IMARC Group, a leading market research company, has recently releases report titled “Citric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global citric acid market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Citric Acid Market?
The global citric acid market size reached 2.8 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 3.3 Million Tons by 2028, exhibiting a growth rate (CAGR) of 2.87% during 2023-2028.
What is Citric Acid?
Citric acid (C6H8O7) is an organic compound, commonly classified as a weak organic acid, primarily found in citrus fruits such as lemons and oranges. It is a colorless, crystalline, and water-soluble compound. Moreover, it is produced industrially through the fermentation of sugarcane, beet juice, or corn. Citric acid serves as a preservative, flavor enhancer, and stabilizer in the food and beverage (F&B) industry. It adds a sour taste and is often used in soft drinks, candies, jams, and as a natural preservative in various food products. It is also utilized as an acidulant and for binding salts in the pharmaceutical industry.
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What Are the Growth Prospects and Trends in the Citric Acid Market?
The widespread product utilization in the expanding food and beverage (F&B) industry as a preservative and flavor enhancer, is one of the key factors propelling the market growth. In addition to this, citric acid's biodegradable and non-toxic nature resonates with the current environmental concerns, making it preferable over synthetic acids which is favoring the market growth. Besides this, the increasing product adoption in the pharmaceutical sector for various uses including stabilizing active ingredients in medications, is further fueling the market growth. Furthermore, the effectiveness of citric acid in chelating metals and removing calcium deposits has made it a sought-after ingredient in the cleaning industry thus facilitating the product demand. Furthermore, the widespread product utilization in cosmetic products as a pH adjuster and skin-conditioning agent is another factor contributing to market growth. In line with this, the growing awareness about health and nutrition is facilitating the demand for citric acid in dietary supplements and functional foods.
Who Are the Key Players Operating in the Citric Acid Market?
The competitive landscape of the global citric acid market has also been examined along with the profiles of the key players.
Some of these key players include:
- Archer Daniels Midland Company
- Cargill, Incorporated
- Tate & Lyle PLC
- Jungbunzlauer Suisse AG
- Cofco Biochemical (Anhui) Co., Ltd.
- Huangshi Xinghua Biochemical Co. Ltd.
- RZBC Group Co. Ltd.
- Weifang Ensign Industry Co., Ltd.
- Gadot Biochemical Industries Ltd.
- S.A. Citrique Belge N.V.
What is Included in Market Segmentation?
The report has categorized the market based on application and form.
Breakup by Application:
- Food and Beverages
- Household Detergents and Cleaners
- Pharmaceuticals
- Others
Based on Form:
- Anhydrous
- Liquid
Regional Analysis:
- Western Europe
- United States
- China
- Middle East and Africa
- Central/Eastern Europe
- Brazil
- India
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Related Reports by IMARC Group:
Citric Acid Manufacturing Plant Project Report 2023: https://www.imarcgroup.com/citric-acid-manufacturing-plant-project-report
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