The citric acid market is expected to witness notable growth owing to its wide application as a preservative, flavoring agent, taste enhancer, and pH balancer in the food & beverages, pharmaceuticals, and cosmetics industry. An increase in the usage of citric acid in the food & beverage industry, such as in bakeries, confectionery, sauces, condiments, and dressings is expected to fuel the market growth.
PORTLAND, Ore, Nov. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Citric Acid Market by Form (Powder and Liquid), Gender (Male and Female), Application (Acidulant, Cleaning Agent, Binding Agent, Preservatives, and Others), Grade (Food, Industrial, and Pharmaceuticals) and End Use (Food & Beverages, Cleaning & Sanitation, Animal Feed, Personal Care, and Pharmaceuticals), Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the citric acid market was valued at $4,081.7 million in 2022 and is projected to reach $7,028.2 million by 2032, growing at a CAGR of 5.6% from 2023 to 2032.
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Prime determinants of growth
The citric acid market is driven by factors such as an increase in demand for packaged food and beverages products and rise in demand for organic food additives. However, fluctuating costs and availability of raw materials and dental issues related to the consumption of citric acid enriched products restrict the market growth. Moreover, the introduction in technological advancement in the manufacturing of citric acid offers new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $4,081.7 million |
Market Size in 2032 | $7,028.2 million |
CAGR | 5.6 % |
No. of Pages in Report | 584 |
Segments covered | Form, Application, Grade, End Use, and Region |
Drivers | - Increase in demand for packaged food and beverages products - Rise in demand for organic food additives - Growth and expansion of personal care and cosmetics industry. |
Opportunities | - Technological advancements - Growing demand for citric acid-based cleaning products. |
Restraints | - Citric acid leads to dental problems - Fluctuating costs and availability of raw materials |
The powder segment to maintain its leadership status throughout the forecast period
Based on form, the powder segment dominated the market in 2022 accounting for more than four-fifths of the market share and is expected to dominate the market during the forecast period. This segment is projected to attain the highest CAGR of 5.4% from 2023 to 2032, owing to its easy usage and wide available in the market.
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The acidulant segment to maintain its leadership status throughout the forecast period
Based on application, the acidulant segment dominated the market in 2022 accounting for more than three-fifths of the market share and is expected to dominate the market during the forecast period. This segment is projected to attain the highest CAGR of 5.1% from 2023 to 2032, owing to the high usage in the food and beverages industry as a natural flavor enhancer.
The food segment to maintain its lead position during the forecast period
On the basis of the grade, the food segment dominated the market in 2022 accounting for more than two-thirds of the market share and is expected to maintain its dominance during the forecast period. The increase in the growth rate of the global population propels the demand for food products in the market. Therefore, the requirement of food grade citric acid is high in the food & beverages industry as it helps to increase the shelf life of the product.
The food and beverages segment to maintain its lead position during the forecast period
On the basis of the end use, the food and beverages segment dominated the market in 2022 accounting for more than two-thirds of the market share and is expected to maintain its dominance during the forecast period. The need for quality food-grade citric acid is high in the food and beverages industry as consumers are aware and conscious of maintaining proper health condition and seek food and beverage products made from good quality ingredients.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global citric acid market revenue and is likely to dominate the market during the forecast period. Asia-Pacific is home to one of the largest food and beverages market. The food and beverages industry in this region is expanding rapidly because of the rise in living standards and increase in disposable money among customers. Therefore, the requirement of citric acid as a preservative and acidulant is high in the food and beverage industry.
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Leading Market Players: -
- Foodchem International Corporation
- BASF SE
- Jungbunzlauer Suisse AG
- Shandong Juxian Hongde Citric Acid Co. Ltd.
- Tate & Lyle PLC
- Cargill, Incorporated
- Citribel NV
- Sucroal S.A.
- Gadot Biochemical Industries Ltd.
- Archer-Daniels-Midland Company
- F.B.C Industries, Inc.
- Shandong Ensign Industry Co.,Ltd.
- Koninklijke DSM N.V.
- RZBC Group Co., Ltd.
- Huangshi Xinghua Biochemical Co, Ltd.
The report provides a detailed analysis of these key players in the citric acid market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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