NEWARK, Del, July 12, 2024 (GLOBE NEWSWIRE) -- The demand for citric acid market is likely to rise at a CAGR of 3.70% through 2034. The market value is set to reach a valuation of US$ 172.7 million in 2024. Maintaining the steady trajectory, analysis suggests the industry is likely to surpass US$ 248.6 million by 2034. The citric acid industry is propelled by several key drivers, including its widespread applications across various sectors such as food and beverage, pharmaceuticals, cosmetics, and household products.
With its versatility as an acidulant, flavor enhancer, and preservative, citric acid remains in high demand, especially in the food and beverage industry, where it serves as a crucial ingredient in processed foods, beverages, and confectionery products. Additionally, the increasing consumer preference for natural and clean-label products further drives the demand for citric acid derived from natural sources, aligning with the trend towards healthier and more sustainable lifestyles.
Request Sample Report and Drive Impactful Decisions: https://www.futuremarketinsights.com/reports/sample/rep-gb-890
Despite its significant growth prospects, the citric acid industry faces several restraints that hinder its full potential. One of the primary challenges is the volatility in raw material prices, particularly those of citrus fruits, which directly impact the production costs of citric acid. Additionally, regulatory challenges and trade barriers in certain regions can pose obstacles to market growth. Moreover, the emergence of alternative acidulants and preservatives in the market presents competitive pressures, compelling citric acid manufacturers to innovate and differentiate their products to maintain market relevance.
The rising trend of clean labels and natural products creates opportunities for citric acid manufacturers to cater to consumer preferences for healthier and environmentally friendly alternatives. Apart from this, several notable trends are shaping the market trajectory. One such trend is the growing adoption of citric acid in non-food applications, such as pharmaceuticals, personal care products, and industrial applications, driven by its multifunctional properties and versatility.
There is a rising focus on product innovation and differentiation, with manufacturers introducing novel citric acid formulations and blends to meet specific customer requirements and address emerging market trends. Moreover, sustainability initiatives and green sourcing practices are gaining prominence, with companies increasingly investing in renewable energy sources and eco-friendly production processes to reduce carbon footprint and enhance environmental sustainability in the citric acid industry.
“The increasing demand for citric acid in emerging markets, particularly in Asia-Pacific regions such as China and India, offers a lucrative growth avenue for manufacturers. Moreover, advancements in biotechnological processes and green chemistry present opportunities for developing sustainable production methods, reducing environmental impact, and enhancing cost-efficiency.“ - Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Market Study
- The citric acid industry in India is projected to rise at a CAGR of 5.1% through 2034.
- The citric acid industry in the United States is anticipated to rise at a CAGR of 2.3% through 2034.
- China’s citric acid industry is likely to witness expansion at a CAGR of 4.3% through 2034.
- Japan's citric acid industry is projected to rise at a CAGR of 5.1% through 2034.
- Germany's citric acid market is expected to rise at a 2.3% CAGR through 2034.
Which are Some Prominent Drivers of the Citric Acid Market?
Clean Label Trends Support the Demand for Citric Acid
Citric acid is used extensively across the food & beverage industry, with natural sources being preferred as a viable alternative to traditional phosphate ingredients. Citric acid is used as a clean-label solution as an alternative to titanium oxide, monoglycerides, diglycerides, edible gums, and hydrocolloids.
Manufacturers are pushing for research into the use of citric acid as stabilizing and binding agent in beverage end products in terms of managing flavored oils. This makes it a popular option as an emulsifier product in foods such as yogurts and other convenience foods.
Rising levels of consumer health awareness including essential nutrition and easier availability of clean-label product offerings will drive demand in the sector for the foreseeable future. These characteristics of citric acid will provide impetus to applications in the pharma, metal, and personal care & cosmetics industries.
Prevalence of Convenience Foods Escalating Sales of Citric Acid
Citric acid is largely being used in the regional food processing industry to enhance the shelf life of convenience foods. Well established food processing industry in the region is expected to have a positive impact on industry trends.
The manufacturers are penetrating various market segments by introducing citric acid-based products such as confectionery, diabetic baked products, ice creams, low-calorie jellies, low-calorie sugar, dietary beverages & snacks, and low-fat dairy products. The rising demand for these products is expected to boost the demand among consumers.
