Global Citric Acid Market is Expected to Represent Highest Incremental Opportunity Revenue of USD 5 Billion by 2028 | IGR
Infinium Global Research has published a comprehensive report on the citric acid market, offering a detailed analysis of its global and regional segments and sub-segments. The report delves into the factors driving and hindering market growth, along with broader economic indicators that will influence the industry's trajectory in the short and long term. It provides a comprehensive overview of current trends, forecasts, and the market's monetary value, making it a valuable resource for anyone seeking insights into the citric acid landscape. According to the report, the global citric acid market was valued at nearly USD 4 Billion in 2022 and is expected to reach over USD 5 Billion in 2028, with a CAGR of about 6% during the forecast period. of 2022-2028.
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The citric acid market is poised for steady growth over the next eight years, driven by several key factors. The high demand for the product as a food preservative is expected to be a major driver, particularly in the U.S. where it is widely used in the food processing industry to extend the shelf life of convenience foods. Additionally, the growing demand for citric acid in the pharmaceutical industry for the manufacturing of digestive medicines is expected to contribute significantly to market growth.
However, stringent regulations in North America, particularly for its use in infant formulas, pose a challenge to regional players and may limit innovation in this specific application.
Manufacturers are actively expanding into new market segments by introducing citric acid-based products such as confectionery, diabetic baked goods, and low-calorie alternatives for jellies, sugar, beverages, snacks, and dairy products. The rising consumer demand for these products is expected to further boost the market.
Both powder and liquid forms of citric acid have diverse applications. Powdered citric acid serves as a culinary substitute for lemon juice or vinegar, acts as a chelating agent in industrial settings, and even improves the effectiveness of laundry detergents and soaps. In food and beverage applications, it is used for preservation, flavoring, and as an emulsifying agent in ice cream. Liquid citric acid finds its use in various food and dairy products for acidifying, modifying texture, and enhancing flavor. It also has applications in the oil industry as an iron control additive.
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Regionally, the citric acid market is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America. While North America is expected to see moderate growth due to market saturation and intense competition, Europe currently holds the largest market share due to the significant demand from its food and beverage industry. However, Europe is also witnessing rising demand for citric acid in cosmetics and pharmaceuticals, which is expected to further propel its market growth in the coming years. The Asia Pacific region is poised to dominate the market's overall growth, driven by increasing consumption and production of citric acid.
Market Segmentation:
The market report delves into the global citric acid market, segmenting it by type (powder and liquid) and application. This provides a detailed breakdown of the market, covering its usage in various sectors like food & beverages, pharmaceuticals & personal care, detergents & cleaners, and other industries.
Market Dynamics:
The citric acid market is driven by several factors, including the growing demand for convenience foods like ready-to-eat meals. Busy lifestyles, rising disposable incomes, and increased use of delivery services have fueled the popularity of these products, and citric acid plays a crucial role in their preservation. It enhances acidity while maintaining color, texture, and flavor, and helps prevent the growth of harmful bacteria and mold, extending shelf life. This makes citric acid a valuable ingredient for the food processing industry.
However, concerns exist about potential health risks associated with consuming large amounts of artificial citric acid, particularly from packaged goods. These concerns, along with reports of citric acid toxicity, act as a restraint on market growth.
On the other hand, the use of natural citric acid in cosmetics presents significant opportunities. It helps stabilize product formulations and extend shelf life, while also contributing to a pH-balanced environment, which is crucial for the safety and efficacy of preservatives. Citric acid's multiple beneficial properties, including its ability to exfoliate, act as an antioxidant, and reduce frizz, are driving its wide adoption in skincare products. Additionally, its use in shampoos and hair color rinses further expands its reach within the cosmetics industry.
Market Keyplayers:
- Archer-Daniels-Midland Company
- Cargill, Incorporated
- Tate & Lyle PLC
- JUNGBUNZLAUER SUISSE AG
- COFCO Biochemical (AnHui) Co., Ltd.
- Huangshi Xinghua Biochemical Co. Ltd.
- RZBC Group Co. Ltd.
- Weifang Ensign Industry Co., Ltd.
- Gadot Biochemical Industries Limited
- A. Citrique Belge N.V.
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