The global citric acid market is expected to grow at a CAGR of 4.6% in terms of revenue over the forecast period. Owing to various health issues, consumers prefer purchasing products related to plant-based natural ingredients, which has escalated demand for citric acid relatively. Since imposition of ban on phosphate in various regions, citric acid has replaced it as a cleaning agent. Adding to the list of benefits, citric acid is further used as a preservative, antioxidant and as ingredient in various food and beverage items to enhance flavour.
Powder form of citric acid has outsold other forms of citric acid and is relatively more preferred by consumers. Among various powdered forms of citric acid, demand for Anhydrous has escalated among food manufacturers. In terms of application, acidulant will account for major market share in the near future. Preference of opting for beverages among various food and beverages items will pull demand for citric acid and rev up growth of the market.
Regional Market Projections
Markets in APEJ and Western Europe will generate relatively high revenue in the upcoming years as Western Europe accounts for a comparatively high revenue share and China is a major producer of citric acid followed by India in APEJ.
Some key companies operating in global citric acid market comprise Archer Daniels Midland Company, Shandong Juxian Hongde Citric Acid Co. Ltd., Jungbunzlauer Suisse AG, Basel, Delek Group, Cargill, Incorporated, Weifang Ensign Industry Co., Ltd., Tate & Lyle plc. COFCO Biochemical (AnHui) Co. Ltd., RZBC GROUP and Pfizer Inc.
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