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

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.