Citric Acid Market Share, Share, Future Trends and forecast Till 2024

Citric Acid Market Share, Share, Future Trends and forecast Till 2024

Market Scenario

Citric acid is an organic acid that can be derived from the citrus fruits. It is used as an intermediate in biochemistry. This acid generally comes in powdered and liquid form. And, is used in a number of end-use industries such as cleaning agent, food & beverages, pharmaceuticals, cosmetics & personal care, among others. However, F&B remains the key application areas of Citric Acid for being an excellent chelating agent, binding metals by making them soluble.

The versatile Citric acid Market Share is safe for the oral consumption. Hence, it is extensively used in food items and medicines. This also makes the acid ideal for a wide range of applications areas. Some of the newly found application areas of the Citric acid include personal care & cosmetics, due to its acidulant qualities and it’s added to the Ice creams as an emulsifying agent to prevent fats from separating

Owing to the increasing demand in applications such as healthcare and personal care products; Citric Acid is garnering a huge prominence over the past few years. Burgeoning industries like F&B, personal care, and pharmaceuticals are expected to fuel the market growth further.

Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to the report, the Citric acid market is expected to grow to USD 4 Billion by 2022, registering 6.2% CAGR during the anticipated period (2016 – 2022).

 Global Citric Acid Market   – Geographical Analysis

Globally, Europe is the largest market for Citric Acid followed by the North America and Asia-Pacific markets respectively. Augmented demand for the Citric acid, backed by the increasing applications in various end-user industries such as Cleaning & Chelating Agent, Food & Beverages, Pharmaceuticals, Cosmetics & Personal Care, among others, drive the market growth in the region. Growing end-users industries in some of the European countries like Germany, Italy, France and the UK fosters the growth of the regional market.

Besides increasing demand for functional food additives backed by the presence of a huge number of food enthusiasts in the region, the European market is growing pervasively, witnessing the upsurge in consumer preference towards processed and convenience food items.

The North America market stands as the second-largest market for Citric Acid owing to the presence of leading manufacturers in the region with the superior product offering.  Owing to the high consumption of Citric  Acid in the well-developed industries such as personal care, and F&B mainly in the US, Canada, and Mexico among the other North American countries, the region is estimated to create a substantially large revenue pocket for the global Citric  Acid market by 2022.

The Asia-Pacific market accounts for one of the lucrative markets for Citric Acid, expanding rapidly in the global market. The market is growing constantly owing to the presence of several notable manufacturers and the growing industrialization in the region.  Moreover, the factors such as burgeoning industries such as Food and beverages, cosmetic & personal care products and pharmaceutical help to bolster the regional market growth. APAC market, accounting for the largest producer and consumer of Citric Acid, is estimated to register a phenomenal CAGR during the review period.

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Key Players

The Global Citric Acid Market is led by some of the fervent key players including COFCO Biochemical (AnHui) Co. Ltd., Archer-Daniels-Midland Company, Jungbunzlauer Suisse AG, Cargill, Incorporated, RZBC Group Co. Ltd., Huangshi Xinghua Biochemical Co.Ltd., Ensign Industry Co. Ltd., Weifang Tate & Lyle PLC, Citrique Belge N.V., Gadot Biochemical Industries Limited, and S.A. Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of the competition.