According to IMARC Group’s latest report, titled “Citric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a volume of 2.7 Million Tons in 2021. Citric acid refers to an organic acid that is generally found in the juice of several citrus fruits, including oranges, limes, lemons, etc. It aids in improving metabolism and enhancing nutrient absorption in the human body. Citric acid is extensively used as an acidulant in carbonated soft drinks across the food and beverage (F&B) industry. Besides this, it also finds wide-ranging applications in detergent manufacturing as it provides safer formulations than phosphates.
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The elevating product demand as an additive in adhesives, personal care products, sealants, polymers, pharmaceuticals, coatings, inks, etc., is one of the key factors driving the citric acid market. Apart from this, the launch of numerous favorable initiatives by government bodies across countries to prohibit the utilization of phosphate-based detergents and cleaning agents is further catalyzing the market growth. Moreover, the rising investments in R&D activities aimed at augmenting citric acid-based polymers with enhanced mechanical properties, unique photoluminescent capabilities, and nanoporous features are also bolstering the global market. In addition to this, the growing consumer awareness towards the adverse effects caused by chemicals utilized in daily use products is encouraging the shifting preferences towards organic items. This, in turn, is anticipated to fuel the citric acid market over the forecasted period. Looking forward, IMARC Group expects the citric acid market to reach 3.2 Million Tons by 2027, exhibiting a CAGR of 3.3% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally, and our estimates about the latest market trends and forecasts, are being done after considering the impact of this pandemic.
Competitive Landscape with 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.
- A. Citrique Belge N.V.
Breakup by Application:
- Food and Beverages
- Household Detergents and Cleaners
Breakup by Form:
- Ice Creams
- Canned Foods
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- The Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- 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.
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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.