Global Citric Acid Market Report 2022: Market to Reach $3.9 Billion by 2024 - US and Europe Dominate Citric Acid Demand, China and Asia-Pacific to Spearhead Future Growth

DUBLIN, April 14, 2022 /PRNewswire/ -- The "Citric Acid - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Citric Acid Market to Reach $3.9 Billion by 2024

The global market for Citric Acid is projected to reach US$3.9 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.5% over the analysis period.

Europe represents the largest regional market for Citric Acid, accounting for an estimated 34.6% share of the global total. The market is projected to reach US$1.3 Billion by close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.2% over the analysis period.

Citric acid market continues to grow led by the growing application of the ingredient as a preservative, acidulant, binding and buffering agent and antioxidant in food & beverage industry and non-food applications. The growing importance of citric acid as an ingredient in foods & beverages, pharmaceuticals, detergents, personal care products and industrial applications is presenting favorable outlook for the market.

Citric acid plays a critical part in imparting tartness to foods and enhancing flavors, as well as in extending shelf life of food products by inhibiting microbial growth. The rapidly rising demand for citric acid-based foods such as confectioneries, low calorie jellies, diet beverages and snacks, low fat foods, and ice creams are expected to spur demand for citric acid. In pharmaceutical industry, citric acid demand is growing in the manufacture of digestive products.

Citric acid is also increasingly finding use as a cleaning agent subsequent to the ban imposed on phosphates in several regions. The high demand for packaged and convenience foods and the growing awareness about healthy foods among people contribute to the demand for citric acid in developed economies of North America and Europe.

China is ranked as a major producer and exporter of citric acid. China constitutes a high growth market, driven by the rapidly growing food and beverage industry in the region.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• An Introduction to Citric Acid
• Manufacturing Process
• Key End-Use Applications
• Typical Applications of Citric Acid in Food & Beverage Industry
• Industrial Applications of Citric Acid
• Growing Use of Citric Acid in Food and Non-Food Industries Spurs Market Prospects
• Powder Form Leads Citric Acid Market, Liquid Form to Experience High Growth
• The US and Europe Dominate Citric Acid Demand, China and Asia-Pacific to Spearhead Future Growth
• Recent Market Activity
• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

• Archer Daniels Midland Company (USA)
• Cargill, Inc. (USA)
• COFCO Biotechnology Co., Ltd. (China)
• Citrique Belge S.A. (Belgium)
• DuPont Nutrition & Biosciences (Denmark)
• Foodchem International Corporation (China)
• Gadot Biochemical Industries Ltd. (Israel)
• Hawkins, Inc. (USA)
• Jungbunzlauer Suisse AG (Switzerland)
• Merck KGaA (Germany)
• MP Biomedicals (USA)
• Posy Pharmachem Pvt. Ltd. (India)
• RZBC Group Co., Ltd. (China)
• Tate & Lyle plc (UK)
• TTCA Co., Ltd. (China)
• Weifang Ensign Industry Co., Ltd. (China)

3. MARKET TRENDS & DRIVERS

• Demand for Citric Acid Continues to Rise from the Global Food Processing Industry
• Rapid Growth in Consumption of RTD Foods and RTE Beverages Drives Demand for Citric Acid
• Beneficial Properties of Citric Acid and its Safety Ensure Sustained Demand
• Eco-Friendly Attributes & Biodegradability Drive Use of Citric Acid in Detergents and Cleaners
• Citric Acid Finds Increasing Use in Manufacture of Pharmaceuticals
• Citrate Applications in Pharmaceutical Formulations
• Citric Acid Holds Promise in Personal Care Formulations
• Emerging Uses of Citric Acid Promise Growth
• Favorable Economic and Demographic Trends Strengthen Market Prospects
• Ballooning Global Population
• Expanding Urban and Middle Class Population

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/lgenmh

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