As of 2022, it is predicted that the global citric acid market would be US$ 2.89 billion, up from US$ 2.81 billion in 2021 and showing a y-o-y rise of 2.8%. The market is anticipated to experience a CAGR of 3% from 2022 to 2032 and close at a valuation of US$ 3.89 billion.
Investments in the development of contemporary manufacturing technologies are favourably affecting the rise of advanced offerings while also lowering prices. Because of easy access and low raw material costs, emerging economies such as India and China will prove to be attractive marketplaces.
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Players in the citric acid market are projected to experience challenges due to variable costs and variations in natural source yield, which could impair industry profitability. However, the wide range of end use applications will play an important part in the market’s long-term growth.
Key Takeaways from the Citric Acid Market Study
- Powder forms of citric acid will hold the lead accounting for more than 60% of the global market in 2021.
- Food & beverage applications of citric acid continue to dominate the market landscape, with impetus from use as additives and ingredients in dietary supplements.
- United States the U.S. will emerge as a major market for citric acid, driven by demand from the food processing and pharmaceutical sector in the country.
- Germany will showcase lucrative opportunities driven by increased levels of consumer awareness in digestive health.
- China is projected to reflect relatively higher levels of growth owing to higher levels of lifestyle-based ailments, especially amidst the vast geriatric Chinese demographic.
“The global citric acid market will witness substantial growth, with rising demand as a key intergradient in food & beverages, pharmaceuticals, personal care products and more. Furthermore, the increasing demand for organic food additives which is caused by the higher degree of consumer health awareness will prove to be a very important factor positively influencing market growth throughout the assessment period,” says the FMI analyst.
Application of Citric Acid in Pharmaceuticals Creating Growth Opportunities
Growing interest in natural ingredients in pharmaceutical offerings, has increased the demand for citric acid. The material is considered to be an effective and financially viable excipient, with minimal risk of side effects in the human body. Leading players are exploring niche opportunities by widening their portfolio in the pharma sector.
The powder form of pharmaceutical grade citric acid will primarily find use in medicine production. Also, consumers are increasingly likely to spend on pharmaceutical products with clean label certifications. Better health outcomes are expected to result in higher levels of citric acid being incorporated in terms of pharmaceutical safety standard parameters. This is a key factor positively influencing the use of citric acid products.
Who is Winning?
Leading companies operating in the citric acid market are increasingly focused on investing into research and development to widen the scope of applications for citric acid products. In addition, manufacturers are also pushing towards strategic divestment and acquisition of assets to optimize profitability as per demand, with a growing interest in emerging economies.
Some of the leading players in the citric acid market include but are not limited to Shandong Juxian Hongde Citric Acid Co. Ltd., Archer Daniels Midland Company, Basel, Jungbunzlauer Suisse AG, Cargill Incorporated, Delek Group, Tate & Lyle plc., Weifang Ensign Industry Co., Ltd., RZBC GROUP, COFCO Biochemical (AnHui) Co. Ltd., and Pfizer Inc.
Get Valuable Insights on the Citric Acid Market
Future Market Insights, in its new offering, provides an unbiased analysis of the citric acid market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the citric acid market based on application (acidulant, cleaning agent, binding agent, preservative, and others), by form (Powder and Liquid), By grade (food grade, industrial grade, and pharmaceutical grade), and by end use (food & beverages, pharmaceutical, animal feed, personal care, metal finishing & cleaning, and others) across seven major regions.
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Citric Acid Market Key Segments
Application
- Acidulant
- Cleaning agent
- Binding Agent
- Preservative
- Others
Form
- Liquid
- Powder
- Anhydrous
- Monohydrous
Grade
- Food Grade
- Industrial Grade
- Pharmaceutical Grade
End Use
- Food & Beverages
- Bakery & Confectionary
- Dairy
- Convenience Food
- Beverages
- Jams & Preserves
- Others
- Pharmaceutical
- Animal feed
- Personal care
- Metal finishing & cleaning
- Others
Region
- North America (U.S. & Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru, & Rest of LATAM)
- Western Europe (Germany, U.K., France, Italy, Spain, BENELUX, Nordic, & Rest of W. Europe)
- Eastern Europe (Russia, Poland, CIS Countries and Rest of E. Europe)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Israel, & Rest of MEA)
- Japan
- Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, & Rest of APEJ)
Frequently Asked Questions
- What is the anticipated growth of the market citric acid until 2032?
- What is the estimated market value of the citric acid market expected in 2022?
- What is the estimated market value of the citric acid market expected in 2032?
- Which region is forecast to be the most lucrative for citric acid market growth?
- Which are some prominent citric acid manufacturers?
- What is the expected market share of Germany for citric acid in the forecast period 2022-2032?
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