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Citric Acid Market touched USD 3,070 million in 2020 and will grow at 3.5% CAGR during 2021-2028 | Size, Share, Analysis & Forecast
Citric Acid Market
The Citric Acid Market was valued around USD 3,070 million in 2020 and is expected to grow at a CAGR of 3.5% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/citric-acid-market/
The factors driving the growth of Citric Acid Market includes increasing application of citric acid in pharmaceutical and personal care industries, rising consumption of ice creams, low-calorie jellies and dietary beverages & snacks, consumers inclination towards the organic products and growing demand for ready-to-drink beverages and processed foods. According to the report published by Statista, the Global Ice Cream Market was estimated at USD 64.07 billion in 2020 and is expected to reach around USD 75 billion by the end of 2024, which will accelerate the Global Citric Acid Market in the approaching years. Moreover, rising focus by manufacturers on improving the shelf life of convenience products, increase in the launch of innovative products, growing prevalence of cardiovascular diseases and gut health-related problems and strategic mergers and acquisitions between key industry players, are some of the additional factors supplementing the Citric Acid Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further contributing to the market growth.
However, growth of the Citric Acid Market is hindered due to strict regulations regarding the use of citric acid.
The prominent players operating in the market are Acuro Organics Limited, Paras Chemical Industries, Archer-Daniels-Midland Company, Tate & Lyle Plc, COFCO Biochemical (AnHui) Co., Ltd., Weifang Ensign Industry Co., Ltd., Gadot Biochemical Industries Limited, Cargill, Incorporated, Wang Pharmaceuticals and Chemicals, and S.A. Citrique Belge N.V. among others.
Based on Form, the Powder segment is predicted to grow at a significant CAGR during the forecast period
Increasing application of powdered citric acid for removing acne and treating sore throat, are propelling growth of the segment.
Based on Application, the Food and Beverage segment is projected to grow at a robust CAGR over the forecast period
Increasing application of citric acid as flavoring and preserving agent in food and beverage industry and growing demand for soft drinks and candies, are pushing growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
As per the Citric Acid Market Report, growing demand for frozen food products, presence of the leading players such as COFCO Biochemical (AnHui) Co., Ltd., Paras Chemical Industries and Acuro Organics Limited, rising per capita incomes and rapid urbanization, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In 2019, Archer Daniels Midland Company completed the acquisition of Ziegler Group, one of the leading European providers of natural citrus flavors ingredients.
Market Segmentation
Segmentation by Form
Liquid
Powder
Segmentation by Application
Food and Beverage
Bakery
Confectionery
Dairy
Beverages
Others
Pharmaceutical
Personal Care
Other
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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