The citric acid market seems to be on a steady pace of 3.70% CAGR over the next decade. The analysis predicts the value to be worth around US$ 172.7 million in 2024, crossing US$ 248.6 million by 2034.
There are a bunch of factors why analysis hints toward this growth. First off, citric acid suppliers find demand from various manufacturers of plant-based food products, medicine, beauty products, and household items. So, citric acid being helpful across so many industries, creates a solid foundation of demand.
Analysts are bullish on citric acid because it has versatile functionality that makes it useful for players operating in varied spaces, from restaurants to drug makers to cleaning product brands. That flexibility likely means stable revenues for the companies producing this important acid.
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Key Companies in the Market
- Archer Daniels Midland Company
- Shandong Juxian Hongde Citric Acid Co. Ltd.
- Jungbunzlauer Suisse AG
- Basel
- Delek Group
- Cargill, Incorporated
- Weifang Ensign Industry Co. Ltd.
- Tate & Lyle Plc.
- COFCO Biochemical (AnHui) Co. Ltd.
- RZBC GROUP
- Pfizer Inc.
Key Coverage in the Citric Acid Industry Report
- High Purity Citric Acid Market Size
- Demand Analysis of Encapsulated Citric Acid
- Citric Acid Ester Market Outlook
- United States Citric Acid Industry Outlook
- Global Citric Acid Anhydrous Industry Analysis
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Recent Developments in the Citric Acid Industry
- In November 2022, Gadot Biochemical Industries released Cal2Mg, a calcium-magnesium citrate combination. A binder-based granulation method creates the product. The product’s texture increases, making it easier to handle and cook. This introduction by Gadot Biochemical Industries aims to address customer demand for nutritionally beneficial, high-quality functional food components.
- Jungbunzlauer, a large citric acid manufacturer, introduced monomagnesium citrate in June 2022. Functional meals, beverages, and supplements use 1:1 monobasic magnesium salt. Due to its sour taste and solubility, monomagnesium citrate is ideal for mineral-fortified beverage powders. Jungbunzlauer expects this new product to satisfy customer demand for healthful, pleasant, functional food components.
- Jungbunzlauer expanded its Port Colborne, Canada, citric facility in April 2021. Citric acid and citrate-based functional and bio-based chemicals are in high demand worldwide. Thus, expansion is needed. Due to the strong demand for certain substances, the move aims to enhance manufacturing capacity. With this expansion plan, Jungbunzlauer aims to become a major citric acid market player and supply high-quality citric acid and citrate-based components to the food, beverage, pharmaceutical, and personal care industries.
Trend Analysis of the Sector
- Growing Popularity of Natural Ingredients
Consumers demand real, transparent ingredients in their food and drinks. Citric acid is a natural part of many ‘clean label’ products, which is why its popularity is rising in different industries.
- Moving to Plant-Based Products
With people going vegan or eating plant based diets, citric acid is becoming popular as a natural additive. It’s taking the place of synthetic material in foods, drinks, and even personal care items.
- Citric Acid Enters Clean Energy Scene
Now citric acid isn’t just for food anymore. It’s being used in energy storage tech like flow batteries because it helps keep the electrolyte solutions stable. This opens up new market opportunities outside its usual uses.
- Using Citric Acid in Medical Science
In the biomedical field, experts are looking at citric acid for making materials that could be used in healthcare activities like growing new tissues or delivering drugs into the body.
- The Impact of Global Health Issues
As fears over antimicrobial resistance rise, the antimicrobial features of citric acid are becoming popular for food preservation and cleaning tasks. There’s a push for alternatives that are safer and ecofriendlier in public health and cleanliness.
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Key Segments
By Application:
- Acidulant
- Cleaning agent
- Binding Agent
- Preservative
- Others
By Form:
- Liquid Citric Acid
- Powder Citric Acid
- Anhydrous
- Monohydrous
By Product Type:
- Natural
- Artificial
By End Use:
- Citric Acid for Food & Beverages
- Bakery & Confectionary
- Dairy
- Convenience Food
- Beverages
- Jams & Preserves
- Others
- Citric Acid for Pharmaceuticals
- Citric Acid for Animal Feed
- Citric Acid for Personal Care
- Citric Acid for Metal Finishing & Cleaning
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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