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Comprehensive Insights into the Global Citric Acid Market: Key Drivers, Trends, Growth Opportunities, and Forecast for 2024-2033
The Citric Acid report describes and explains the citric acid market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.The global citric acid market reached a value of nearly $4.18 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.91% since 2018. The market is expected to grow from $4.18 billion in 2023 to $5.23 billion in 2028 at a rate of 4.60%. The market is then expected to grow at a CAGR of 5.10% from 2028 and reach $6.71 billion in 2033.
What strategies are being adopted by key players in the citric acid market?
The key players in the market are adopting extensive strategies in the citric acid market such as:
• Focus on enhancing business capabilities
• Strategic investments for growth
• Expansion of operational efficiency
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To take advantage of opportunities, The Business Research Company suggests that citric acid companies enhance offerings:
• Adoption of biotechnological methods for citric acid production
• New plant expansions to boost geographic reach
What Is Citric Acid: Market Overview?
Citric acid is a weak organic acid that is naturally found in citrus fruits like lemons, limes and oranges. It is a highly versatile substance used across various industries due to its properties as a flavoring agent, preservative, and pH adjuster.
Citric acid also functions as a preservative by inhibiting the growth of microorganisms, which helps extend shelf life. As an antioxidant, citric acid prevents the degradation of food and other products by scavenging free radicals and it serves as a sequestrant by binding metal ions, which enhances the stability of formulations.
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Who Are The Major Companies Operating In The Global Citric Acid Market?
The top ten competitors in the citric acid market made up 16.1% of the total market in 2023. Archer Daniels Midland Company (ADM). was the largest competitor with a 4.62% share of the market, followed by:
• Cargill Incorporated
• COFCO Biotechnology Co., Ltd.
• Hawkins Pharmaceutical Group.
• Jungbunzlauer Suisse AG
• RZBC Group Co. Ltd.
• Finoric LLC.
• Nacalai Tesque Inc.
• Merck Co. & KGaA.
• Gadot Biochemical Industries Ltd.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. We have published over 15,000 reports across 27 industries and 60+ geographies. Our research is powered by 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
We provide continuous and custom research services, offering a range of specialized packages tailored to your needs, including Market Entry Research Package, Competitor Tracking Package, Supplier & Distributor Package and much more.
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