Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Citric Acid Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global citric acid market has entered a dynamic growth phase, influenced by rising trends in the food and beverage sector, an uptick in demand for personal care products, and the need for food safety measures across the globe. A comprehensive citric acid market report has been added to our extensive research catalog, presenting an array of data on the industry's expansion, key drivers, and future opportunities.
An Integrated Market Overview: A Glimpse of Citric Acid in Various Industries
Citric acid, a versatile compound with applications spanning from food preservation to cosmetics, represents a significant segment of the global market. The diverse usage of citric acid as an additive and preservative in food, its role in botanical formulations, and its participation in environmentally sustainable industrial processes, underscores its global market importance.
The Citric Acid Market Trajectory: Historical Roots and Forecasted Growth
From a strong historical growth stemming from its fundamental role in food and beverage industries, the citric acid market size is forecasted to propel from a valuation of $4.19 billion in 2023 to an expected $6.28 billion by 2028, at a compound annual growth rate (CAGR) of 8.5%. Key growth drivers include expanding demand in the personal care sector, increased consumption of healthy, low-calorie beverages, and broader implementation in the pharmaceuticals industry.
Emerging Trends and Regional Highlights
- Rising Demand in Personal Care: Reflecting consumer interest, personal care giants like L'Oréal S.A. have seen a surge in product sales, bolstering citric acid market growth.
- Low-Calorie Beverages: Innovation in ready-to-drink beverage segments, such as Vizzy's introduction of a new hard seltzer, propels market expansion due to citric acid's preservative qualities.
- Regional Developments: Europe and North America retain the largest market share, while Asia-Pacific regions point to the fastest growth trajectory in the coming years.
Market Dynamics and Competitive Landscape
The citric acid market is witnessing strategic moves by key players, including introductions of novel products like mineral blends and acquisitions that aim to enhance market presence. The market's competitive landscape displays a robust collection of local and global companies, each contributing to the market with innovative solutions and strategic partnerships.
Safety in Food Consumption: A Key Market Driver
Globally, food safety is a mounting concern, with citric acid playing an essential role in preventing foodborne illnesses. This focus on health and safety acts as a catalyst for market growth, alongside the need for naturally-derived ingredients in various applications.
Essential Market Insights for Stakeholders
This report encompasses critical market insights, covering detailed segmentation, competitive analysis, and actionable data for stakeholders. Drawing on comprehensive research, the report provides a lens into the current state of the citric acid market and anticipates future prospects, presenting invaluable insights for businesses and investors alike.
Revolutionizing Industries with Citric Acid Applications
With its wide-ranging benefits, citric acid continues to reshape various industries, from food manufacturing to eco-friendly cleaning solutions. As market demands evolve and consumers lean towards products with clean labels and natural ingredients, citric acid's role is poised to become more integral than ever.
A selection of companies mentioned in this report includes
- Jungbunzlauer Suisse AG
- Cofco Biochemical Co. Ltd.
- Archer Daniels Midland Company
- Cargill Incorporated
- Gadot Biochemical Industries Ltd
- Tate & Lyle PLC
- Huangshi Xinghua Biochemical Co Ltd.
- RZBC Group Co Ltd.
- Weifang Ensign Industry Co Ltd.
- S.A. Citrique Belge N.V.
- Yixing Biochemical Co Ltd.
- Shandong Juxian Hongde Citric Acid Company Ltd
- Merck KGaA
- Foodchem International Corporation
- Posy Pharmachem Pvt Ltd
- Hawkins Pharmaceutical Group
- Saudi Bio-Acids Company
- Citrique Belge N.V.
- TTCA Co Ltd.
- Jiangsu Guoxin Union Energy Co Ltd.
- Laiwu Taihe Biochemistry Co Ltd.
- Bulk Apothecary
- Ingredients Online
- Gravitas Chemical LLC
For more information about this report visit https://www.researchandmarkets.com/r/djnwv4
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