As of 2022, it is predicted that the global citric acid market would be US$ 2.89 billion, up from US$ 2.81 billion in 2021 and showing a y-o-y rise of 2.8%. The market is anticipated to experience a CAGR of 3% from 2022 to 2032 and close at a valuation of US$ 3.89 billion.
Investing in the development of contemporary manufacturing technologies has a favourable impact on the creation of better offerings as well as price reductions. Because of their easy accessibility and low raw material prices, emerging economies such as India and China will prove to be desirable markets.
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Citric acid market participants are expected to have difficulties as a result of fluctuating costs and fluctuations in natural source output, which could hurt industry profitability. However, a significant factor in the market’s long-term growth will be the variety of end use applications.
Key Takeaways from the Citric Acid Market Study
- Powder forms of citric acid will hold the lead accounting for more than 60% of the global market in 2021.
- Food & beverage applications of citric acid continue to dominate the market landscape, with impetus from use as additives and ingredients in dietary supplements.
- United States the U.S. will emerge as a major market for citric acid, driven by demand from the food processing and pharmaceutical sector in the country.
- Germany will showcase lucrative opportunities driven by increased levels of consumer awareness in digestive health.
- China is projected to reflect relatively higher levels of growth owing to higher levels of lifestyle-based ailments, especially amidst the vast geriatric Chinese demographic.
“The global citric acid market will witness substantial growth, with rising demand as a key intergradient in food & beverages, pharmaceuticals, personal care products and more. Furthermore, the increasing demand for organic food additives which is caused by the higher degree of consumer health awareness will prove to be a very important factor positively influencing market growth throughout the assessment period,” says the FMI analyst.
Application of Citric Acid in Pharmaceuticals Creating Growth Opportunities
The demand for citric acid has increased as there is growing interest in using natural components in healthcare products. The substance is regarded as an efficient and profitable excipient with little chance of adverse effects on the human body. By diversifying their portfolios in the pharma industry, major firms are investigating niche prospects.
Pharmaceutical grade citric acid will largely be used in the manufacturing of medicines in powder form. Additionally, customers are more willing to spend money on pharmaceuticals that have clean label certificates. Higher levels of citric acid incorporation in terms of pharmaceutical safety standard characteristics are anticipated to lead to better health outcomes. This is a crucial element that favourably affects the utilisation of products containing citric acid.
Who is Winning?
Leading citric acid market players are progressively concentrating on investing in research and development to increase the number of applications for their products. With a growing interest in emerging nations, manufacturers are also pushing for strategic asset purchase and divestiture to maximise profitability in response to demand.
Some of the leading players in the citric acid market include but are not limited to Shandong Juxian Hongde Citric Acid Co. Ltd., Archer Daniels Midland Company, Basel, Jungbunzlauer Suisse AG, Cargill Incorporated, Delek Group, Tate & Lyle plc., Weifang Ensign Industry Co., Ltd., RZBC GROUP, COFCO Biochemical (AnHui) Co. Ltd., and Pfizer Inc.
Get Valuable Insights on the Citric Acid Market
Future Market Insights, in its new offering, provides an unbiased analysis of the citric acid market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the citric acid market based on application (acidulant, cleaning agent, binding agent, preservative, and others), by form (Powder and Liquid), By grade (food grade, industrial grade, and pharmaceutical grade), and by end use (food & beverages, pharmaceutical, animal feed, personal care, metal finishing & cleaning, and others) across seven major regions.
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Citric Acid Market Key Segments
Application
- Acidulant
- Cleaning agent
- Binding Agent
- Preservative
- Others
Form
- Liquid
- Powder
- Anhydrous
- Monohydrous
Grade
- Food Grade
- Industrial Grade
- Pharmaceutical Grade
End Use
- Food & Beverages
- Bakery & Confectionary
- Dairy
- Convenience Food
- Beverages
- Jams & Preserves
- Others
- Pharmaceutical
- Animal feed
- Personal care
- Metal finishing & cleaning
- Others
Region
- North America (U.S. & Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru, & Rest of LATAM)
- Western Europe (Germany, U.K., France, Italy, Spain, BENELUX, Nordic, & Rest of W. Europe)
- Eastern Europe (Russia, Poland, CIS Countries and Rest of E. Europe)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Israel, & Rest of MEA)
- Japan
- Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, & Rest of APEJ)
Frequently Asked Questions
- What is the anticipated growth of the market citric acid until 2032?
- What is the estimated market value of the citric acid market expected in 2022?
- What is the estimated market value of the citric acid market expected in 2032?
- Which region is forecast to be the most lucrative for citric acid market growth?
- Which are some prominent citric acid manufacturers?
- What is the expected market share of Germany for citric acid in the forecast period 2022-2032?
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