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 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.
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