Covina, March 20, 2023 (GLOBE NEWSWIRE) -- Citric Acid Market accounted for US$ 3.26 billion in 2020 and is estimated to be US$ 5.03 billion by 2030 and is anticipated to register a CAGR of 4.50%. Citric acid, having the chemical formula C6H8O7, is a weak organic acid. Because of its features and characteristics, it is widely employed in a variety of end-use industries. It's generally utilised as a flavouring and chelating agent, as well as an acidifier. Citric acid, as one of the more potent edible acids, is commonly employed as a preservative in foods and beverages, particularly soft drinks. It's also used to clean limescale out of boilers and evaporators.
The report "Citric Acid Market, By Form (Power and Liquid), By Application (Food & Beverages, Pharmaceuticals, Personal Care, and Others (detergents & cleansers, animal feed, textile)) and By Region (North America, Latin America, Europe, Middle East, Asia Pacific, and Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
- In 2021, Evofem Biosciences, Inc. and Orion Biotechnology Canada Ltd. have announced a collaboration agreement to assess the compatibility and stability of Orion's novel CCR5 antagonist, OB-002, in Evofem's Phexxi (lactic acid, citric acid, and potassium bitartrate) vaginal gel, with the goal of developing a Multipurpose Prevention Technology (MPT) product candidate for indications such as HIV prevention in women.
Request Sample:
https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/170
Analyst View:
One of the primary reasons expected to fuel the growth of the Citric Acid Market is the increased demand for the product to preserve food, which is paired with the soaring demand from the food and beverage industry. Citric acid is also widely used in cleaning products, as there is a ban on the use of phosphate in certain locations, and major players are doing various research and development activities, all of which are contributing to the market's growth. However, negative consequences of excessive citric acid usage could hinder market expansion. Furthermore, the pharmaceutical industry's expansion is opening up a slew of new market prospects.
Key Market Insights from the report:
Citric Acid Market accounted for US$ 3.26 billion in 2020 and is estimated to be US$ 5.03 billion by 2030 and is anticipated to register a CAGR of 4.50%. The global citric acid market has been segmented on the basis of form, application, and region.
- Based on Form, Global Citric Acid Market is segmented into Power and Liquid.
- Based on Application, Global Citric Acid Market is segmented into Food & Beverages, Pharmaceuticals, Personal Care, and Others (detergents & cleansers, animal feed, textile).
- By Region, the Global Citric Acid Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Request sample PDF:
https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/170
Citric Acid Market Segmentation:
Market Segmentation:
- By Market Type- Concrete Admixture, Construction Adhesive, Construction Sealant and Flame Retardant
- By End User Industry– Residential, Public Space and Commercial
Regional scope:
- North America - U.S., Canada
- Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
- Latin America - Brazil, Mexico, Argentina, Rest of Latin America
- Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Competitive Landscape & their strategies of Citric Acid Market:
- Archer-Daniels-Midland Company
- Cargill Inc.
- 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.
- S.A. Citrique Belge N.V.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Questions answered by Citric Acid Market:
- What is the current market size and growth rate?
- What are the key market trends and market dynamics?
- Who are the major players in the market and what is their market share?
- What is the competitive landscape like in the market?
- What are the major drivers and restraints affecting the market?
- What are the growth opportunities in the market?
- What are the regional and local market conditions and consumer behavior?
- What is the market size and growth forecast for different regions and countries?
- What is the impact of government regulations and policies on the market?
Request a Customized link here:
https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/170
About Prophecy Market Insights
Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.
Read Related Insights:
Feed Acidifiers Market-By Type (Propionic Acid, Formic Acid, Lactic Acid, Citric Acid, Malic Acid, Sorbic Acid, and Others (Fumaric Acid, Tartaric Acid, Butyric Acid, Acetic Acid, and Benzoic Acid)), By Form (Dry and Liquid), By Compound (Blended Compound Acidifiers and Single Compound Acidifiers), By Livestock (Poultry, Swine, Ruminants, Aquaculture, And Others Include Equine and Pets), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis, and Forecast till 2029
Organic Acids Market-By Type (Acetic Acid, Citric Acid, Formic Acid, Itaconic Acid, Succinic Acid, Gluconic Acid, Ascorbic Acid, Fumaric Acid, and Propionic Acid), By Source (Biomass, Molasses, Starch, Chemical Synthesis, Agro-Industrial Residue), By End-Use Application (Food & Beverage, Agriculture, Poultry and farming, Animal Feed & Nutrition, Chemicals & Industrial, Pharmaceuticals, Cosmetic & Personal Care), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032
Follow Us On:
