The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Citric Acid Global Market Report 2024 offers crucial insights into the citric acid market help businesses analyse and build stronger strategies.

The citric acid market has witnessed robust growth in recent years, with promising projections for the future. The market size, which stood at $4.19 billion in 2023, is expected to reach $4.54 billion in 2024, exhibiting a noteworthy compound annual growth rate (CAGR) of 8.5%. This growth is attributed to various factors, including increased demand in the food and beverage industry, pharmaceutical applications, cleaning and chelating agents, preservation and flavoring, and expanded industrial applications.

A Prognosis for Growth: Forecast Period 2024-2028

Anticipating Strong Momentum

Looking ahead, the citric acid market is poised for even more significant expansion. The forecast indicates a surge to $6.28 billion by 2028, maintaining the CAGR at 8.5%. This anticipated growth is fueled by emerging trends such as the need for clean label products, sustainable sourcing, biodegradable polymers, the rising demand for personal care and cosmetics, and the flourishing markets in various regions.

Major Trends Shaping the Future

In the forecast period, several trends are expected to shape the citric acid market:

1. Green Chemistry Initiatives: Increasing emphasis on eco-friendly practices.
2. Customized and Tailored Solutions: Catering to diverse industry needs.
3. Technological Advancements: Driving innovation in production and applications.
4. Innovative Specialty Chemicals: Meeting evolving consumer preferences.
5. Collaborations: Partnerships for enhanced research and development.

Citric Acid Market Growth Driven By Increasing Need For Food Safety

Crucial Role in Ensuring Food Safety

One of the primary drivers of citric acid market growth is the increasing need for food safety. Fruits and vegetables, rich in essential nutrients, are vulnerable to contamination pre and post-harvest. Citric acid, recognized as safe for food, plays a vital role in ensuring the safety of these nutritional sources. The growing awareness about food safety is underscored by alarming statistics – an estimated 600 million people worldwide suffer from foodborne illnesses annually, resulting in significant economic losses and health burdens. This underscores the necessity for citric acid in maintaining food safety standards.

Leading Companies in the Market

Major players contributing to the growth of 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
• TTCA Co Ltd.
• Jiangsu Guoxin Union Energy Co Ltd.
• Laiwu Taihe Biochemistry Co Ltd.
• Bulk Apothecary
• Ingredients Online
• Gravitas Chemical LLC

Increasing Focus On Developing Novel Mineral Blends For Enhanced Bone Health And Nutritional Benefits

Innovations for Competitive Edge

Major companies operating in the citric acid market are steering their focus towards innovative mineral blends. An exemplary case is Gadot Biochemical Industries Ltd., which introduced Cal2Mg in January 2022. This unique mineral blend, a composition of calcium citrate and magnesium citrate, is designed to support optimal bone health. With each gram containing 100 mg of calcium and 50 mg of magnesium citrate, Cal2Mg contributes 10% of the recommended daily allowance (RDA) of calcium and 14% of the RDA of magnesium. The granulation process enhances its texture, making it suitable for various food applications.

Frutura Expands Presence In Uruguay’s Citrus Industry With Acquisition Of Citricola Saltena S.A.

Strategic Expansion in the Citrus Industry

In March 2022, Frutura made a strategic move by acquiring Citricola Saltena S.A., a Uruguay-based marketer, and distributor of juice and citrus. This acquisition, resulting in the formation of Frutura Uruguay, aims to enhance varietal offerings, inject capital, and streamline operational effectiveness.

Market Segmentation: Understanding the Landscape

The citric acid market is segmented based on:

1. Form: Liquid, Anhydrous
2. Key Function: Acidulant, Preservative, Antioxidant, Sequestrant
3. Application: Food And Beverage, Bakery, Confectionery, Dairy, Pharmaceutical, Personal Care, Other Applications

Regional Insights

In 2023, Europe and North America dominated the citric acid market, with Asia-Pacific projected to emerge as the fastest-growing region in the forecast period.

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Read The Full Citric Acid Market Report Here:

https://www.thebusinessresearchcompany.com/report/citric-acid-global-market-report

The Citric Acid Global Market Report 2024  provides a comprehensive outlook of the citric acid market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The citric acid market forecast offers a thorough analysis on citric acid market size, citric acid market share, prominent players and their strategies.

The Table Of Content For The Citric Acid Market Include:
1. Citric Acid Market Executive Summary
2. Citric Acid Market Segments
3. Citric Acid Market Size And Citric Acid Market Growth Rate
4. Key Citric Acid Market Trends
5. Major Citric Acid Market Drivers
……
25. Key Mergers And Acquisitions In The Citric Acid Market
26. Top Citric Acid Companies
27. Citric Acid Market Opportunities And Strategies
28. Citric Acid Market, Conclusions And Recommendations
29. Appendix

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