According to IMARC Group’s latest report, titled “Citric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market reached a volume of 2.55 Million Tons in 2020. Citric acid refers to an organic acid found in the juice of various citrus fruits, such as lemons, oranges, limes, etc. It has the chemical formula C6H8O7 and is extensively utilized as a flavoring agent, acidifier, chelating agent, etc. Citric acid is primarily used as an acidulant in carbonated soft drinks in the food and beverage sector. It also finds wide applications in detergent manufacturing as it provides a safer formulation than phosphates.
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The elevating product demand as an additive from numerous end-use industries, such as personal care products, adhesives and sealants, plastics and polymers, pharmaceutical, coatings, ink, etc., is driving the citric acid market. Additionally, the increasing levels of urbanization, inflating disposable incomes, and hectic lifestyles of consumers are leading to a rise in demand for ready-to-eat and processed food and beverages. This, in turn, is propelling the product demand, as citric acid acts as a preservative. Apart from this, the escalating awareness towards the adverse effects caused by chemicals utilized in daily use products is encouraging consumers to shift towards organic items. This, in turn, will continue to catalyze the citric acid market in the coming years. Looking forward, IMARC Group expects the citric acid market to exhibit moderate growth during 2021-2026.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Archer Daniels Midland Company
- Cargill, Incorporated
- 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.
- A. Citrique Belge N.V.
Breakup by Application:
- Food and Beverages
- Household Detergents and Cleaners
Breakup by Form:
- Ice Creams
- Canned Foods
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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