According to a recent report by Reports and Data, the worldwide market size for citric acid was USD 3.82 billion in 2021, and it is predicted to demonstrate a revenue CAGR of 5.6% over the forecast period. The growing demand for citric acid in pharmaceuticals and personal care products is expected to be the primary driver of market revenue growth.
Citric acid is a tricarboxylic acid that occurs naturally in citrus fruits, and anhydrous citric acid is widely used in pharmaceutical formulations as an excipient owing to its antioxidant properties. It helps to stabilize active ingredients and preserve them. In addition, due to its non-toxic, non-corrosive, antioxidant, and biodegradable characteristics, citric acid is commonly used in detergents. As the popularity of concentrated liquid detergents grows, the demand for citric acid is predicted to rise. Citric acid is also used in a variety of products that kill viruses and bacteria, such as hand sanitizers, insect sprays, and agents that eliminate fungus or algae. Citric acid is also employed in cleaning up nuclear waste and removing toxins from polluted soil. It has a variety of uses in plastics and polymers, coatings, personal care products, adhesives and sealants, and clinical nutrition and pet food items. Due to the detrimental effects of chemicals in everyday products, natural products have gained popularity.
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Top Companies Operating in the Global Citric Acid Market Report:
Cargill, Incorporated, Tate Lyle, Pfizer, Inc., DuPont, Kenko Corporation, Foodchem International Corporation, BASF SE, Jungbunzlauer Suisse AG, COFCO, and ADM.
Some Key Highlights From the Report
- Anhydrous segment is expected to register a rapid revenue growth rate during the forecast period. Anhydrous citric acid is a tricarboxylic acid found in citrus fruits. It is used as an excipient in pharmaceutical preparations because of its antioxidant properties. The substance maintains stability of active ingredients and serves as a preservative. Also, it acts as an acidulant to control pH and as an anticoagulant by chelating calcium.
- The preservative segment is expected to register a rapid revenue growth rate during the forecast period. The increasing presence of citric acid in many processed foods helps to maintain their freshness. As a result, it helps slow or prevent the growth of bacteria, mold, yeast, and fungi. The increasing need to preserve food's color, flavor, and texture will lead to an increase in citric acid demand as a preservative. Besides serving as a preservative and emulsifying agent, it is also used as a flavoring agent.
- Food beverages segment is expected to register a steady revenue growth rate during the forecast period owing to the growing need for preserving freshness in packaged food. Food manufacturers are using citric acids as an ingredient in ice creams, sorbets, or sodas. This minimizes microbial activity, increases acidity, and enhances the flavor. As a result of its ability to lower pH, improve palatability, and increase antioxidant properties, citric acid is also highly demanded by the food and beverage industry.
- Market in North America is expected to account for the largest revenue share in the global market during the forecast period. Rapid growth rate of the market is attributed to the increasing presence of major market players such as Cargill, Incorporated, Pfizer, Inc., DuPont, and ADM, among others. Increasing prevalence of digestive problems such as Gastroesophageal Reflux Disease (GERD), chronic diarrhea, and chronic constipation among others in the U.S. has led to an increase in the use of citric acid as a supplement to enhance minerals' bioavailability, thereby improving food absorption.
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The global Citric Acid market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Form Outlook (Revenue, USD Billion, Volume, Kiloton; 2019-2030)
- Anhydrous
- Liquid
Function Outlook (Revenue, USD Billion, Volume, Kiloton; 2019-2030)
- Acidulant
- Preservative
- Antioxidant
- Flavoring Agent
End-Use Outlook (Revenue, USD Billion, Volume, Kiloton; 2019-2030)
- Food Beverage
- Pharmaceuticals
- Personal Care
- Others
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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