The citric acid market is expected to grow steadily at a rate of 3.70% CAGR each year for the next decade. By 2024, it is estimated to be worth about USD 172.7 million, and it is projected to exceed USD 248.6 million by 2034 according to the analysis.
There are several reasons why analysts predict this growth. Firstly, citric acid suppliers cater to diverse industries such as plant-based foods, pharmaceuticals, cosmetics, and household products, creating a strong foundation of demand.
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Analysts are optimistic about citric acid due to its versatile functionality, serving a wide range of industries from restaurants to pharmaceutical companies to cleaning product manufacturers. This versatility is expected to contribute to stable revenues for companies producing this essential acid.
“Rising levels of consumer health awareness including essential nutrition and easier availability of clean label product offerings, will drive demand in the sector for the foreseeable future. These characteristics of citric acid will provide impetus to applications in the pharma, metal, and personal care & cosmetics industries,” says an FMI analyst
Recent Developments in the Citric Acid Industry
- In November 2022, Gadot Biochemical Industries released Cal2Mg, a calcium-magnesium citrate combination. A binder-based granulation method creates the product. The product’s texture increases, making it easier to handle and cook. This introduction by Gadot Biochemical Industries aims to address customer demand for nutritionally beneficial, high-quality functional food components.
- Jungbunzlauer, a large citric acid manufacturer, introduced monomagnesium citrate in June 2022. Functional meals, beverages, and supplements use 1:1 monobasic magnesium salt. Due to its sour taste and solubility, monomagnesium citrate is ideal for mineral-fortified beverage powders. Jungbunzlauer expects this new product to satisfy customer demand for healthful, pleasant, functional food components.
- Jungbunzlauer expanded its Port Colborne, Canada, citric facility in April 2021. Citric acid and citrate-based functional and bio-based chemicals are in high demand worldwide. Thus, expansion is needed. Due to the strong demand for certain substances, the move aims to enhance manufacturing capacity. With this expansion plan, Jungbunzlauer aims to become a major citric acid market player and supply high-quality citric acid and citrate-based components to the food, beverage, pharmaceutical, and personal care industries.
Key Companies in the Market
- Archer Daniels Midland Company
- Shandong Juxian Hongde Citric Acid Co. Ltd.
- Jungbunzlauer Suisse AG
- Basel
- Delek Group
- Cargill, Incorporated
- Weifang Ensign Industry Co. Ltd.
- Tate & Lyle Plc.
- COFCO Biochemical (AnHui) Co. Ltd.
- RZBC GROUP
- Pfizer Inc.
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Key Segments
By Application:
- Acidulant
- Cleaning agent
- Binding Agent
- Preservative
- Others
By Form:
- Liquid Citric Acid
- Powder Citric Acid
- Anhydrous
- Monohydrous
By Product Type:
- Natural
- Artificial
By End Use:
- Citric Acid for Food & Beverages
- Bakery & Confectionary
- Dairy
- Convenience Food
- Beverages
- Jams & Preserves
- Others
- Citric Acid for Pharmaceuticals
- Citric Acid for Animal Feed
- Citric Acid for Personal Care
- Citric Acid for Metal Finishing & Cleaning
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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