Citric Acid Market Value is Expected to Reach US$ 248.6 million by 2034, growing at a CAGR of 3.70% during 2024 to 2034 | Future Market Insights, Inc.

Surge in the Adoption of Natural Citric Acid! FMI Study Reveals Why Citric Acid Finds Favor Among Consumers Seeking Functional and Nutritious Foods. The United States' citric acid industry is set to grow at a steady CAGR of 2.3% through 2034,

/EIN News/ -- 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.

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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.

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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. 

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