by The Citric Acid Market is estimated to be valued at US$ 118.0 Mn in 2022 and is expected to exhibit a CAGR of 1.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Citric acid is an organic acid found naturally in citrus fruits which is used widely in many food and beverage applications as an acidulant and preservative. It is used to add a tart or sour taste to foods and beverages. Citric acid is used in a variety of foods including candies, desserts, soft drinks, jams and jellies to provide acidity, sourness and enhance flavors.
Market Dynamics:
Increasing demand from food & beverage industry: Citric acid finds major application in food and beverages industry for preservation and flavor enhancement. Growing consumption of packaged and processed food items along with increasing demand for refreshing beverages is driving the demand for citric acid globally.
Rising health consciousness: Citric acid is considered to have numerous health benefits such as boosting immunity, aiding digestion and reducing inflammation. Increasing focus of consumers towards personal wellness is propelling the demand for natural and organic food products which use citric acid as a key ingredient. This rising health consciousness amongst population is estimated to boost the demand for citric acid over the forecast period.
SWOT Analysis
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Key Takeaways
The Global Citric Acid Market Size is expected to witness high growth, exhibiting a CAGR of 1.7% over the forecast period of 2023-2030, due to increasing application in food & beverages industry. Citric acid is widely used as acidulant, preservative and flavoring agent in various food products such as jams, jellies, canned foods, dressings and beverages.
Regional analysis
North America dominated the global citric acid market in 2022 and is expected to maintain its dominance over the forecast period. The U.S. accounted for largest share in North America citric acid market in 2022. Rapid growth of food processing industry is a major driver for citric acid market growth in the region. Asia Pacific is the fastest growing market for citric acid globally. China dominates the regional market owing to large production of citric acid in the country. Rapid urbanization, changing lifestyle and increasing consumption of packaged food are driving the demand for citric acid in Asia Pacific region.
Key players
Key players operating in the citric acid market are Archer Daniels Midland Company, Cargill, Incorporated, Tate & Lyle PLC, Jungbunzlauer Suisse AG, Kenko Corporation. Archer Daniels Midland Company is the largest player in the global citric acid industry with wide production facilities around world. Cargill, Incorporated offers citric acid products for various applications including food & beverages, personal care and pharmaceuticals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
