Citric Acid Market by Form, Application, Function and Region – Global Market Size Estimation, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2030
Overview
Citric Acid Market is expected to reach US$ 5.65 Billion by 2030, thanks to growth in the food segment. The report analyzes market dynamics by region and end-user industries.
Citric Acid Market Overview:
The global citric acid market was valued at US$ 4.11 Bn. in 2023, and it is expected to reach US$ 5.65 Bn. by 2030 with a CAGR of 4.65% during the forecast period.
Citric acid is an organic molecule. It is a weak organic acid usually found in a form of white solid. Citrus fruits contain it naturally. It an important biochemical step in the citric acid cycle, which happens in the metabolism of all the aerobic species'. Every year, almost two million tonnes of citric acid is produced. It is commonly consumed as an acidifier, flavoring, and chelating agent.
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COVID-19 Influence on the Citric Acid Market:
Citric acid supplementation can reduce the severity of COVID-19 infections. During the pandemic, these results generated business opportunities for companies in the market. Citric acid has been found to have antiviral properties, as well as the ability to block pathogen entrance and the breakdown of natural tissue barriers. As a result, there is an enormous demand for new coronavirus treatment options.
This has increased demand for citric acid supplements, which are highly cost-effective, have few side effects, and are available worldwide. Doctors are recommending citric acid supplements as a COVID-19 preventative and treatment medication. Thus, the good immunological response to these supplementations is generating new revenue streams for citric acid manufacturers during the pandemic period.
Key Points:
In Europe, the approved list of Regulation (EC) No. 1925/2006 on food fortification includes citric acid. They're also mentioned as vitamins and mineral substances that can be used in the production of food supplements in the European Parliament and Council's Directive 2002/46/EC on food supplements. Also, it is defined as a nutrient in EU Regulation (EC) No. 609/2013 on food for babies and young kids, food for relevant medical purposes, and total diet substitute for weight control.
In the USA, according to the FDC Act, citric acid is a compound that can be considered a dietary ingredient. When it comes to oral care products, citric acid is a Class I active component in terms of safety and a Class III active ingredient in terms of effectiveness.
Citric Acid Market Dynamics:
The continuously rising population across the globe demanding advanced pharmaceuticals for the treatment of various health issues is expected to drive the global market for citric acid over the forecast period. Canker sores, the common cold, skin injuries, sore throat, zits, tinnitus, rheumatic, fibromyalgia, respiratory disorders, arthritis, and lupus are just a few of the conditions that citric acid is used to cure.
Citric acid is used in a variety of goods, including deodorants, soaps, and bath products, haircare, skincare, and dental care. In these products, it works as an antibacterial agent. Consumer awareness of a healthier lifestyle is growing, and the personal care sector is expected to develop rapidly throughout the forecast period. As a result, it is also expected to drive the growth of the global market over the forecast period.
Citric Acid is used in the preservation and prevention of bacterial infection in a variety of foods and drinks. Numerous rules and regulations supporting citric acid have been adopted by regulatory agencies such as the Environmental Protection Agency (EPA), supporting the global growth of the market.
The replacement risk of citric acid with cheaper products like tartaric acid and ascorbic acid is expected to hinder the growth of the market during the forecast period. The side effects of citric acid like nausea, appetite loss, vomiting, and upset stomach are expected to be a major barrier to the growth of the market.
Since the advanced nature of manufacturers and high technological expertise is expected to drive the growth of the global market during the forecast period. The ongoing R&D (Research & Development) activities by major market players to develop eco-friendly, safe, less expensive products to ensure long-term survival in the market have provided lucrative growth opportunities to the global market for citric acid.
Citric Acid Market Segment Analysis:
Based on Form, the global citric acid market is segmented as Anhydrous Form and Liquid Form.
In 2023, the liquid form segment was dominant and held xx% of the overall market shares in terms of revenue. During the forecast period, the segment is expected to grow at a CAGR of xx%. Thanks to its beneficial properties such as acidifying agents, texture alteration, and flavor enhancement, the liquid form is used in a variety of food and dairy products. In the oil sector, the liquid form is also consumed as an iron control additive for chelating and maintaining the pH of acidifying fluids to help reduce iron formation in oil.
Based on Application, the global citric acid market is segmented as, Food, Pharmaceuticals, Cosmetics.
In 2023, the food segment was dominant and held xx% of the overall market share in terms of revenue as citric acid is mostly used as a flavor and preservative in food and beverages, particularly soft drinks and candies, thanks to its strength as one of the stronger edible acids. This segment is expected to continue its dominance growing at a CAGR of xx% during the forecast period.
