due to high-end demand as a preservative for packaged food products. Additionally, the rising demand from the pharmaceutical & medicine sector for the production of digestive drugs is predicted to fuel the growth of citric acid market over the forecast period. Globally, the market is predicted to grow at CAGR of 4.4% in forecast period, providing numerous opportunities for market players to invest in research and development of the citric acid market.
Citric acid is essential for imparting tartness and sourness, thus enhancing flavor of the food product. Citric acid is commonly used as an additive in packaged food products. Citric acid prevents the microbial growth in the food product, thereby extending their shelf life. These factors plays a vital role in propelling the growth of citric acid market, in the recent years.
Growing popularity of the citric acid over other additives is credited to easy availability and cost efficiency of the product. Increasing demand of citric acid from the local food-processing sector is propelling the growth of citric acid market, in the last couple of years. In addition, well-established food processing sector in the Asia Pacific and North America region are predicted to stimulate market growth over the forecast period.
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However, number of laws and regulations by local government authorities for the excessive use of citric acid in pharmaceuticals, cosmetics, and dietary supplements, particularly for infant formulas, in various parts of the globe is expected to limit market growth to a certain extent. Yet, increasing penetration of the citric acid-based goods like confectionery, sugar-free baked goods, ice-creams, low calorie jellies, low calorie sugar, packaged beverages & food products, and low fat dairy products in the European and North America region, are predicted to foster rapid growth of citric acid market in the upcoming years.
Growing geriatric population and prevalence of chronic diseases like diabetes are predicted to boost market demand for sugar free beverages & food products, thereby driving market growth of citric acid industry. Additionally, increase in the demand & supply of the citric acid is estimated to boost production of the products over the forecast period. The citric acid market is broadly categorized into two major types based on the type of the product such as liquid and powder form. The powdered citric acid is considered as one of the fastest growing segment in the citric acid market with substantial revenue generation in the last couple of years. Growing popularity of the powdered citric acid segment is attributed to increasing adoption in the detergents and food & beverages industries.
The liquid form of citric acid segment has also witnessed massive growth, in the recent years owing to its beneficial properties such as acidifying agents, texture modification, and flavor enhancement. Additionally, application of the liquid form citric acid includes oil industry, detergents, and food & beverages industries. The liquid form citric acid is largely used as an iron control additive for chelating and controlling the pH levels of acidizing fluids.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the chemical industry, growing awareness citric acid-based pharmaceuticals and food & beverages, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with increasing geriatric population, prevalence of lifestyle diseases such as cardiovascular diseases, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the citric acid market are Pfizer, Inc., Tate & Lyle plc, Danisco A/S, Metagenics, Inc., MP Biomedicals LLC, Cargill, Inc., Kenko Co., and Archer Daniels Midland (ADM) Corporations.
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• Food & Beverage
• Detergents & Cleaners
• Pharmaceutical & Cosmetics
• North America
• Asia Pacific
• Middle East and Africa
• South America
• BBCA Group
• Bilt Chemicals
• CIMACHEM GmbH
• Citrique Belge
• Citro Misr Co.
• COFCO Biochemical
• Ensign Industry
• Fuso Chemical
• Gadot Bio-Chem
• Guoxin Union
• request free sample to get a complete list of companies
Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global citric acid market?
• What are the challenges to market growth?
• Who are the key players in the citric acid market?
• What are the market opportunities and threats faced by the key players?
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/food-and-beverage
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