Citric Acid Market Size & Growth Analysis to 2030

The global citric acid market has been projected to grow at the CAGR of 6.1% market during 2020-2027. Key drivers for this market are the rise in the demand for citric acids from detergents and cleaners. Increased demand for citric acid is due to the characteristic of citric acid to reduce the hardness of water and assist foam formation. Properties of citric acid make it an integral component of soaps, detergents, and cleaning solutions. Owing to its acidic nature, citric acid removes grime and dirt spots from fabrics and surfaces. Moreover, its non-corrosive, non-toxic, and biodegradable properties make citric acid even more popular in the detergents and cleaners segment. Also, citric acid helps in the descaling of mineral deposits in household and industrial applications. Consequently, the demand for citric acid in the detergents and cleaners sector will continue to increase during the forecast period.

Market Insights:

The global citric acid market is projected to witness augmented growth due to surging demand for citric acid in food & beverages, pharmaceuticals, detergents, cosmetics & personal care products. The report estimates the market size, in terms of value and volume, applications, and constituent regional markets. Rising demand for innovative food and beverage products with a blend of different flavors, and the popularity of convenience food and beverages such as packaged food, ready to drink beverages are the major factors driving the market growth. Due to its versatile properties such as tart taste, chelating & buffering, low toxicity and preservative characteristics are responsible for its growing consumption in a wide range of applications. It is widely used as acidulate in the food and beverage industry. There is huge growth potential in untapped markets such as UAE, Egypt, and KSA among others.

Market Segment Insights:

The market is gaining prominence through the exponentially growing popularity of organic food additives. The market for organic shelf-life stabilizers has higher growth in developed countries than synthetic food additives. Consumers recognize organic food additives as being safer and healthier than synthetic food additives. Increasing consumer demand for clean-label assertions has increased the need for versatile organic flavoring agents such as citric acid. Due to this, the growing demand for organic food additives is likely to impact the growth of the global citric acid market.

Global Citric Acid Market Segmentation:

By Application, 2018–2027 ($ Millon)

• Food & Beverages
• Pharmaceuticals
• Household Detergents & Cleaners
• Cosmetics
• Industrial Applications & Others

By Geography, 2018-2027 ($ Millon)

• North America
• Europe
• Asia Pacific
• Latin America (LATAM)
• Middle East and Africa (MEA)

Regional Insights:

Europe and North America together accounted for over 65% of the market in terms of revenue and volume and are projected to maintain their dominance in future. Asia Pacific is projected to be the fastest growing market at a CAGR of 7.9% from 2020 to 2027 in terms of revenue. China is not only the major consumer of citric acid but one of the major producers and exporters also. RoW regions (Latin America and Middle East and Africa) have a huge market potential. Countries such as Saudi Arabia, Egypt, UAE and Syria have significant market opportunities.

Market Competition Assessment:

The major players currently operating in the global citric acid market include Archer Daniels Midland Company, Cargill, Cofco Biochemical (Anhui) Co., Ltd., Gadot Biochemical Industries Ltd, Huangshi Xinghua Biochemical Co.Ltd, Jungbunzlauer Suisse AG, RZBC Group Co. Ltd, S.A. Citrique Belge N.V, Tate & Lyle PLC, and Weifang Ensign Industry Co., Ltd.

List of Key Companies:

• Archer Daniels Midland Company
• Cargill
• Cofco Biochemical (Anhui) Co., Ltd.
• Gadot Biochemical Industries Ltd
• Huangshi Xinghua Biochemical Co.Ltd
• Jungbunzlauer Suisse AG
• RZBC Group Co. Ltd
• A. Citrique Belge N.V
• Tate & Lyle PLC
• Weifang Ensign Industry Co., Ltd

Key Questions Answered by Citric Acid Market Report

• Global citric acid market forecasts from 2020-2027
• Regional citric acid market forecasts from 2020-2027 covering Asia-Pacific, North America, Europe, Middle East, and Africa, and Latin America
• Country-level forecasts from 2020-2027 covering 15 major countries from the aforementioned regions
• Citric Acid submarket forecasts from 2020-2027 covering submarket 1, submarket 2 submarket 3
• Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to the citric acid market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level citric acid markets from 2020-2027
• Competitive Landscape and market positioning of top 10 players operating in the citric acid market

Request a free PDF report sample @ https://www.researchcorridor.com/request-sample/?id=228