A recent report ongoing study by
Infinium Global Research on the citric acid market provides an in-depth analysis of segments and sub-segments in the global and regional citric acid market.
The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional citric acid market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of the global citric acid market. According to the
report, the global citric acid market is projected to grow at a significant CAGR
over the forecast period of 2022-2028.
The citric acid market was valued with
a significant CAGR during the forecast period. Citric acid is a key
intermediate in metabolism. It is an acid compound found in citrus fruits.
Moreover, citrus acid is primarily produced by the microbial fermentation of
carbohydrates such as molasses, corn sugar, cane sugar, and beet. Furthermore,
citric acid is also extracted from citrus fruits as they contain up to 8% of
citric acid. Fruits such as oranges, lemons, and limes are among the rich
sources of citric acid. Citric acid is mainly used in the food industry,
detergents, pharmaceuticals, mineral supplements, and household cleaning owing
to its properties such as antioxidant, non-corrosive, non-toxic, and
biodegradable. The application of citric acid is commonly found in packaged
foods and drinks, where it is added to canned and jarred foods to keep them
fresh for long periods of time.
Increasing demand for citric acid
from detergents & cleaners applications, due to characteristics of citric
acid to reducing hardness of water and formation of foam, is the key factor
driving the growth of the citric acid market worldwide. Moreover, the growing
demand for citric acid as a crucial ingredient in various end-user industries
such as Food & beverages, Pharmaceuticals, and Personal Care among others
will drive the global citric acid market. Furthermore, rising demand from
consumers preferring products including plant-based natural ingredients due to
increasing various health issues is anticipated to drive the consumption of
citric acid in the food and beverages industry over the forecast period.
However, increasing prices of molasses which is a prime feedstock used in the
production of citric acid is the key factor restraining the growth of the
global citric acid market. Nevertheless, the continuously rising demand for
citric acid from emerging applications such as food additives & animal feed
is anticipated to create more opportunities for the citric acid manufacturers
over the forecast period. Moreover, the environment-friendly properties of
citric acid are likely to create more opportunities for citric acid in other
applications; as a result, the market size of citric acid is projected to grow at
a rapid pace over the forecast period. However, manufacturers face intense
competition from inter-and intra-industry peers in sourcing raw materials,
ultimately restraining the market growth to a significant extent.
Based on the region, the citric
acid market is segmented into the Asia Pacific, North America, Europe, the
Middle East & Africa, and South America. North America is expected to
witness a moderate growth rate over the upcoming years due to market saturation
and high rivalry among the manufacturers leading to low prices. Europe is the
largest market for citric acid due to huge demand from the food & beverages
industry. Citric acid is significantly used in preservatives used for food and
beverages. However, increasing demand for citric acid from cosmetic &
personal care as well as the pharmaceutical industry is likely to drive
significant growth in the citric acid market in Europe over the forecast
period. Asia Pacific region is expected to dominate the growth of the market
during the forecast period. The rising consumption and production of the acid
will enhance the growth of the market during the forecast period.
The novel coronavirus/COVID-19
pandemic has significantly impacted the whole food and beverages industry,
among which the acid industry was one. The covid-19 pandemic situation affects
all the markets to an excellent extent. The unexpected outbreak of the COVID-19
pandemic had prompted the execution of rigid lockdown guidelines across some
countries bringing about the short end in various end-use ventures, like food
and drinks, cleaners and cleansers, cement, and sealants, and plenty of others.
The Covid-19 pandemic situation has caused more significant levels of
utilization as customers explore healthfully adjusted items during this era.
The report on the global citric acid
market covers segments such as type and applications. On the basis of type,
the sub-markets include powder citric acid and liquid citric acid. On the
basis of applications, the sub-markets include food & beverages,
pharmaceuticals & personal care, detergents & cleaners, and others.
The report provides profiles of
the companies in the market such as 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 Limited, and
S.A. Citrique Belge N.V.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the citric acid market. Moreover, the study highlights current market
trends and provides forecast from 2022-2028. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.