Citric Acid Market: Nurturing Growth Through Diversity

Citric Acid Global Market Report 2023 – Market Size, Trends, And Market Forecast 2023-2032

The Business Research Company’s Citric Acid Global Market Report 2023 – Market Size, Trends, And Market Forecast 2023-2032

LONDON, GREATER LONDON, UK, November 21, 2023 /EINPresswire.com/ -- The global citric acid market, a dynamic player in various industries, experienced robust growth, expanding from $3.87 billion in 2022 to $4.2 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 8.6%. Projections indicate sustained growth, with the market size anticipated to reach $5.52 billion by 2027, reflecting a CAGR of 7.1%.

Segmentation: Tailoring Solutions for Diverse Applications
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

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Driving Forces: Safeguarding Health with Food Safety
The citric acid market is propelled by the increasing need for food safety. Recognized as safe for foods, citric acid plays a crucial role in preserving fruits and vegetables, safeguarding them from harmful substances pre-harvest and post-harvest. Growing awareness of food safety among consumers is a key contributor, accentuated by alarming statistics. Annually, an estimated 600 million people worldwide fall ill due to contaminated food, resulting in 420,000 deaths and significant economic losses.

Industry Leaders and Innovations: Shaping the Future of Citric Acid
Major players in the citric acid market, including Jungbunzlauer Suisse AG, Cofco Biochemical, and Archer Daniels Midland Company, are steering the industry with their contributions. The increasing demand for low-calorie ready-to-drink (RTD) beverages is also influencing market dynamics. Players like Molson Coors are introducing innovative beverages, such as Vizzy, a watermelon hard seltzer filled with antioxidant vitamin C, catering to the growing demand for healthier and low-calorie options.

Regional Dynamics: Europe and North America Lead, Asia-Pacific Gains Momentum
In 2022, Europe and North America emerged as the largest regions in the citric acid market, with Asia-Pacific expected to be the fastest-growing region in the forecast period. Comprehensive geographical coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Citric Acid Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Citric Acid Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on citric acid market size, citric acid market drivers and trends, citric acid market major players, competitors' revenues, citric acid market positioning, and market growth across geographies. The citric acid market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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