Citric Acid Pricing Report

Citric Acid Prices December 2023

The price of citric acid in South Korea for Q4 2023 reached $ 765 /MT in December. The market in Soth Korea experienced a notable reduction in imports that shows a shift towards accumulating inventory to meet domestic demand. In addition, lowered imports, along with the steady demand and limited supply, contributed to an increased price in South Korea.       

The price trend for citric acid in Germany witnessed $ 1615/MT in Q4 2023. The country experienced an overall improvement in market conditions and high demand from downstream sectors. This resulted in a consistent increase in prices during the quarter.             

In Belgium, the quarter-ending price for citric acid was $ 1265/MT, influenced by positive economic growth, rising employment, and consistent inflation rates. There is an overall decrease of 2% in prices as compared to the first half of the quarter on account of low demand from end-user sectors and destocking activities.     

Citric Acid Price Trend, Market Analysis, and News

IMARC’s newly published report, titled Citric Acid Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of citric acid pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing citric acid price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Citric Acid Market Analysis

The global citric acid market size reached US$ 2.9 Million Tons in 2023. By 2032, IMARC Group expects the market to reach US$ 3.7 Million Tons, at a projected CAGR of 2.60% during 2023-2032.

• The rising employment of citric acid in the food and beverage (F&B) sector is propelling the market growth. It is a suitable flavoring and preservative agent in various food products, such as candies and soft drinks. It has antioxidant properties that help prevent oxidation and spoilage of food items while preserving their nutritional value. It is also used as an emulsifier in ice creams to reduce fat globules. There is an increase in the demand for frozen desserts among individuals. For instance, International Dairy Foods Association claims that ice cream makers in the United States churned out 1.38 billion gallons of ice cream in 2022. In addition, the rising consumption of various ready-to-eat (RTE) and processed food products among individuals worldwide is bolstering the market growth. Furthermore, wine manufacturers are adding citric acid to wine to improve its low acidity and taste.
• The citric acid demand is further propelled by its utilization in the pharmaceutical sector. It is employed in creams to clear up skin infections. Citric acid-based drugs can help prevent kidney stones and are also suitable for metabolic acidosis, a buildup of acid inside the body.
• Apart from this, citric acid is added to medicines to help stabilize and preserve the active ingredients and is used to enhance or mask the taste of chewable and syrup-based medications. Additionally, the growing demand for citric acid-based supplements among individuals is positively influencing the market.             
• The rising focus on maintaining personal hygiene among individuals is catalyzing the demand for citric acid. Moreover, citric acid is utilized in numerous personal care products, such as lipsticks, nail polish, body wash, face cleansers, hair sprays, and deodorants. It maintains the potential of hydrogen (pH) and helps in neutralizing odors in various cosmetic products. In addition, it benefits in improving skin tone and skin growth while minimizing wrinkles and acne scars. It preserves cosmetics and personal care products to ensure they do not grow mold, bacteria, or fungus.

Citric Acid News

The report covers the latest developments, updates, and trends impacting the global citric acid market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in citric acid production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.

Latest developments in the citric acid industry:

• In 23 March 2023, Noble Biomaterials launched its latest antimicrobial technology ‘Ionic+® Botanical’ that uses a bio-based registered citric acid formula to inhibit the growth of microbes and reduce odor on fabric and other soft surfaces.
• In 13 April 2021, Jungbunzlauer announced a further expansion of the existing Citrics plant in Port Colborne, Canada.  

Product Description

Citric acid is a naturally occurring organic acid that is found in several fruits and vegetables. It is usually added to packaged food products and drinks to extend their shelf life. It prevents the formation of bacteria, mold, yeast, and fungus and retains the color, flavor, and texture of food products.

Citric acid is widely employed in cleaning products due to its ability to kill bacteria and viruses. It also helps prevent transmission and reduces the worsening of norovirus infection. Besides this, it is used as a water softener in detergents on account of its chelating and buffering properties. It operates by breaking down the trace quantities of metal discovered in water, which makes it an all-natural option for hard water treatment.

In addition, citric acid is also used as a preservative for stored blood in the pharmaceutical sector.

Regional Coverage

The report provides a detailed analysis of the citric acid market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends. 

Global Citric Acid Price

The report offers a holistic view of the global citric acid pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.

Europe Citric Acid Price

The European region has experienced various factors that influenced prices and market dynamics. The market witnessed increased demand from downstream industries. Another contributing factor was the availability of ample supply in the market, leading to a demand-supply imbalance and price adjustments. Moreover, the appreciation of the Euro against other currencies enhanced the competitiveness of Belgian exports lead to increased global demand and higher domestic prices.

This analysis can be extended to include detailed citric acid price information for a comprehensive list of countries.

North America Citric Acid Price

In North America, the citric acid market witnessed a notable increase in prices throughout the quarter due to the rising wages and energy prices. In addition, there was an overall improvement in the domestic market situation, with increased demand and replenishment of inventories. This was driven by rising input-cost inflation and a surge in domestic inquiries. Overall, the citric acid market in the region, particularly in the USA, faced challenges in supply.

Specific data on citric acid prices within the United States and Canada can also be provided.

Aisa Pacific Citric Acid Price

The citric acid pricing in the Asia Pacific region is declining on account of the lowered international demand. This decline was influenced by lower export prices from major Chinese provinces. Besides this, the citric acid market in the region, particularly South Korea, witnessed a price surge in the Q4 of 2023 due to increased demand, currency fluctuations, and limited supply.    

This analysis can be further extended to include detailed citric acid prices for a comprehensive list of countries within the region.

Latin America Citric Acid Price

The analysis of citric acid prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of citric acid pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting citric acid price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the citric acid industry.