The global Citric Acid Market is estimated to be valued at US$ 3943.96 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Citric acid is a naturally occurring weak organic acid found in citrus fruits. It is a colorless and crystalline solid with a sour taste. It is used as acidulant, flavoring and preservative agent in various food and beverage products. Citric acid helps balance acidity levels, provide tartness and flavor enhancement in fruits juices, soft drinks, confectioneries and processed foods.
Market key trends:
Citric acid use is increasing in personal care and cleaning products owing to its versatility and buffering properties. It acts as buffering and chelating agent helps maintains optimal pH levels in products like shampoos, soaps, detergents and household cleaners. Citric acid also helps inhibit bacterial growth which increases shelf life of products. Further, citric acid low production cost, availability and ease of handling is driving its use in food and non-food applications. Growth in end use industries as well as stringent regulations regarding hygiene and safety also accelerating demand of citric acid globally.
SWOT Analysis
Strength: Citric acid is widely used in food and beverage industry as an acidulant and preservative which drives its demand. Its applications in various industries such as pharmaceutical, personal care and detergents boost the market growth.
Weakness: Presence of substitutes like malic acid and tartaric acid can hamper the citric acid market. Fluctuations in raw material prices affect the production cost.
Opportunity: Rising health-conscious population increases the demand for citric acid in dietary supplements. Growing food processing industry in developing nations creates new opportunities.
Threats: Stringent government regulations regarding the use of acidulants can restrict the market. Environmental concerns related to wastewater treatment act as a threat.
Key Takeaways
The global citric acid market size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand from food and beverage industry. Citric acid is widely used as acidulant, preservative and flavoring agent in various food products which drives its market.
North America dominates the global citric acid market owing to large pharmaceutical and food processing industries in the region. Asia Pacific exhibits fastest growth in citric acid market supported by growing food and beverage sector in China and India. Expanding middle class population and changing lifestyle in emerging nations presents lucrative growth prospects.
Key players operating in the Citric Acid Market are Archer Daniels MidlandCompany, Jungbunzlauer Suisse AG, Basel, Pfizer Inc., Shandong Juxian Hongde Citric Acid Co. Ltd., Delek Group, Cargill, Incorporated, Weifang Ensign Industry Co., Ltd., Tate & Lyle plc., COFCO Biochemical Co. Ltd., and RZBC GROUP. Leading companies invest heavily in R&D to develop innovative applications of citric acid across various end use industries.
