Global Citric Acid Market to Reach $3.9 Billion by 2024

SAN FRANCISCO, Aug. 5, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Citric Acid - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 1508
Companies: 46 - Players covered include Archer Daniels Midland Company; Cargill, Inc.; COFCO Biotechnology Co., Ltd.; Citrique Belge S.A.; DuPont Nutrition & Biosciences; Foodchem International Corporation; Gadot Biochemical Industries Ltd.; Hawkins, Inc.; Jungbunzlauer Suisse AG; Merck KGaA; MP Biomedicals; Posy Pharmachem Pvt. Ltd.; RZBC Group Co., Ltd.; Tate & Lyle plc; TTCA Co., Ltd.; Weifang Ensign Industry Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Form (Powder, and Liquid); and Application (Food & Beverage, Pharmaceutical, and Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Citric Acid Market to Reach $3.9 Billion by 2024
Citric acid is a highly soluble and weak organic acid found predominantly in citrus fruits such as lemons. It is a natural preservative due to its ability to inhibit bacterial growth in foods. The commercial preparation of citric acid uses fermentation process resulting in colorless and white crystals at room temperature. Citric acid is most commonly used as a chelating, a flavoring, and an acidifying agent. Amid the COVID-19 crisis, the global market for Citric Acid is projected to reach US$3.9 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.5% over the analysis period. Europe represents the largest regional market for Citric Acid, accounting for an estimated 34.6% share of the global total. The market is projected to reach US$1.3 Billion by close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.2% over the analysis period.

Citric acid market continues to grow led by the growing application of the ingredient as a preservative, acidulant, binding and buffering agent and antioxidant in food & beverage industry and non-food applications. The growing importance of citric acid as an ingredient in foods & beverages, pharmaceuticals, detergents, personal care products and industrial applications is presenting favorable outlook for the market. Citric acid plays a critical part in imparting tartness to foods and enhancing flavors, as well as in extending shelf life of food products by inhibiting microbial growth. The rapidly rising demand for citric acid-based foods such as confectioneries, low calorie jellies, diet beverages and snacks, low fat foods, and ice creams are expected to spur demand for citric acid. In pharmaceutical industry, citric acid demand is growing in the manufacture of digestive products. Citric acid is also increasingly finding use as a cleaning agent subsequent to the ban imposed on phosphates in several regions. The high demand for packaged and convenience foods and the growing awareness about healthy foods among people contribute to the demand for citric acid in developed economies of North America and Europe. China is ranked as a major producer and exporter of citric acid. China constitutes a high growth market, driven by the rapidly growing food and beverage industry in the region. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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