IMARC Group, a leading market research company, has recently releases report titled “Citric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global citric acid market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Citric Acid Market?
The global citric acid market size reached 2.8 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 3.3 Million Tons by 2028, exhibiting a growth rate (CAGR) of 2.87% during 2023-2028.
What is Citric Acid?
Citric acid is a weak organic acid commonly found in citrus fruits like lemons and oranges. It is widely used as a natural preservative and flavor enhancer in the food and beverage industry, often added to products like soft drinks, candies, and processed foods to impart a sour or acidic taste. Beyond its culinary applications, citric acid has various industrial uses, including as a cleaning agent, in cosmetics, and in pharmaceuticals. It acts as a chelating agent, binding to metals and helping to remove them from solutions, which makes it useful in water treatment processes.
Additionally, citric acid is used in the medical field as an alkalizing agent and as a component in certain medications. Its versatility and non-toxic nature make it a popular additive in multiple industries.
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What Are the Growth Prospects and Trends in the Citric Acid Market?
The extensive utilization of citric acid in the food and beverage sector, particularly in sodas, fruit juices, and processed foods represents one of the key factors driving the growth of the market across the globe. The rising demand for convenience foods and beverages is driving the need for citric acid. The increased awareness about synthetic additives is leading consumers to prefer natural ingredients, which is boosting the demand for citric acid as a natural preservative. Citric acid is commonly used in skincare and haircare products due to its pH-adjusting and chelating properties. The growth of the cosmetics industry, therefore, is directly impacting the market. Citric acid is used as an excipient in pharmaceutical formulations and as an alkalizing agent in certain medical treatments, which is further contributing to its market growth. The acid’s effectiveness in removing stains and limescale makes it popular in household cleaning products and detergents, which is expanding its industrial applications, thus facilitating the market growth.
Who Are the Key Players Operating in the Citric Acid Market?
The competitive landscape of the global citric acid market has also been examined along with the profiles of the key players.
Some of these key players include:
What is Included in Market Segmentation?
The report has categorized the market based on application and form.
Breakup by Application:
Breakup by Form:
Regional Analysis:
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Key Highlights of the Report:
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