Citric acid is an organic acid that is manufactured commercially by fermenting carbohydrates like corn, molasses, or sugar cane. It is commonly used as an acidulant and preservative in various food and beverage products to enhance their flavors. Citric acid helps improve the taste and shelf life of products and is considered a safer alternative to rival chemical preservatives. The growing demand for processed and packaged foods has resulted in increased applications of citric acid in food items like juices, soft drinks, dressings, confectioneries and dairy products.
The global Citric Acid Market is estimated to be valued at US$ 4543.45 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend accelerating the growth of the citric acid market is its increasing use in the food and beverage industry. Citric acid acts as a natural preservative and flavor enhancer in various food products. It improves the taste and extends the shelf life of items without using artificial preservatives. This is fueling its demand from the food processing sector. Moreover, citric acid helps balance the pH level in foods and beverages. The rapidly growing processed food and ready-to-eat meal markets are augmenting the consumption of citric acid. Changing lifestyles and busy schedules have increased the demand for convenient packaged food items incorporating citric acid.
Segment Analysis
The global citric acid market is dominated by the food and beverages sub-segment, accounting for over 35% of the market share. Citric acid is highly used as a preservative and flavoring agent in various food products and beverages. It prevents microbial growth and acts as a taste enhancer in packaged food items like sauces, dressings, and confectioneries. Citric acid also enhances the shelf life of products. Due to rising consumption of packaged and processed food across the globe, especially in developing nations, the food and beverages sub-segment is expected to continue dominating the market in the coming years.
Key Takeaways
The Global Citric Acid Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 4543.45 Bn by 2031, expanding at a CAGR of 13%.
Regional analysis: The Asia Pacific region currently dominates the citric acid market with over 40% share. Countries like China, India, and Japan are leading consumers as well as producers of citric acid in the region. This is attributed to thriving food processing industries and rising health-conscious population driving demand for preservatives and food additives. The Asia Pacific citric acid market is expected to maintain its dominance during the forecast period with the highest CAGR growth.
Key players operating in the citric acid market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France). ADM and Ingredion captured over 30% of the global market share in 2020. ADM has been expanding its production capacities to enhance its market presence globally. Ingredion has focused on developing alternative solutions to citric acid to leverage new growth opportunities.
Explore more information on this topic, Please visit-
https://www.marketwebjournal.com/citric-acid-market-and-trnds-analysis-share-size-demand-forecast/
Explore more trending article on this topic:
https://www.dailyprbulletin.com/smart-fitness-market-insights/
