The citric acid market is expected to grow by USD 1.86 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the citric acid market in optimistic, probable, and pessimistic forecast scenarios.
The citric acid market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
Key Considerations for Market Forecast:
Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
Pre- as well as post-COVID-19 market estimates
Quarterly impact analysis and updates on market estimates
Major Three Citric Acid Market Participants:
Archer Daniels Midland Co.: The company offers a wide range of citric acid products.
Cargill Inc.: The company offers liquid or anhydrous citric acid.
COFCO Corp.: The company is having businesses including Trading, Oils and oilseeds, Sugar, Meat, Tea, Biochemical, and Capital among many others. The company offers a wide range of citric acid products.
Citric Acid Market 2021-2025: Segmentation
Citric acid market is segmented as below:
Food and Beverage
Pharmaceuticals and Personal Care Products
Detergents And Cleaners
The citric acid market is driven by the growing demand for citric acids from detergents and cleaners. In addition, the versatile nature of citric acid is expected to trigger the citric acid market toward witnessing a CAGR of over 8% during the forecast period.
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