Citric Acid Market: Key Market Developments and Innovations in 2023 | ADM, Cargill, Incorporated, Tate & Lyle
Research Reports
Aug 23, 2023
Citric Acid Market Overview:
According to MRFR analysis, the global Citric Acid Market is expected to register a CAGR of ~ 4.12% from 2023 to 2030 and hold a value of over USD 4,205.65 Million by 2030.
The Citric Acid Market refers to the global trade and consumption of citric acid, which is a weak organic acid found in citrus fruits and used as an additive in a wide range of products. Citric acid is widely used as a flavor enhancer, preservative, acidulant, and chelating agent in various industries, including food and beverages, pharmaceuticals, cosmetics, and cleaning products. The citric acid market includes the production, processing, marketing, and distribution of citric acid and its derivatives, such as citrates and citric acid esters. The market is influenced by factors such as consumer demand, regulatory requirements, supply chain dynamics, and technological advancements in the production and application of citric acid. In COVID the market experienced a decline in demand and disruption in the supply chain due to the restrictions on movement and trade. The closure of restaurants, cafes, and other food service outlets reduced the demand for citric acid used in food and beverage processing. the pandemic also created new opportunities for the citric acid market, particularly in the healthcare and cleaning product sectors. Citric acid is used in the production of disinfectants and sanitizers, which saw a surge in demand due to increased hygiene concerns during the pandemic.
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Key Players:
Some of the key market players are Tate & Lyle PLC, Cargill, Incorporated, Archer Daniels Midland Company, JUNGBO CHEMICAL CO., LTD., Weifang Ensign Industry Co., Ltd., COFCO Biochemical (Anhui) Co., Ltd., Gadot Biochemical Industries Ltd., Huangshi Xinghua Biochemical Co., Ltd., Pfizer Inc., and Merck KGaA
Market Segmentation:
The Global Citric Acid market has been segmented into Form, Function, and Application.
Based on the Form, the market has been segmented into Anhydrous, Liquid.
Based on the Function, the market has been segmented into Acidulant, Preservative, Antioxidant, and Flavoring Agent.
Based on the Application, the market has been segmented into [Food & Beverages (Beverages; Bakery & Confectionery; Sweet & Savoury Snacks; Soups, Sauces, and Dressings, RTE & RTC Meals, and Others), Pharmaceuticals & Nutraceuticals, Personal Care, and Others]
Browse In-depth Market Research Report (132 Pages) on Citric Acid: https://www.marketresearchfuture.com/reports/citric-acid-market-1743
Regional Analysis:
North America is the largest market for citric acid, owing to the high demand for citric acid in the food and beverage industry, as well as the increasing demand for citric acid in the pharmaceutical industry. The United States is the major consumer of citric acid in this region.
Europe is another major market for citric acid, owing to the presence of a large number of food and beverage manufacturers in the region. The demand for citric acid in Europe is expected to increase due to the growing demand for natural and organic food products.
The Asia Pacific region is expected to witness significant growth in the citric acid market, owing to the increasing demand for citric acid in various industries, such as food and beverage, pharmaceutical, and personal care. China is the major producer and consumer of citric acid in this region.
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