It is designated by the E number E330 within the European Union. Many dietary supplements use citrate salts of various metals to supply those minerals in a biologically accessible state. Citric acid contains 247 calories per 100 grammes. The Food Chemicals Codex, published by the United States Pharmacopoeia, defines the purity criteria for citric acid as a food additive in the United States (USP).
Based on Function, the global citric acid market is segmented as Acidulant, Antioxidant, Preservative, and Sequestrant. Citric acid is used in creams, gels, and liquids as an acidulant. It may be classified as a processing aid if it was introduced for a technical or functional benefit in foods and dietary supplements (e.g., acidulent, chelator, viscosifier, etc.). If it is still present in trace amounts and no longer has a technical or functional effect, it may be exempt from labelling under 21 CFR 101.100(c)>.
Citric Acid Market Regional Insights:
In 2023, Asia Pacific was dominant and held more than xx% of the overall market share. It is expected to continue its dominance growing with a CAGR of xx% over the forecast period. The market is expected to grow over the forecast period thanks to factors such as consistently rising population and increasing use of citric acid in healthcare, personal care, and the food and beverage industry. The market is expected to be driven by government measures to provide low-cost healthcare to its citizens, rising cases of chronic and acute disorders, and rising demand for pharmaceutical products. China's healthcare industry had significant growth in the Asia Pacific region, with a CAGR of approximately 11.23%.
As per the IBEF (Indian Brand Equity Foundation), according to rising incomes, increased health awareness, lifestyle disorders, and increased access to insurance, India's healthcare market is expected to reach US $372 billion by 2023. In India, there are around 10,500 manufacturing facilities and 3,000 pharmaceutical companies. There are about 60,000 generic brands in 60 pharmaceutical categories. India is the world's largest supplier of generic medications, making up for 20% of global exports in this category. Vaccines made in India are exported to 150 nations. Thus, all these factors are expected to propel the growth of the market in the Asia Pacific region over the forecast period.
The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global market dynamics, structure by analyzing the market segments and project the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Citric Acid market make the report investor’s guide.
Citric Acid Market Scope: Inquire before buying
| Citric Acid Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 4.11 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 4.65% | Market Size in 2030: | US $ 5.65 Bn. |
| Segments Covered: | by Form | Anhydrous Liquid |
|
| by Application | Food Pharmaceuticals Cosmetics |
||
| by Function | Acidulant Antioxidant Preservative Sequestrant |
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Citric Acid Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Citric Acid Market Key Players are:
1. Archer Daniels Midland Company
2. Cargill
3. Merck KGaA
4. Tate & Lyle
5. COFCO Biochemical
6. Jungbunzlauer Suisse AG
7. HUANGSHI XINGHUA BIOCHEMICAL CO.LTD.
8. RZBC GROUP CO.
9. Weifang Ensign Industry Co.
10.Gadot Biochemicals Industries LTD.
11.S.A. Citrique Belge N.V.
12.Pfizer Inc.
13.Danisco A/S
14.Metagenics
15.MP Biomedicals
16.Kenko Corporation
17.Sunshine
18.Niran
19.Thai Citric Acid
20.Ensign
21.TTCA Co
22.Guoxin Union
23.Others
Frequently Asked Questions:
1. What is the forecast period considered for the Citric Acid market report?
Ans. The considered forecast period for the citric acid market is 2024-2030.
2. Which key factors are hindering the growth of the Citric Acid market?
Ans. The replacement risk of citric acid and its side effects are the key factors expected to hinder the growth of the market during the forecast period.
3. What is the compound annual growth rate (CAGR) of the Citric Acid market for the next 8 years?
Ans. The global citric acid market is expected to grow at a CAGR of 4.65% during the forecast period (2024-2030).
4. What are the key factors driving the growth of the Citric Acid market?
Ans. The rising demand for citric acid from growing industries like food & beverages, pharmaceuticals, and healthcare is the key factor expected to drive the growth of the market during the forecast period.
5. Which are the worldwide major key players covered for the Citric Acid market report?
Ans. Archer Daniels Midland Company, Cargill, Merck KGaA, Tate & Lyle, COFCO Biochemical, Jungbunzlauer Suisse AG, HUANGSHI XINHUA BIOCHEMICAL CO.LTD., RZBC GROUP CO., Weifang Ensign Industry Co., Gadot Biochemicals Industries LTD., S.A. Citrique Belge N.V., Pfizer Inc., Danisco A/S, Metagenics, MP Biomedicals, Kenko Corporation, Sunshine, Niran, Thai Citric Acid, Ensign, TTCA Co, Guoxin Union, and Others.