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Definition of Market/Industry:

Citric acid occurs naturally in citrus fruits. It can be prepared commercially by a fermentation process and it appears crystalline white in powder. Citric acid is widely used as a preservative, antioxidant, and flavoring agent in a food &beverage industry. It is used to prepare various food products such as bakery & confectionery, soups, sweet & savory snacks, beverages, sauces, and dressings, ready-to-eat meals, and others.

Market Statistics:

The global citric acid market is expected to surpass US$ 4,917.7Mn in terms of value by the end of 2028.

Drivers:

Increased approval of citric acid usage across the various end-user industry is accelerating market growth. For instance, in February 2016, the Biocidal Products Committee (BPC) approved the usage of citric acid in food, medicines, and cosmetics. In June 2015, Food Standards Australia New Zealand (FSANZ) permitted the use of citric acid as well as lactic acid in beer as a food additive (acidity regulators). are the United States Department of Agriculture (USDA), EU, Food Chemicals Codex are some of the other regulatory bodies that have approved the usage of citric acid.

Market Opportunities

Multiple functions of citric acid are expanding its application across various industries is expected to offer profitable market opportunities in the near future. For example, in the pharmaceutical industry, citric acid is used as a preservative. In the food & beverage industry, it is used as a preservative, and flavor enhancer and is also used as an additive. Moreover, in personal care products, it is used to regulate the pH level in a few products and is also used as an antioxidant. Furthermore, in detergent and cleaning agents, citric acid is used as a foaming agent.

Global Citric Acid Market: Recent Developments

  • In November 2021, ADM Invests in Farmers Business Network and Expands Partnerships for increase the  global food and agriculture value chain.
  • In September 2020, ADM launches flavor to produce beverages and healthy foods facility in China to meet growing demand.
  • In October 2021, In Dubai, Tate & Lyle plc has opened a new $2 million Technical Application Centre to increase their market speed by using cutting-edge technology to provide our food and beverage partners with faster service and quicker project turnaround timeframes.

Market Restraints

The availability of substitutes for citric acid is expected to act as a major challenge for the growth of the market. Lactic Acid is emerging as a cost-effective and ideal substitute for citric acid. Thus the availability of substitutes of the product is expected to inhibit the market growth of the citric acid over the forecast period.

Global Citric Acid Market - Impact of Coronavirus (Covid-19) Pandemic

After the COVID-19 virus hit the world, food industries has adopted many measures to protect their employees, secure supply chains, and address other concerns in the market. During initial days of pandemic F &B market and grocery stores were shut down but later it has created a massive spike in online grocery delivery services. However, major players in the citric acid market are looking for adopting various strategies for reimagining and reforming their business.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/citric-acid-market-1984

Key Takeaways:

The global citric acid market was valued at US$ 3,441.6 Mn in 2020 and is forecast to reach a value of US$ 4,917.7 Mn by 2028 at a CAGR of 4.6% between 2021 and 2028.

The Acidulant segment was valued US$ 1,856.2 Mn in 2020 and is expected to witness a CAGR of 5.3% over the forecast period. Because of high demand of consumption of foods and beverages, an acidic substance used as a food additive and functions as a control agent that changes the pH of foods.

Market Trends

Expanding production capacity of the citric acid by the key manufacturer to cater to growing demand is expected to shape the industry growth in the near future. For instance, in December 2017, Jungbunzlauer has announced the construction of a new citric acid plant in Austria. To meet future demands and continue to supply of citric acid across various end-user industries. The new plant has deployed state-of-the-art technology with corn as carbohydrate feedstock for the fermentation process.

Partnership and agreement among key manufacturers for expanding business on the global and regional level are expected to foster market growth. For instance, in November 2017, Greenspire Global, Inc. announced that it has entered into a distribution agreement with Helena Chemical to sell Procidic bactericide and fungicide (Citric acid). Helena, is a distributor for crop production materials, as a partner to supply fruit and vegetable growers with a proven option for environmentally friendly disease control.

Competitive Section:

Company Names 

  1. Archer Daniels Midland Company
  2. Jungbunzlauer Suisse AG, Basel
  3. Pfizer Inc.
  4. Shandong Juxian Hongde Citric Acid Co. Ltd.
  5. Delek Group
  6. Cargill, Incorporated
  7. Weifang Ensign Industry Co., Ltd.
  8. Tate & Lyle plc.
  9. COFCO Biochemical (AnHui) Co. Ltd.
  10. RZBC GROUP
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