Citric Acid Market Overview, Dynamics, Trends, Segmentation, Key Players, Application and Forecast to 2024

According to the latest report by IMARC Group titled, “Citric acid market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, The market is further projected to reach a volume of nearly 3 Million Tons by 2024, growing at a CAGR of 4% during 2019-2024.

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Citric acid, with a chemical formula C6H8O7, is a tricarboxylic acid that naturally occurs in citrus fruits, such as lemons and oranges. It is a white or colorless, odorless and crystalline solid that is strongly acidic in taste. In recent years, the demand for citric acid has increased as it is a natural ingredient that aids in detoxification, supports healthy digestion and kidney function, and maintains energy levels

Citric acid is extensively utilized across several end use industries, including homecare, cosmetics, personal care, and pharmaceuticals. In the food industry, it is added to various packaged and processed food items as it acts as an acidulant, preservative, flavoring and coloring agent. Also, citric acid, as an ingredient in cleaning and personal care products, helps in removing stains and odors, correcting dark spots, brightening skin and minimizing fine lines. Apart from this, the prevalence of hectic lifestyles of consumers has bolstered the demand for ready-to-eat and processed food items. As citric acid is used as a natural alternative to lemon juice or vinegar for extending the shelf-life, increasing tartness and maintaining pH levels, its demand is being spurred across the globe.

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Breakup by Form:

On the basis of form, the market has been bifurcated into anhydrous and liquid citric acid. Amongst these, anhydrous citric acid represents the leading segment as it is extensively used for manufacturing a variety of food products such as ice creams, jams, jellies, canned foods, etc.

Regional Insights:

Region-wise, Western Europe represents the world’s largest consumer of citric acid, wherein the major markets are Germany, France and the United Kingdom. However, demand for citric acid is mature and relatively saturated in the region, particularly in the carbonated beverage sector. Western Europe is followed by the United States, China, Middle East and Africa, Central/Eastern Europe, Brazil and India.

Competitive Landscape:

The global citric acid industry is concentrated in nature with a few major players controlling most of the market. As the initial capital cost to set up a citric acid plant is quite high, it is difficult for small players to enter this market. Some of the major players operative in the market are:

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.
S.A. Citrique Belge N.V.
Key highlights of the report:

Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Competitive Structure
Profiles of Key Players
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