Citric Acid Market, By Forms (Powder, Anhydrous, Monohydrous, and Liquid), By Grade (Food Grade, Industrial Grade, and Pharmaceutical Grade), By End-use (Food & Beverages, Pharmaceutical/Personal Care, Animal Feed, Metal Finishing & Cleaning, Others), By Application (Acidulant, Cleaning Agent, Binding Agent, Preservative, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) was valued at US$ 4.05 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 3.6% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
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 the 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.
Global Citric Acid Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
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 the F&B market and grocery stores were shut down but later it 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.
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.
Global Citric Acid Market: Recent Developments
- In November 2021, Archer Daniels Midland Company (ADM) made an equity investment in Farmers Business Network (FBN) and announced a partnership with the agricultural technology company. This investment was part of FBN's latest capital funding raise, valuing FBN at US$ 3.9 Bn. The partnership aimed to combine Archer Daniels Midland’s scale and expertise across the global food and agriculture value chain with FBN's cutting-edge digital farm platform. The companies intended to explore opportunities to develop technologies, products, and services for farmers to support profitable, sustainable agriculture. The partnership was focused on expanding sustainable agricultural practices and providing farmers with unprecedented convenience and product accessibility
- In October 2021, in Dubai, Tate & Lyle plc opened a new US$ 2 million Technical Application Centre to increase its market speed by using cutting-edge technology to provide its food and beverage partners with faster service and quicker project turnaround timeframes. This state-of-the-art center is equipped with cutting-edge technology and is intended to provide the company's food and beverage partners with faster service and quicker project turnaround timeframes. At this facility, Tate & Lyle's food scientists work with food and beverage manufacturers to develop innovative solutions and ingredients that cater to the evolving needs of consumers.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Citric Acid Market”- Forecast to 2031, Global Citric Acid Market, By Forms (Powder, Anhydrous, Monohydrous, and Liquid), By Grade (Food Grade, Industrial Grade, and Pharmaceutical Grade), By End-use (Food & Beverages, Pharmaceutical/Personal Care, Animal Feed, Metal Finishing & Cleaning, and Others), By Application (Acidulant, Cleaning Agent, Binding Agent, Preservative, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/citric-acid-market-1984
Key Takeaways of the Global Citric Acid Market
- The global citric acid market was valued at US$ 4.05 Bn in 2023 and is forecast to reach a value of US$ 5.40 Bn by 2031, exhibiting a CAGR of 3.6% between 2024 and 2031
- Major players operating in the global citric acid market are Archer Daniels Midland Company, Jungbunzlauer Suisse AG, Basel, Pfizer Inc., Shandong Juxian Hongde Citric Acid Co. Ltd., Delek Group, Cargill, Incorporated, Weifang Ensign Industry Co., Ltd., Tate & Lyle plc., COFCO Biochemical (AnHui) Co. Ltd., and RZBC GROUP
- Companies are investing in research and development to provide innovative solutions and ingredients that cater to the evolving needs of consumers
