IMARC Group, a leading market research company, has recently releases report titled “Citric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global citric acid market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Citric Acid Market?
| Report Attributes | Details |
| Market Size in 2022 | 2.8 Million Tons |
| Market Forecast in 2028 | 3.3 Million Tons |
| Growth rate (2023 to 2028) | CAGR of 2.87% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is Citric Acid?
Citric acid (C6H8O7) refers to a naturally occurring acid found in different fruits and vegetables. It is most found in citrus fruits, such as lemon, which has the highest amount of citric acid. Citric acid is generally used in the food and beverage industry as an acidifier, chelating agent, and flavoring agent. It is also employed in the pharmaceutical industry as a preservative for stored blood and a buffer and antioxidant as well as an excipient in the formulation of tablets and capsules. It is also utilized in cleaning products due to its ability to remove hard water deposits and soap scum. Citric acid has various other industrial applications, including the production of biofuels, plastics, and textiles. It is commonly recognized as safe for consumption by regulatory agencies.
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What Are the Growth Prospects and Trends in the Citric Acid Market?
The rising demand for processed foods and beverages represents one of the significant factors driving the market growth. In line with this, citric acid is extensively utilized as an acidifying agent and flavor enhancer in various food and beverage products, such as jams, dairy products, and soft drinks, which is driving the market. In addition to this, increasing consumer preferences for clean labels and natural ingredients, along with the rising preference toward natural additives among consumers, is contributing to the growth of the market. Other factors, such as the increasing demand for personal care and cosmetic products and the extensive product application in the pharmaceutical industry, are creating a positive outlook for the market further across the globe.
Who Are the Key Players Operating in the Citric Acid Market?
The competitive landscape of the global citric acid market has also been examined along with the profiles of the key players.
- 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 Ltd.
- S.A. Citrique Belge N.V.
What is Included in Market Segmentation?
The report has categorized the market based on application and form.
Breakup by Application:
- Food and Beverages
- Household Detergents and Cleaners
- Pharmaceuticals
- Others
Based on Form:
- Anhydrous
- Liquid
Regional Analysis:
- Western Europe
- United States
- China
- Middle East and Africa
- Central/Eastern Europe
- Brazil
- India
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
IMARC Group employs a robust research methodology which involves data triangulation using an amalgamation of bottom-up and top-down approaches and validation of the final market numbers through expert interviews. We use our extensive database of macroeconomic and sector-specific data to generate the industry forecast. Growth rates exhibited by the market are calculated based on numerous factors and their level of impact on the market. These factors include market drivers, challenges, technological developments, government regulations, macro-economic scenario, etc. The initial baseline forecasts are generated with the most recent market data. After an initial baseline forecast, all future events and assumptions are based on extensive primary and secondary research
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