Citric Acid Market Overview:
The Citric Acid Market will obtain a valuation of USD 4,205.65 Million and a CAGR of 4.12% in the forecast period of 2023–2030.
The tartness enhances the flavors of food items. The acid is an additive in food products that inhibits microbial growth and expands their shelf life. These factors are accelerating the market’s growth rate. The additives demand in the processed food sector is a major market driver. Also, the consumer choice of organic food additives and change in customer tastes has been noticed for years. The usage of phosphate has been banned and replaced by citric acid, which has resulted in market growth.
Furthermore, the Citric Acid Market demand in preserved food is another key driver for market growth. The acid is massively utilized for the manufacturing of digestive medicines due to its effectiveness. Industrial players play a critical role in the investment of research and development activities for improved and better product development. The above demands will bring higher growth opportunities in the forecast period.
The consumer’s choice of food and beverage products made with natural flavoring agents promotes market trends. Moreover, the acid’s usage in the pharmaceutical and personal care sectors has accelerated the demand for citric acid-based products. Industrial manufacturers also provide a clean label to meet the consumer demand for safe products within an affordable budget.
Key Players:
The Citric Acid Market Companies include DM (Archer-Daniels-Midland Company),Cargill, Incorporated,Tate & Lyle,Jungbunzlauer,Citribel nv,RZBC GROUP CO., LTD.,SHANDONG ENSIGN INDUSTRY CO., LTD.,Huangshi Xinghua Biochemical Co.Ltd.,Gadot Biochemical Industries Ltd.
Market Segments:
The Citric Acid Market is segmented into form, function, and application.
The form segment of the market is categorized into anhydrous and liquid. The function segment is sub-segmented into acidulant, preservative, antioxidant, and flavoring agent.
The application segment of the Citric Acid Market is divided into food & beverages, which further includes bakery & confectionery, sweet & savory snacks, soups, sauces, and dressings, RTE & RTC Meals, and others. The application segment also has pharmaceuticals & nutraceuticals, personal care, and others.
Regional Analysis:
The regional analysis of the Citric Acid Industry covers the major regions such as the North American regions, Europe, Asia-Pacific countries, Central and South America, and the Middle East and Africa.
North America and Europe will cover the maximum share together compared to other regions. The Asia-Pacific will obtain a huge CAGR due to the major development and demand in the food and beverage industry. The development of ventures in the food industry, pharmacy, and nutraceuticals with individual consideration will highly contribute to the growth of the regional market. China is the biggest exporter of the citrus extract with a significant market rate. Moreover, the presence of industry verticals, lower cost, and accessibility factors in China is accelerating the growth rate of the Asia-Pacific regional market.
Industry News:
In July 2022, Spartan chemical rolled out X-Effect Restroom Cleaner, which is primarily made with citric acid with a lavender fragrance. X-Effect Restroom Cleanser is accepted as an effective solution to remove microbes like viruses, bacteria, and also rine and hard water stains in the restroom and leaves the room with a lavender fragrance. X-Effect Restroom Cleaner with Citric Acid is a ready-to-use disinfectant that kills odor-causing germs.
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