Gain Immediate Access to Detailed Market Insights Purchase Now: https://www.futuremarketinsights.com/checkout/890
Competition Outlook of the Citric Acid Industry
The citric acid industry exhibits a competitive landscape characterized by established players vying for dominance. With the growing demand for citric acid across diverse sectors such as food and beverage, pharmaceuticals, and cosmetics, competition intensifies among manufacturers striving to meet evolving consumer needs and preferences. This heightened competition underscores the significance of product differentiation, innovation, and efficient supply chain management in sustaining competitive advantage within the industry.
Companies are increasingly focusing on enhancing their production capabilities and expanding their geographical presence to capture a larger market share. Additionally, strategic collaborations, mergers, and acquisitions are prevalent strategies employed by key players to strengthen their market position and gain a competitive edge. Moreover, investments in research and development to improve product quality, reduce production costs, and explore new applications of citric acid contribute to maintaining competitiveness in the market.
Looking ahead, the citric acid industry is poised for continued competition as market players adapt to changing consumer preferences, regulatory requirements, and technological advancements. As globalization further expands market opportunities, companies must remain agile and innovative to stay ahead of the competition and capitalize on emerging growth prospects in the global citric acid market.
Recent Developments:
- Cal2Mg, a calcium-magnesium citrate, was introduced by Gadot Biochemical Industries in November 2022.
- Jungbunzlauer, a significant citric acid manufacturer, developed monomagnesium citrate in June 2022. Jungbunzlauer extended its Port Colborne citric plant in April 2021. Citric acid and citrate-based bio- and functional compounds are popular globally. Thus, growth is needed.
Key Segments
By Application:
- Acidulant
- Cleaning agent
- Binding Agent
- Preservative
- Others
By Form:
- Liquid Citric Acid
- Powder Citric Acid
- Anhydrous
- Monohydrous
By Product Type:
- Natural
- Artificial
By End Use:
- Citric Acid for Food & Beverages
- Bakery & Confectionary
- Dairy
- Convenience Food
- Beverages
- Jams & Preserves
- Others
- Citric Acid for Pharmaceuticals
- Citric Acid for Animal Feed
- Citric Acid for Personal Care
- Citric Acid for Metal Finishing & Cleaning
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/citric-acid-market
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
The global food amino acids demand is subjected to accelerate at a CAGR of 9.3%. The market revenue is likely to be valued at US$ 8.1 billion in 2023 and exhibit a revenue growth of US$ 19.6 billion by 2033.
The global organic acid market size is expected to total US$ 11.3 Billion in 2022. Demand for organic acid is forecast to increase at a steady CAGR of 5.3% over the forecast period.
The global citrate market value was estimated to have acquired US$ 851.94 million and market is likely to aid the sales to US$ 1422.97 million by 2033, garnering a CAGR of 4.7% during the forecast period.
The global acidified whey protein market value is estimated to surge significantly in the coming years. The market is anticipated to reach a valuation of US$ 200.0 million by 2023.
The Sales of pet dietary supplement market is projected to be worth US$ 4,269.1 million in 2023. The market is likely to reach US$ 8,288.4 million by 2033.
The pet food ingredients market value is estimated to reach US$ 42.2 billion in 2023. It is projected to be valued at US$ 68.3 billion by 2033.
The global therapeutic diet for pet market growth equates to a sluggish CAGR of 4.0% and initial forecast of US$ 502.4 million in 2024, the market is witnessing a significant increase to US$ 744.5 million by 2034.
The demand for pet food preservative market is moving towards growth with US$ 650.5 million in 2024 and is poised to expand to US$ 850.5 million in 2034, covering a CAGR of 2.70% through 2034.
The Lactose free dairy products Industry at a 5.6% CAGR, is expected to generate market revenue of US$ 23,983.50 million by 2034.
The frozen vegetable market is predicted to surge at a CAGR of 6.0% through 2034. Sales revenue of frozen vegetables is estimated to be worth US$ 53,830.60 million in 2024.
The demand for dairy alternatives is projected to rise at a CAGR of 7.3% and expected to reach a valuation of US$ 46,832.6 million by 2034.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact FMI:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
