The Citric Acid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Citric Acid Global Market Report 2024, The citric acid market size has grown strongly in recent years. It will grow from $4.19 billion in 2023 to $4.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increased food and beverage industry, pharmaceutical applications, cleaning and chelating agent, preservation and flavoring, and increased industrial applications.
The citric acid market size is expected to see strong growth in the next few years. It will grow to $6.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing need for clean label products, sustainable sourcing, biodegradable polymers, growing demand for personal care and cosmetics, and emerging market growth. Major trends in the forecast period include green chemistry initiatives, customized and tailored solutions, technological advancements, innovative specialty chemicals, and collaborations
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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 such as 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. For instance, in May 2022, according to an article published by World Health Organization, a Switzerland-based international organization for public health, every year, an estimated 600 million people – nearly one in every ten people in the world – become ill after eating contaminated food, and 420 000 die, resulting in the loss of 33 million healthy life years. Each year, low- and middle-income countries lose USD 110 billion in productivity and medical costs as a result of unsafe food. Children under the age of five account for 40% of the foodborne disease burden, with 125 000 deaths each year. Therefore, there is a need for food safety that is driving the citric acid market growth.
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The citric acid market covered in this report 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 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 drinks contains 100 calories and 1 g of sugar.
The citric acid market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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