Citric acid has extensive applications across various industries. It is a natural preservative, flavor enhancer, and acidulant in the food and beverage industry. It is used in cleaning agents and detergents for its chelating and descaling properties. Citric acid is also crucial in pharmaceutical formulations, cosmetic products, and personal care items. Additionally, it serves as a key ingredient in industrial processes like metal cleaning, water treatment, and chemical synthesis. Its multifunctional properties make citric acid a versatile and widely utilized compound.
According to Data Bridge Market Research, the Global Citric Acid Market is expected to reach USD 9.43 billion by 2029. The market is expected to grow with a CAGR of 5.92% in the forecast period of 2022 to 2029.
“Growing demand for processed food products boosts the market’s growth”
The growing demand for processed food products has led to an increased usage of food additives, including citric acid. Citric acid serves multiple functions in the food industry, such as enhancing flavors, extending shelf life, and acting as a natural preservative. With the rising consumption of processed and convenience foods, the citric acid market is experiencing significant growth. Its versatile applications in food and beverage products, coupled with its natural origin, make it a preferred choice for manufacturers, driving the expansion of the citric acid market.
What restraints the growth of the global citric acid market?
“Availability and supply of raw materials restraints the market’s growth”
The availability and supply of raw materials can hinder the citric acid market's growth. Citric acid is primarily derived from natural sources, such as citrus fruits and certain fungi. Any disruptions in the supply chain, such as adverse weather conditions, diseases affecting crops, or limited availability of raw materials, can impact the production of citric acid. This, in turn, may lead to price fluctuations and supply constraints, restraining the overall growth of the citric acid market.
Segmentation: Global Citric Acid Market
The citric acid market is segmented on the basis of form, application, function, and grade.
- On the basis of form, the citric acid market has been segmented into anhydrous and liquid.
- On the basis of application, the citric acid market has been segmented into food, pharmaceutical and cosmetics, reagent, and others.
- On the basis of function, the citric acid market has been segmented into acidulant, antioxidant, preservative, and sequestrant.
- On the basis of grade, the citric acid market has been segmented into food, pharmaceutical, and industrial grade.
Regional Insights: North America dominates the global citric acid market
North America dominates the citric acid market and will continue to flourish its trend of dominance during the forecast period due to the increasing demand for citric acid across various industries. Citric acid is widely used in food and beverages, pharmaceuticals, cosmetics, and cleaning products. The constant and extensive usage of citric acid in these industries contributes to its rising demand and market growth in the region.
Asia-Pacific region is expected to score the highest CAGR because the use of citric acid has been steadily increasing in the food and cosmetic industries. It is widely employed as a natural preservative, flavor enhancer, and pH adjuster in food products. Additionally, it is used in cosmetic formulations for its antioxidant and exfoliating properties. The growing demand for citric acid in these applications drives the market's growth in meeting the needs of the food and cosmetic industries.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-citric-acid-market
The Prominent Key Players Operating in the Global Citric Acid Market Include:
- ADM (U.S.)
- Cargill, Incorporated (U.S.)
- Tate & Lyle (U.K.)
- Jungbunzlauer Suisse AG (Switzerland)
- Kenko Corporation (Japan)
- Pfizer, Inc. (U.S.)
- Cofco (China)
- Huangshi Xinghua Biochemical Co. Ltd (China)
- Foodchem International Corporation (China)
- RZBC Group (China)
- Weifang Ensign Industry Co., Ltd. (China)
- Danisco A/S (Denmark)
- Gadot Biochemical Industries Ltd. (Israel)
- S.A. Citrique Belge N.V. (Belgium)
- BASF SE (Germany)
- Associated British Foods plc (U.K.)
- DSM (Netherlands)
- Chemelco International (Netherlands)
Above are the key players covered in the report, to know about more and exhaustive list of global citric acid market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Citric Acid Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
