As per the latest report by IMARC Group, titled “Citric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global citric acid market size reached 2 Million Tons in 2018. Citric acid is an organic acid which is generally found in a variety of fruits such as limes, lemons, oranges, pineapples and grapefruits. It is a natural ingredient that aids in detoxification, maintaining energy levels, and supporting healthy digestion and kidney function. It has a slightly tart and refreshing flavor and is employed for balancing the sweetness in soft drinks, juices, and other beverages. Further, citric acid is frequently incorporated in facial packs and masks as it naturally brightens and lightens the skin tone, minimizes breakouts and oiliness, and regenerates the dead skin cells.
Global Citric Acid Market Trends:
In recent years, increasing inclination toward ready-to-drink beverages and processed foods has been witnessed on account of economic growth, busy lifestyles, increasing urbanization and rising disposable incomes. This has led to the heightened demand for citric acid in the food and beverage industry where it is utilized as a preservative, flavoring and coloring agent. Apart from this, owing to its numerous advantageous properties, citric acid finds vast applications in coatings, inks, plastics and polymers, personal care products, cleaners and detergents, adhesives and sealants, pharmaceutical products, and clinical nutrition and pet food items. Additionally, the growing awareness about the adverse impacts caused by chemicals used in everyday products has resulted in a shift towards products made using natural ingredients. On account of these factors, the market volume is projected to reach 3 Million Tons by 2024, expanding at a CAGR of around 4% during 2019-2024.
- Based on the application, the market has been classified into food and beverages, household detergents and cleaners, pharmaceuticals, and others. At present, citric acid is primarily used in the food and beverage (F&B) industry for preparing numerous food products like soups, mayonnaise, juices, creams and carbonated drinks.
- On the basis of the form, the market has been bifurcated into the anhydrous and liquid segments. Currently, anhydrous citric acid accounts for the majority of the total market share.
- Region-wise, Western Europe represents the largest market for citric acid across the globe. Other major markets include the United States, China, Middle East and Africa, Central/Eastern Europe, Brazil and India.
- On assessing the import and export scenario of the market, it has been found that the United States and China are the biggest importer and exporter of citric acid, respectively.
- The competitive landscape of the market has also been examined in the report with some of the key players being 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 Ltd. and S.A. Citrique Belge N.V.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal