Market Outlook
The global citric acid market size is poised to touch a value of USD 5 billion by 2024. It can register a CAGR of 5.5% during the forecast period due to the number of additives being a part of novel formulations of foods and beverages. Awareness of natural ingredients among consumers as well as adverse effects of chemical additives is likely to drive the market demand exponentially. The new found application in medicines and personal care products can bode well for the global citrus market.
Industrial sites requiring round-the-clock maintenance have created the need for citric acid for its cleaning operations. Its metal chelating properties are used in cleaning sites infected with radionuclides. The need for natural ingredients due to environmental concerns voiced by experts and the impending climate change has led to the inclusion of citric acid in numerous upcoming formulations. For instance, phosphate builders are used in combination with citric acid in detergent formulas.
The massive niche created by ready-to-eat (RTE) foods and ready-to-drink (RTD) beverages can be beneficial to the global citric acid market in the coming years. High consumption of naturally flavored beverages and foods can drive the market. In addition, the use of citric acid as a viable option for lemon juice in dry foods is one of the applications which the market plans to expand at a massive scale.
Competitive Landscape
Pfizer Inc., Tate Lyle PLC, Cargill, Incorporated, Archer Daniels Midland Company, S.A. Citrique Belge N.V., RZBC Group Co. Ltd., Gadot Biochemical Industries Ltd., Cofco Biochemical (Anhui) Co., Ltd., Jungbunzlauer Suisse AG, Huangshi Xinghua Biochemical Co. Ltd, and Weifang Ensign Industry Co., Ltd. are key players of the global citric acid market.
Segmentation
The global citric acid market by application is segmented on the basis of product service, form, function, and application.
By form, the global citric acid market share has been classified as anhydrous and liquid.
By function, it is segmented into acidulant, preservative, flavoring agent, and antioxidant. Based on application, the market has been categorized into pharmaceuticals nutraceuticals, personal care, food beverages, and others. Food beverages segment is further segmented into sweet savory snacks, beverages, soups, sauces, and dressings, RTE RTC meals, bakery confectionery, and others.
Regional Analysis
The global citric acid producers market has been studied with regard to four key regions— North America, Europe, Asia Pacific, and the Rest-of-the-World (RoW).
APAC is the largest region for citric acid owing to acceptance of the component in the food beverage industry. It has been used to add flavor to existing mixes and contribute to the efforts of food manufacturers looking to create a new niche in taste. China and Japan are the countries with the biggest potential to generate revenue for the global citric acid industry size owing to being two of the biggest exporters and consumers.
North America and Europe are regions expected to showcase exemplary growth rates respectively during the forecast period. Europe, in particular, is predicted to garner a massive demand for the citric acid market size due to the expanding vegan population. The United Kingdom and the Netherlands are countries which can contribute to the citric acid market demand due to the massive need for natural ingredients.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America
