USD 3.40 billion
Citric Acid Market Size, Share, Growth Analysis, By Form(Powder and liquid), By Application(Food and Beverages and pharmaceutical and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2356 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Citric Acid Market Insights
Citric Acid Market size was valued at USD 3.40 billion in 2021 and is poised to grow from USD 3.53 billion in 2022 to USD 4.73 billion by 2030, at a CAGR of 3.73% during the forecast period (2023-2030).
The global citric acid market is driven by increasing demand from the food and beverage sector, where citric acid is utilized as a flavor enhancer, preservative, and pH regulator. The rising consumption of processed and convenience foods, along with the growing popularity of carbonated beverages, is fueling the demand for citric acid. Moreover, the pharmaceutical industry is also a major consumer of citric acid, as it is utilized in medicines and dietary supplements. The market is further propelled by the expanding cosmetic and personal care industry, where citric acid finds applications in skincare and haircare products. Additionally, citric acid is widely used in cleaning agents, detergents, and industrial applications such as chelating agent and water treatment. The market is witnessing technological advancements and product innovations, including the development of bio-based citric acid, which adds to its appeal among environmentally conscious consumers. However, the citric acid market faces challenges such as fluctuating prices of raw materials and stringent regulations regarding its production and usage. Nonetheless, with the growing demand across multiple sectors and increasing global awareness about sustainable and natural ingredients, the global market is expected to flourish in the coming years.
US Citric Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Powder
Fastest Growth
Powder
Growth Rate
3.73% CAGR
Global Citric Acid Market ($ Bn)
Country Share for North America Region (%)
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Citric Acid Market Segmental Analysis
The Global Citric Acid Market is segmented on the basis of form, application, and region. Based on form, the market can be segmented into Powder and liquid. Based on application, the market is segmented into Food and Beverages and pharmaceutical and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Citric Acid Market Analysis By Form
The dominant segment in the global citric acid market is the powder form. Powdered citric acid is widely preferred and extensively used across various industries due to its ease of handling, storage, and transportation. It offers excellent solubility in water and can be conveniently incorporated into different formulations, making it a versatile choice for manufacturers. The powder form of citric acid also has a longer shelf life compared to its liquid counterpart, which adds to its popularity among end-users.
The fastest growing segment in the global citric acid market is the liquid form. Liquid citric acid is witnessing rapid growth due to its advantages in specific applications. It provides better mixing capabilities and homogeneity when compared to powder, making it suitable for certain formulations where uniform distribution is crucial. The liquid form is gaining traction in industries such as beverages, where it can be easily blended into formulations without the need for additional processing steps. Additionally, the liquid form of citric acid offers convenience in measuring and dispensing, which further drives its demand in various end-use sectors.
Citric Acid Market Analysis By Application
The dominant segment in the global citric acid market is the food and beverages industry. Citric acid is extensively used in this sector as a flavor enhancer, preservative, and pH regulator in a wide range of products such as carbonated beverages, jams, sauces, and confectionery. Its natural and tangy taste profile makes it a popular choice among food and beverage manufacturers, contributing to its dominance in the market. Additionally, the increasing consumption of processed and convenience foods worldwide fuels the demand for citric acid in this segment.
The fastest growing segment in the global citric acid market is the pharmaceutical and healthcare industry. Citric acid finds applications in this sector as an acidifying agent, excipient, and pH adjuster in pharmaceutical formulations and dietary supplements. The growing healthcare sector, rising demand for over-the-counter medications, and increasing focus on preventive healthcare drive the demand for citric acid in pharmaceutical applications. Moreover, the expanding nutraceutical industry and the trend towards natural and organic ingredients contribute to the rapid growth of citric acid in this segment. The versatility and safety of citric acid as an ingredient further support its increasing adoption in pharmaceutical and healthcare applications.
Global Citric Acid Market By Form
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Citric Acid Market Regional Insights
North America dominated the global citric acid market. North America holds a significant share in the market due to the high consumption of processed foods and beverages in the region. The well-established food and beverage industry, coupled with stringent regulations on food safety and quality, drives the demand for citric acid as a natural and safe ingredient. Additionally, the presence of major citric acid manufacturers and a developed pharmaceutical sector further contribute to North America's dominance in the market.
The fastest growing segment in the global citric acid market is Asia Pacific. The region is experiencing rapid economic growth, urbanization, and a rising middle-class population, leading to increased consumption of processed and convenience foods. The expanding food and beverage industry, particularly in countries like China and India, drives the demand for citric acid in Asia Pacific. Furthermore, the pharmaceutical sector in the region is witnessing significant growth, driven by factors such as increasing healthcare expenditure and a growing aging population. The demand for citric acid in pharmaceutical and nutraceutical applications is expected to propel the market's growth in Asia Pacific.
Global Citric Acid Market By Geography
- Largest
- Fastest
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Citric Acid Market Dynamics
Citric Acid Market Drivers
Increasing demand for natural and clean label ingredients in the food and beverage industry
- One key driver of the global citric acid market is the increasing demand for natural and clean label ingredients in the food and beverage industry. Consumers are becoming more conscious about their food choices and are seeking products with natural and recognizable ingredients. Citric acid, derived from citrus fruits, is perceived as a natural and safe ingredient, making it a preferred choice for food and beverage manufacturers. The growing consumer preference for clean label products, free from artificial additives, drives the demand for citric acid in the market.
