The global citric acid market size was worth around USD 3.49 billion in 2023 and is predicted to grow to around USD 5.19 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.50% between 2024 and 2032.
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Market Overview for Citric Acid
Citric acid is an organic acid that is naturally present in fruits. It is an intermediate that is produced during the citric acid cycle, which is a process that is present in the metabolism of all aerobic organisms. Every year, approximately one million kilograms of citric acid are produced as a result of its extensive use in a variety of end-use industries.
The study encompasses the drivers and restraints of the citric acid market, as well as the influence they have on demand during the forecast period. Furthermore, the report encompasses an examination of the global citric acid market’s opportunities and numerous trends.
One of the primary factors that is fostering the market’s development during the forecast period is the high demand from the food and beverage industry. Consumers are increasingly inclined to favor products that are composed of natural, plant-based ingredients as a result of the proliferation of health-related concerns. Citric acid is also frequently employed in cleaning products due to the prohibition of phosphate use in numerous regions, which is expected to bolster market growth in the near future. A variety of developments are being implemented by the primary market participants. The main players are conducting a variety of research and development activities to facilitate the market’s growth during the forecast period.
Nevertheless, the health consequences of excessive citric acid consumption may pose a significant obstacle to market expansion. Conversely, the pharmaceutical industry’s expansion is offering the market a variety of prospects for future expansion.
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The Global Citric Acid Market is segmented based on product, application and region
Global Citric Acid Market: Product Segment Analysis
● Anhydrous
● Liquid
Global Citric Acid Market: Application Segment Analysis
● Pharmaceuticals
● Food
● Cosmetics
● Others
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The Global Citric Acid market profiles key players such as:
● Tate & Lyle plc
● Archer Daniels Midland Company
● Pfizer Inc.
● Gadot Biochemical
Regional Analysis of the Citric Acid Market
The European market is experiencing significant development due to the region’s robust food and beverage sector. Consequently, Europe is one of the largest consumers of citric acid. Additionally, the market’s expansion during the forecast period is being bolstered by the expansion of the pharmaceutical industry in the region.
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