Industry Background:
Citric acid, a weak organic tricarboxylic acid occurs naturally in citrus fruits. It is an intermediate in the citric acid cycle that happens in the metabolism of all aerobic organisms, in biochemistry. Citric acid occurs in greater than trace volumes in a variety of fruits and vegetables, most notably citrus fruits. It exists in a variety of fruits and vegetables, but it is most concentrated in lemons as well as limes, where it can comprise as much as 8 percent of the dry weight of the fruit. Citric acid is a common food additive and, is found in all from sodas to candies. Mostly used as a flavor enhancer in beverages, citric acid is used in soft drinks, juices, teas, and other beverages to create a slightly tart, refreshing flavor as well as balance sweetness. Increasing demand from end use industries such as food and beverages, and pharmaceutical, among others is likely to impel the growth of the global citric acid market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Archer-Daniels-Midland Company (United States), Cargill, Incorporated (United States), Tate & Lyle PLC (United Kingdom), JUNGBUNZLAUER SUISSE AG (Switzerland), Huangshi Xinghua Biochemical Co. Ltd. (China), COFCO Biochemical (AnHui) Co., Ltd. (China), RZBC Group Co. Ltd. (China), Weifang Ensign Industry Co., Ltd. (China), FUSO CHEMICAL CO. (Japan) and Gadot Biochemical Industries Limited (Israel) |
According to AMA, the market for Citric Acid is expected to register a CAGR of 5.6% during the forecast period to 2028. This growth is primarily driven by Rising demand for citric acid from numerous end user industries, Increasing Intake of Convenience Food & Beverage Products and Growing Requirement for Food Safety.
Globally, a noticeable market trend is evident Increasing demand from consumers favoring products with plant based natural ingredients The Chemicals - Organics sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Archer-Daniels-Midland Company (United States), Cargill, Incorporated (United States), Tate & Lyle PLC (United Kingdom), JUNGBUNZLAUER SUISSE AG (Switzerland), Huangshi Xinghua Biochemical Co. Ltd. (China), COFCO Biochemical (AnHui) Co., Ltd. (China), RZBC Group Co. Ltd. (China), Weifang Ensign Industry Co., Ltd. (China), FUSO CHEMICAL CO. (Japan) and Gadot Biochemical Industries Limited (Israel), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The citric acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to citric acid market.
Key Developments in the Market:
In 2019, Archer Daniels Midland Company has announced that it had reached an agreement to acquire Florida Chemical Company (FCC), a division of Flotek Industries (NYSE: FTK) specifying in citrus-based flavors and fragrances, & one of the providers of citrus oils and ingredients. “This acquisition will place the comapny in a leadership position for citrus flavors. said Vince Macciocchi, president of ADM’s Nutrition business unit.
Influencing Trend:
Increasing demand from consumers favoring products with plant based natural ingredients
Market Growth Drivers:
Rising demand for citric acid from numerous end user industries, Increasing Intake of Convenience Food & Beverage Products and Growing Requirement for Food Safety
Challenges:
Lactic Acid as a New Substitute for Citric Acid
Restraints:
Side Effects Due To Uneven Citric Acid Consumption and Competition for Basic Raw Materials
Opportunities:
Potential to Grow in Untapped Nations
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Citric Acid Market
- Analysis about New Entrants in Citric Acid Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Citric Acid Study Sheds Light on
The Citric Acid Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Citric Acid industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Citric Acid industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.