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Citric Acid Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Food Safety Awareness: A Key Driver Transforming the Citric Acid Market 2024
It will grow to $6.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.” - The Business Research Company
LONDON, GREATER LONDON, UNITED KINGDOM, November 6, 2024 /EINPresswire / -- The Business Research Company 's Early Year-End Sale! Get up to 30% off detailed market research reports-limited time only!
The citric acid market is forecasted to grow from $4.19 billion in 2023 to $4.54 billion in 2024, reflecting a CAGR of 8.5%. Growth in this sector can be attributed to increased demand from the food and beverage industry, pharmaceutical applications, its role as a cleaning and chelating agent, and its use in preservation and flavoring processes.
What Is the Estimated Growth Rate and Market Size of the Global Citric Acid Market?
The market is expected to grow to $6.28 billion by 2028, at a CAGR of 8.5%. This growth can be attributed to the rising demand for clean label products, sustainable sourcing, the development of biodegradable polymers, and the increasing need for personal care and cosmetics. Major trends will encompass green chemistry initiatives, customized and tailored solutions, technological advancements, innovative specialty chemicals, and strategic collaborations.
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What Are The Significant Drivers Behind The Growth Of The Citric Acid Market?
Heightened concerns regarding food safety are projected to stimulate growth in the market. As a naturally occurring substance in fruits and vegetables, citric acid is recognized for its safety in food applications, addressing contamination issues that arise both pre- and post-harvest. The World Health Organization reported that 600 million people globally fall ill from contaminated food each year, leading to significant health risks and economic losses. As awareness of food safety grows, the demand for citric acid is set to increase.
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Which Top Companies Are Shaping The Growth Of The Citric Acid Market?
Major companies operating in the market include Jungbunzlauer Suisse AG, Cofco Biochemical Co. Ltd., Archer Daniels Midland Company, Cargill Incorporated, Gadot Biochemical Industries Ltd, Tate & Lyle PLC, Huangshi Xinghua Biochemical Co Ltd., RZBC Group Co Ltd., Weifang Ensign Industry Co Ltd., S.A. Citrique Belge N.V., Yixing Biochemical Co Ltd., Shandong Juxian Hongde Citric Acid Company Ltd, Merck KGaA, Foodchem International Corporation, Posy Pharmachem Pvt Ltd, Hawkins Pharmaceutical Group, Saudi Bio-Acids Company, Citrique Belge N.V., TTCA Co Ltd., Jiangsu Guoxin Union Energy Co Ltd., Laiwu Taihe Biochemistry Co Ltd., Bulk Apothecary, Ingredients Online, Gravitas Chemical LLC
Which Emerging Trends Are Reshaping the Citric Acid Market Size ?
In the citric acid market, companies are introducing innovative mineral blends like Cal2Mg. Gadot Biochemical Industries Ltd. launched Cal2Mg in January 2022, a blend designed for optimal bone health, providing essential nutrients in an easily incorporated format.
What Are The Segments In The Global Citric Acid Market?
The citric acid market covered in this report is segmented –
1) By Form: Liquid, Anhydrous
2) By Key Function: Acidulant, Preservative, Antioxidant, Sequestrant
3) By Application: Food And Beverage, Bakery, Confectionery, Dairy, Pharmaceutical, Personal Care, Other Applications
Europe and North America: Largest Region in the Citric Acid Market
Europe and North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Citric Acid Market Definition
Citric acid is a weak organic acid naturally found in citrus fruits like limes and lemons. Commercially produced through fermentation, it appears as a white, odorless crystalline powder and serves as a preservative and flavoring agent, also offering various benefits for skin health.
The Citric Acid Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Citric Acid Market Report: Trends, Opportunities, Strategies, and More
The Citric Acid Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into citric acid market size, citric acid market drivers and trends, citric acid market major players, citric acid competitors' revenues, citric acid market positioning, and growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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What Services Does The Business Research Company Offer?
The Business Research Company has published more than 15,000 reports spanning 27 industries and over 60 regions. Our research is supported by 1.5 million datasets, thorough secondary research, and unique insights gained from interviews with industry experts. We offer ongoing and customized research services, featuring a variety of specialized packages designed to meet your specific needs, such as Market Entry Research, Competitor Tracking, Supplier & Distributor Packages, and many others.
Our flagship product, the Global Market Model, serves as a leading market intelligence platform that provides comprehensive and updated forecasts to facilitate informed decision-making.
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
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