As of 2022, it is predicted that the global citric acid market will 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.
Investments in the development of contemporary manufacturing technology have a favorable impact on the appearance of better offers and price reductions. Because of their easy accessibility and low raw material prices, emerging economies such as India and China will soon become in-demand markets.
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Participants in the citrus juice market should ready themselves for problems brought on by shifting costs and shifting output away from natural sources, which could impair industry profitability. The variety of end-use applications, on the other hand, will be crucial for the market’s long-term development.
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
As interest in using natural ingredients in healthcare products has grown, so has the demand for citric acid. There is little chance that the drug will have negative effects on the human body, and it is regarded as an effective and profitable excipient. Major corporations are broadening their portfolios in search of new chances in the pharmaceutical industry.
Pharmaceutical grade citric acid will be primarily required for the manufacturing of powdered medicines. Customers are also more likely to spend money on drugs with clean label certification. Higher levels of citric acid absorption are expected to result in better health outcomes in terms of pharmaceutical safety standard characteristics. This is a significant factor that determines the utilisation of citric acid-containing products.
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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