Citric Acid Market is estimated to be US$ 5.03 billion by 2030 with a CAGR of 4.50% during the forecast period
Citric Acid Market accounted for US$ 3.26 billion in 2020 and is estimated to be US$ 5.03 billion by 2030 and is anticipated to register a CAGR of 4.50%. Citric acid, having the chemical formula C6H8O7, is a weak organic acid. Because of its features and characteristics, it is widely employed in a variety of end-use industries. It's generally utilised as a flavouring and chelating agent, as well as an acidifier. Citric acid, as one of the more potent edible acids, is commonly employed as a preservative in foods and beverages, particularly soft drinks. It's also used to clean limescale out of boilers and evaporators.
The report " Global Citric Acid Market, By Form (Power and Liquid), By Application (Food & Beverages, Pharmaceuticals, Personal Care, and Others (detergents & cleansers, animal feed, textile)) and By Region (North America, Latin America, Europe, Middle East, Asia Pacific, and Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
· In 2021, Evofem Biosciences, Inc. and Orion Biotechnology Canada Ltd. have announced a collaboration agreement to assess the compatibility and stability of Orion's novel CCR5 antagonist, OB-002, in Evofem's Phexxi (lactic acid, citric acid, and potassium bitartrate) vaginal gel, with the goal of developing a Multipurpose Prevention Technology (MPT) product candidate for indications such as HIV prevention in women.
Analyst View:
One of the primary reasons expected to fuel the growth of the Citric Acid Market is the increased demand for the product to preserve food, which is paired with the soaring demand from the food and beverage industry. Citric acid is also widely used in cleaning products, as there is a ban on the use of phosphate in certain locations, and major players are doing various research and development activities, all of which are contributing to the market's growth. However, negative consequences of excessive citric acid usage could hinder market expansion. Furthermore, the pharmaceutical industry's expansion is opening up a slew of new market prospects.
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Key Market Insights from the report:
Global Citric Acid Market accounted for US$ 3.26 billion in 2020 and is estimated to be US$ 5.03 billion by 2030 and is anticipated to register a CAGR of 4.50%. The global citric acid market has been segmented on the basis of form, application, and region.
· Based on Form, Global Citric Acid Market is segmented into Power and Liquid.
· Based on Application, Global Citric Acid Market is segmented into Food & Beverages, Pharmaceuticals, Personal Care, and Others (detergents & cleansers, animal feed, textile).
· By Region, the Global Citric Acid Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Citric Acid Market:
The key players operating in the global citric acid market include, Archer-Daniels-Midland Company, Cargill Inc., Tate & Lyle Plc, JUNGBUNZLAUER SUISSE AG, COFCO Biochemical (Anhui) Co., Ltd., HUANGSHI XINGHUA BIOCHEMICAL Co. Ltd., RZBC Group Co. Ltd., Weifang Ensign Industry Co., Ltd., Gadot Biochemical Industries Ltd., andS.A. Citrique Belge N.V.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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