A recent report published 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, forecasts, and dollar values of the global
citric acid market. According to the report, the global citric acid market is
projected to grow at a CAGR of about 6% over the forecast period of 2022-2028.
The global citric acid market was valued at nearly USD 4
Billion in 2022 and is expected to reach over USD 5 Billion in 2028, with a
CAGR of about 6% 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 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 application. On the basis of type, the sub-markets include
powder citric acid and liquid citric acid. On the basis of application, 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
forecasts 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.
Please Choose One of them.