Citric Acid Production is Fastest Growing Segment Fueling the Growth of Global Citric Acid Market
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| Citric Acid Market |
The global Citric Acid Market is estimated to be valued at US$ 3943.96 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Citric acid is widely used as an acidulant, preservative and flavoring
agent in food & beverage applications. It is used to add an acidic or sour
taste to foods and beverages. Citric acid also helps to prevent bacterial
growth thereby improving shelf life of various food products.
Market key trends:
One of the key trends driving the growth of citric acid market is rising
demand from processed food & beverage industry. With rapid urbanization and
changing lifestyle, demand for processed and packaged food products is
increasing significantly. Citric acid finds extensive application in various
processed food segments such as bakery, dairy, confectionery, jams & jelly
among others as an acidulant and preservative. According to research, global
processed food market is expected to grow at a CAGR of over 7% during forecast
period, thereby creating continuous demand for citric acid from this industry.
Segment Analysis
The global
citric acid market size can be segmented into grades such as anhydrous
citric acid and liquid citric acid. The liquid citric acid segment dominates
the market and is expected to witness higher growth over the forecast period.
Liquid citric acid finds extensive application in various industries such as
food & beverages, pharmaceuticals, personal care, and others owing to its
properties like enhanced water solubility and stability at room temperature.
Key Takeaways
The global citric acid market is expected to witness high growth,
exhibiting CAGR of 4.6% over the forecast period, due to increasing demand from
food and beverages industry.
Regional analysis: North America dominates the global citric acid market owing
to extensive applications in food & beverages industry in the region. Asia
Pacific exhibits the fastest growth in the market over the forecast period due
to rising demand from countries like China, India, and others.
Key players: Key players operating
in the citric acid market include Archer Daniels MidlandCompany, Jungbunzlauer
Suisse AG, Pfizer Inc., Shandong Juxian Hongde Citric Acid Co. Ltd., Delek
Group, Cargill, Incorporated, Weifang Ensign Industry Co., Ltd., Tate &
Lyle plc., COFCO Biochemical Co. Ltd., and RZBC GROUP. Archer Daniels Midland
Company leads the market and is the largest manufacturer and supplier of citric
acid globally.
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