Global Citric Acid Market is expected to garner a revenue of USD 5.0 billion in 2024 and is expected to register a CAGR of 5.5% during the forecast period of 2020 to 2024. The intensifying usage of citric acid as a flavoring agent in beverages is set to rise with an increase in the level of consumption of various beverages over the forecast period. Alcoholic beverages and dairy products are expected to be the primary contributors to the global market growth. The escalation in the demand for citric acid for cosmetics & personal care products along with medicinal purposes will positively develop the market share over the forecast period.
The swelling demand for carbonated drinks has constructively contributed to the market for citric acid. Market reports related to the chemicals and materials industry have been released by Market Research Future who issues reports on other sectors that have been recently put out along with a report on this industry. The market is anticipated to intensify its growth with an optimistic CAGR towards the overall development of the market.
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The transformation of the products and services is the central factor escalating the market’s productivity and promoting the trends that have gained prominence in the market recently. The central success factors and players’ propensities are progressively developing due to the strategies being used by market companies. The market has guided in a new period of progress as the market is constantly in a state of variability. The accessibility to a suitable labor force along with resources is impacting the overall market growth. The external factors are motivating the market expansion which is dependent on the practices and the strategic roadmaps that are being exploited by market companies.
The leading contenders in the Citric Acid Market are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Tate & Lyle (UK), Merck KGaA (Germany), COFCO Biochemical (Anhui) CO., LTD (China), Jungbunzlauer Suisse AG (Switzerland), RZBC GROUP CO., LTD. (China), Huangshi Xinghua Biochemical Co.Ltd. (China), Gadot Biochemicals Industries LTD. (Israel), Weifang Ensign Industry Co., Ltd (China), S.A. Citrique Belge N.V. (Belgium), and Pfizer Inc. (U.S.).
The market for citric acid has been segmented on the basis of function, form, application, and region. The form basis of segmentation of market comprises of liquid and powder. The powder segment has further been segmented into monohydrate, anhydrous, dihydrate, and others. By function, the market has been segmented into antioxidant, acidulant, chelating agent, preservative/sequestrant, emulsifying agent, flavoring agent, buffering agent, and others. On the basis of application, the market has been segmented into cosmetics and personal care, food and beverage, detergents and cleaners, pharmaceuticals, and others.
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Detailed Regional Analysis
The market in the Asia Pacific region is anticipated to be the major and the most rapidly growing citric acid market through the forecast period. The rising food industry, whose growth is fuelled owing to the rising acceptance of processed foods and ready-to-drink (carbonated) beverages, is projected to drive the regional product market. The North American and European regions are the key markets for citric acid that are likely to maintain their growth through the forecast period. The market in the Middle East and Africa is observed to be at an emerging stage; though, the rising food and beverage and cosmetics and personal care industries in the UAE, Saudi Arabia, and other GCC countries are expected to offer positive business openings to market players through the forecast period.
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