Citric Acid Market
The” global citric acid market reached a volume of about 2.39 million tons in 2020. The market is further expected to grow at a CAGR of 4.0% in the forecast period of 2022-2027 to reach a volume of approximately 2.91 million tons by 2026.”
The broad applicability of citric acid as an acidulant, preservative, antioxidant, and buffering and binding agent in the food and non-food industries is expected to result in its increasing growth over the forecast period. Citric acid is used throughout the dairy industry within cheese production and processing. The acid helps create the perfect environment for the stabilization of emulsions, and it prevents fats from separating. It can also be used to adjust the pH of both beer and wine solutions during manufacture.
Europe is the largest market for citric acid globally attributable to growing number of vegan populations which has drastically increased since 2016 in the United Kingdom, which further increase the demand for natural food additives and preservatives, like citric acid in the country.
The leading contenders in the citric acid market by Application are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Tate Lyle (UK), Merck KGaA (Germany), COFCO Biochemical (Anhui) CO., LTD (China), Jungbunzlauer Suisse AG (Switzerland), RZBC GROUP CO., LTD. (China), Huangshi Xinghua Biochemical Co.Ltd. (China), Gadot Biochemicals Industries LTD. (Israel), Weifang Ensign Industry Co., Ltd (China), S.A. Citrique Belge N.V. (Belgium), and Pfizer Inc. (U.S.).
Competitive Analysis
The transformation of the products and services is the central factor escalating the market's productivity and promoting the trends that have gained prominence in the market recently. The central success factors and players’ propensities are progressively developing due to the strategies being used by market companies. The market has guided in a new period of progress as the market is constantly in a state of variability. The accessibility to a suitable labor force along with resources is impacting the overall market growth. The external factors are motivating the market expansion which is dependent on the practices and the strategic roadmaps that are being exploited by market companies.
Segmental Analysis
The market for citric acid market has been segmented based on function, form, application, and region. The form basis of segmentation of market comprises of liquid and powder. The powder segment has further been segmented into monohydrate, anhydrous, dihydrate, and others. By function, the market has been segmented into antioxidant, acidulant, chelating agent, preservative/sequestrant, emulsifying agent, flavoring agent, buffering agent, and others. Based on application, the market has been segmented into cosmetics and personal care, food and beverage, detergents and cleaners, pharmaceuticals, and others.
Regional Analysis
The market in the Asia Pacific region is anticipated to be the major and the most rapidly growing citric acid market through the forecast period. The rising food industry, whose growth is fueled owing to the rising acceptance of processed foods and ready-to-drink (carbonated) beverages, is projected to drive the regional product market. The North American and European regions are the key markets for citric acid market that are likely to maintain their growth through the forecast period. The market in the Middle East and Africa is observed to be at an emerging stage; though, the rising food and beverage and cosmetics and personal care industries in the UAE, Saudi Arabia, and other GCC countries are expected to offer positive business openings to market players through the forecast period.
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