NEWARK, Del: , Sept. 08, 2022 (GLOBE NEWSWIRE) -- A recently published study by FMI expects the global citric acid market to increase at a 3% CAGR from 2022 to 2032, reaching US$ 3.89 Billion. Citric acid is also a low-cost ingredient with primary applications in the food and beverage industry. Potential applications as a cleaning agent are also expected to generate lucrative opportunities for citric acid market players, considering government policies and regulations in terms of toxicity and environment protection.
From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 4% and closing at US$ 2.81 Billion. The market is also expected to gain from the rising incorporation of the ingredient in health and diet supplements, with rising levels of disposable incomes, expanding scale of urbanization, and more. Further, the growing number of lifestyle-based ailments will generate lucrative opportunities for sales.
With increasing efforts from the food processing industry to maintain nutrition and product value, is also driving consumption of citric acid owing to longer shelf life and nutrition value.
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Key Takeaways from the Market Study
- North America is expected to acquire 45% of the market share.
- The European Union is projected to account for approximately 30% of the global market share.
- Powdered citric acid will account for more than 60% of the market.
- Niche applications in the feed, pharmaceutical and metal industries to grow at 4.5% CAGR through 2032.
- Food grade citric acid to hold the lead, accounting for more than 65% of the market share.
“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,” says an FMI analyst
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Market Competition
Key players in the citric acid market are Shandong Juxian Hongde Citric Acid Co. Ltd., Jungbunzlauer Suisse AG, Basel, Delek Group, Cargill, Incorporated, Weifang Ensign Industry Co. Ltd., Tate & Lyle Plc., COFCO Biochemical (AnHui) Co. Ltd., RZBC GROUP, and Pfizer Inc.
- In April 2021, Tate & Lyle Plc announced a potential sale of the controlling interest in its Primary Products business including citric acid products among others. The company aims to separate its primary products segment from its food & beverages solutions segment.
- In April 2021, Jungbunzlauer announced a further expansion plan of the existing Citrics plant in Port Colborne, Canada. The expansion plan is to meet the consistently strong and growing global demand for citric acid and citrates as functional and bio-based ingredients.
More Insights Available
FMI, in its new offering, presents an unbiased analysis of the global citric acid market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Application (Acidulant, Cleaning agent, Binding Agent, Preservative), Form (Liquid, Powder), Grade (Food Grade, Industrial Grade, Pharmaceutical Grade), End Use (Food & Beverages, Pharmaceutical, Animal feed, Personal care, Metal finishing & cleaning), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Table of Content
1. Global Citric Acid Market Executive Summary
2. Assumptions & Acronyms Used
3. Research Methodology
4.1. Market Value & Volume Forecast
4.1.1. Market Value Forecast
4.1.2. Market Volume Forecast
4.1.3. Absolute $ Opportunity
4.2. Global Trends
About the Food & Beverage Domain at Future Market Insights
The food & beverage domain team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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