Citric Acid Market Restraints
Fluctuating prices of raw materials
- A key restraint of the global citric acid market is the fluctuating prices of raw materials. Citric acid production relies on raw materials such as molasses or sugar, which are subject to price volatility influenced by factors like weather conditions, crop yields, and market dynamics. Fluctuating raw material prices can impact the overall production cost of citric acid, leading to price instability for manufacturers and consumers. This poses a challenge for market players in terms of managing costs, maintaining profitability, and passing on price fluctuations to customers.
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Citric Acid Market Competitive Landscape
The competitive landscape of the global citric acid market is characterized by intense competition among key players striving to expand their market presence. The market is fragmented, with numerous regional and international players offering citric acid products across different industries. Companies focus on product innovation, research and development, and strategic partnerships to gain a competitive edge. The market players also emphasize maintaining high-quality standards, ensuring a reliable supply chain, and complying with stringent regulatory requirements. Additionally, sustainability and environmental concerns play a crucial role in shaping the competitive landscape as companies strive to develop bio-based and eco-friendly citric acid alternatives. Overall, the market's competitive nature drives continuous advancements and promotes innovation to cater to the evolving needs of diverse end-use industries.
Citric Acid Market Top Player’s Company Profiles
- Jungbunzlauer Suisse AG (Switzerland)
- Kenko Corporation (Japan)
- Pfizer, Inc. (US)
- Cofco (China)
- Huangshi Xinghua Biochemical Co. Ltd (China)
- Foodchem International Corporation (China)
- RZBC Group (China)
- Weifang Ensign Industry Co., Ltd. (China)
- Danisco A/S (Denmark)
- Gadot Biochemical Industries Ltd. (Israel)
- S.A. Citrique Belge N.V. (Belgium)
- BASF SE (Germany)
- Associated British Foods plc (UK)
- DSM (Netherlands)
- Chemelco International (Netherlands)
- Hawkins, Inc. (US)
- COFCO Biochemical (Anhui) Co., Ltd. (China)
Citric Acid Market Recent Developments
- In November 2022, Gadot Biochemical Industries unveiled a novel product called Cal2Mg, which is a blend of calcium citrate and magnesium citrate. The product is manufactured using a unique granulation process incorporating a binding agent. This technique enhances the product's texture, making it more manageable and facilitating its integration into various food applications. Gadot Biochemical Industries aims to address the increasing demand for top-notch functional food ingredients that offer additional nutritional benefits to consumers through this product launch.
- In June 2022, Jungbunzlauer, a prominent participant in the citric acid market, introduced Monomagnesium citrate, a newly developed product. Monomagnesium citrate is a monobasic magnesium salt with a molar ratio of 1:1. Its primary application lies as a mineral source in functional foods, beverages, and food supplements. The appealingly tangy taste and excellent solubility make Monomagnesium citrate the preferred magnesium salt for fortified beverage powders. Jungbunzlauer aims to meet the rising demand for functional food ingredients that offer both additional nutritional benefits and an enjoyable taste experience to consumers through this innovative product.
- In April 2021, Jungbunzlauer, a leading producer of citric acid and citrate-based ingredients, announced its plans for expanding its Citric plant located in Port Colborne, Canada. The expansion project is aimed at satisfying the ever-increasing global demand for citric acid and citrate-based functional and bio-based ingredients. This strategic move is in response to the consistently strong demand for these ingredients and is expected to bolster the company's production capacity, enabling it to effectively cater to the growing requirements of its clientele. Jungbunzlauer intends to reinforce its position as a key player in the citric acid market and provide high-quality citric acid and citrate-based ingredients to meet the diverse needs of the food, beverage, pharmaceutical, and personal care industries through this expansion initiative.
Citric Acid Key Market Trends
- Growing demand for clean label and natural ingredients: One key market trend in the global citric acid market is the growing demand for clean label and natural ingredients. Consumers are increasingly seeking products with transparent and recognizable ingredients, driving the demand for clean label alternatives in various industries, including food and beverages. Citric acid, being derived from natural sources such as citrus fruits, is perceived as a natural and safe ingredient. This trend is further reinforced by the rising awareness about health and wellness, as well as sustainability concerns, leading to a shift towards natural and clean label products. Manufacturers in the citric acid market are focusing on developing and promoting clean label citric acid formulations to meet the evolving consumer preferences and align with market trends.
Citric Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Citric Acid Market analysis, the global market is experiencing steady growth driven by factors such as increasing demand from the food and beverage industry, expanding applications in pharmaceuticals and healthcare, and rising consumer preference for natural and clean label ingredients. Citric acid, derived from citrus fruits, serves as a versatile ingredient, providing flavor enhancement, preservation, and pH regulation in various products. The market is characterized by a competitive landscape with numerous regional and international players. Key trends include the growing demand for clean label and natural ingredients, which has led to product innovations and the development of bio-based alternatives. However, fluctuating raw material prices pose a challenge to the market. Overall, the market is expected to continue its upward trajectory, supported by the increasing consumption of processed and convenience foods, expanding pharmaceutical sectors, and the emphasis on natural and sustainable ingredients.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.40 billion |
| Market size value in 2031 | USD 4.73 billion |
| Growth Rate | 3.73% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Citric Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Citric Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Citric Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Citric Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Citric Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Citric Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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