PUBLISHER: The Business Research Company | PRODUCT CODE: 1391097
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391097
“Citric Acid Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on citric acid market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for citric acid? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The citric acid market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Citric acid is a mild organic acid naturally occurring in citrus fruits like limes, oranges, and lemons. It is commercially produced through fermentation, resulting in a white, odorless, crystalline powder at room temperature. Widely recognized for its sour taste and acidic properties, citric acid is commonly employed as a preservative and flavoring agent. Additionally, it offers various benefits, including promoting even skin tone and exhibiting antibacterial and antiviral properties.
Citric acid is available in two main types such as liquid and anhydrous. Liquid Citric Acid, a food-grade weak organic acid, finds extensive applications in the food industry. Its key functionalities include serving as an acidulant, preservative, antioxidant, and sequestrant, with diverse applications across industries such as food and beverage, bakery, confectionery, dairy, pharmaceuticals, personal care, and other related sectors.
The citric acid market research report is one of a series of new reports from The Business Research Company that provides citric acid market statistics, including citric acid industry global market size, regional shares, competitors with a citric acid market share, detailed citric acid market segments, market trends and opportunities, and any further data you may need to thrive in the citric acid industry. This citric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The citric acid market size has grown strongly in recent years. It will grow from $4.19 billion in 2023 to $4.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historical period can be attributed to several factors, including the expansion of the food and beverage industry, increased applications in pharmaceuticals, utilization as a cleaning and chelating agent, preservation and flavoring purposes, and a rise in industrial applications.
The citric acid market size is expected to see strong growth in the next few years. It will grow to $6.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to several factors, including a rising demand for clean label products, a focus on sustainable sourcing and biodegradable polymers, increasing consumer interest in personal care and cosmetics, and the expansion of emerging markets. Noteworthy trends expected in the forecast period encompass the adoption of green chemistry initiatives, the development of customized and tailored solutions, ongoing technological advancements, the introduction of innovative specialty chemicals, and an emphasis on collaborative efforts within the industry.
The citric acid market is anticipated to experience growth driven by the increasing emphasis on food safety. Fruits and vegetables, rich sources of essential nutrients, are susceptible to contamination by harmful substances both pre-harvest and post-harvest. Citric acid, recognized as safe for food, plays a crucial role in addressing these concerns. There is a growing awareness of food safety among people, driven by the need for healthy living. An article published by the World Health Organization in May 2022 highlighted that annually, an estimated 600 million people worldwide, nearly one in ten, fall ill due to contaminated food, leading to 420,000 deaths and the loss of 33 million healthy life years. This global concern for food safety, especially in low- and middle-income countries, is a significant driver for the citric acid market.
The citric acid market is expected to witness growth propelled by the increasing demand for personal care products. Personal care items, including skincare and cosmetics, contribute to the demand for citric acid. Citric acid is commonly used in these products to adjust pH levels, act as an antioxidant, and enhance stability and effectiveness. L'Oreal S.A., a France-based personal care company, reported an increase in sales of consumer products and active cosmetics from the 3rd quarter to the 4th quarter of 2022, reflecting the growing demand for personal care products. This rising consumer preference for personal care items is a key factor driving the growth of the citric acid market.
The citric acid market is shaped by the increasing demand for low-calorie ready-to-drink (RTD) beverages. RTD beverages with low-calorie content are associated with improved heart health, enhanced immunity, and increased energy. A notable example is the launch of Vizzy, a watermelon hard seltzer drink by Molson Coors in July 2021. This beverage, enriched with antioxidant vitamin C from watermelon juice and acerola super fruit, comes in flavors such as blueberry kiwi, passionfruit, and mango mixed with watermelon. Each drink contains 100 calories and 1 g of sugar, catering to the demand for healthier beverage options and contributing to the growth of the citric acid market.
Major players in the citric acid market are strategically focusing on the introduction of innovative mineral blends like Cal2Mg to establish a competitive advantage. Cal2Mg is a mineral blend composed of calcium citrate and magnesium citrate, offering additional nutritional benefits. An example of this strategy is seen in Gadot Biochemical Industries Ltd., an Israel-based biochemical company, which launched Cal2Mg in January 2022. This mineral blend is specifically designed to support optimal bone health, with each gram containing 100 mg of calcium and 50 mg of magnesium citrate, providing 10% of the recommended daily allowance (RDA) for calcium and 14% for magnesium. The unique granulation process, coupled with the addition of a binder, enhances the texture of Cal2Mg, making it more manageable and suitable for various food applications.
In March 2022, Frutura, a US-based sales and marketing company specializing in providing customers with premium fruit, made a strategic move by signing an agreement to acquire Citricola Saltena S.A. for an undisclosed amount. The acquisition involves renaming the company to Frutura Uruguay and focuses on evaluating current varietal offerings, infusing capital, and enhancing process effectiveness. Citricola Saltena S.A., based in Uruguay, is a marketer and distributor of juice and citric acid. This strategic acquisition reinforces Frutura's commitment to expanding and improving its presence in the citric acid market.
Major companies operating in the citric acid market include Jungbunzlauer Suisse AG, Cofco Biochemical Co. Ltd., Archer Daniels Midland Company, Cargill Incorporated, Gadot Biochemical Industries Ltd., Tate & Lyle PLC, Huangshi Xinghua Biochemical Co Ltd., RZBC Group Co Ltd., Weifang Ensign Industry Co Ltd., S.A. Citrique Belge N.V., Yixing Biochemical Co Ltd., Shandong Juxian Hongde Citric Acid Company Ltd., Merck KGaA, Foodchem International Corporation, Posy Pharmachem Pvt Ltd., Hawkins Pharmaceutical Group, Saudi Bio-Acids Company, Citrique Belge N.V., TTCA Co Ltd., Jiangsu Guoxin Union Energy Co Ltd., Laiwu Taihe Biochemistry Co Ltd., Bulk Apothecary, Ingredients Online, Gravitas Chemical LLC
Europe and North America was the largest region in the citric acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in citric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the citric acid market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The citric acid market consists of sales of citric acid powder and citric acid crystals. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.