Citric Acid Market Overview
The worldwide citric acid market is expected to develop at a CAGR of 5.78 percent (2022 - 2030).
Due to its multiple beneficial properties, citric acid is widely used as an additive in food and beverages, cleansers and detergents, personal care products, adhesives and sealants, inks, pharmaceutical goods, coatings, plastics and polymers, and clinical nutrition, feed, as well as pet food items.
Citric acid is widely found in packaged foods and beverages, where it is used to keep canned and jarred items fresh for longer periods.
Competitive Landscape
Pfizer Inc., Tate & Lyle PLC, Cargill, Incorporated, Archer Daniels Midland Company, S.A. Citrique Belge N.V., RZBC Group Co. Ltd., Gadot Biochemical Industries Ltd., Cofco Biochemical (Anhui) Co., Ltd., Jungbunzlauer Suisse AG, Huangshi Xinghua Biochemical Co. Ltd, and Weifang Ensign Industry Co., Ltd. are key players of the global citric acid market.
Market Segmentation
By Application
The Market has been segmented into two major applications: medicine and food and beverages. In terms of volume, the food and beverages application dominated the global Citric Acid Market in 2016 with a share of more than 57.9% and is expected to grow at a CAGR of 5.0 percent in the duration of 2022 to 2030.
By Form
The market is classified into two types of liquids and powders based on their form. The fluid structure is employed in various food and dairy products due to its beneficial components, such as surface adjustment, acidifying specialists, and flavour improvement. Iron-controlling additives in the fluid structure are also used in the oil industry to reduce iron precipitation in oil via chelating and preserve the pH of acidifying liquids. Instead of lemon juice or vinegar, the power structure is used for culinary purposes. It is used as a chelating agent in evaporators and boilers to remove and prevent limescale formation.
By Region
The citric acid market overview is split into North America, the Middle East, Europe, Asia Pacific, Central and South America, and Africa, depending on the region. North America and Europe together accounted for more than 40% of the global market share. At the same time, Asia Pacific is experiencing rapid growth, with a CAGR of 6.6 percent for the forecasted period. A large food and beverage sector in these areas is expected to boost the global citric acid market.
Regional Classification
According to the geographical study, the Asia-Pacific citric acid market is expected to be the largest and fastest-growing throughout the forecast period. The citric acid market size will be supported by the growth of various initiatives, such as food and beverages, individual consideration, pharmaceuticals, and nutraceuticals, plus interest in commonly added compounds in these companies.
Beginning in 2020, China is likely to be the largest user and exporter of citrus extract, accounting for a significant percentage of the global citrus extract market. Loosened venture rules, low creation costs, and the availability of low-wage labour in China all contribute to the growth of end-use firms, which is expected to keep item interest alive during the forecasted time frame.
Industry News
Due to the rising need for citric acid in food & drinks, detergents, medicines, cosmetics & personal care items.
Citric acid's broad application as a preservative, acidulant, antioxidant, buffering, and binding agent within the food and non-food sectors is likely to drive its rise during the projection period. Citric acid is commonly used in the dairy industry, especially in the production and processing of cheese. The acid contributes to creating an optimum environment for emulsification and fat separation prevention. It could be used to modify the pH of beer and wine solutions while they're being made.
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