Citric Acid Market Size, Share, Growth, Report 2024-2032

The Citric Acid Global Market Report 2023 by The Business Research Company, provides citric acid market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Citric Acid Global Market Report 2023, the market size grew from $3.87 billion in 2022 to $4.2 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the global citric acid is expected to grow to $5.52 billion in 2027 at a CAGR of 7.1%.

The increasing need for food safety is expected to drive the growth of the citric acid market. Fruits and vegetables are the main sources of nutrients like vitamin C, thiamine, niacin, pyridoxine, folic acid, minerals, and dietary fiber. Citric Acid is recognized as safe for foods and these fruits and vegetables are contaminated with harmful substances pre-harvest and post-harvest. Growing awareness about the food and safety among the people for healthy leaving.

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The citric acid market is segmented:

1) By Form: Liquid, Anhydrous

2) By Key Function: Acidulant, Preservative, Antioxidant, Sequestrant

3) By Application: Food And Beverage, Bakery, Confectionery, Dairy, Pharmaceutical, Personal Care, Other Applications

The increasing demand for low-calorie RTD beverages is shaping the citric acid market. RTD beverages have a low-calorie count that provides improves heart health, better immunity, and boosts energy. For example, in July 2021, Molson Coors’, a US-based beverage company, launched Vizzy, a new watermelon hard seltzer drink. This drink is filled with antioxidant vitamin C that is made of watermelon juice and acerola super fruit that comes in four flavors blueberry kiwi, passionfruit, and mango mixed with watermelon. Each of the drink contains 100 calories and 1 g of sugar.

The citric acid market report table of contents includes: