Citric Acid Market Size, Share & Trends Analysis Report By Form (Liquid, Powder), By Application (Pharmaceutical, Food & Beverages, Others), By Region, And Segment Forecasts, 2023 - 2030

Citric Acid Market Size, Share & Trends Analysis Report By Form (Liquid, Powder), By Application (Pharmaceutical, Food & Beverages, Others), By Region, And Segment Forecasts, 2023 - 2030

Citric Acid Market Growth & Trends

The global citric acid market size is expected to reach USD 5.17 billion by 2030, registering a CAGR of 4.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for the product as an acidulant in food & beverages application is expected to be a major factor driving the market.

The market is highly competitive in nature with companies increasing their production capacities to serve the growing demand. The companies compete on the basis of product superiority, manufacturing technologies, and adherence to regulations pertaining to citric acid products in an attempt to increase their revenue.

The industry is marked by the presence of major participants focusing on R&D activities to come up with application-specific citric acid products. These well-established players account for a relatively larger share of the annual production of citric acid and have a competitive edge over the smaller players as they have a prevailing goodwill in the market.

The industry is marked by the presence of numerous small unorganized players that deal majorly with the local distribution and cater to the demand in domestic and adjoining economies. These small players in the industry do not have a significant impact on the market dynamics due to low production volumes and smaller geographic reach.

Citric Acid Market Report Highlights

• Powder grade citric acid dominated the industry in 2022 accounting over 61.5% of the overall market on account of its extensive use in food & beverages for preservation and flavoring
• Liquid form is anticipated to ascend at a CAGR of 3.6% over the forecast period on account of high demand in food & beverages industry owing to its beneficial properties such as acidification, texture modification, and flavor enhancement
• The pharmaceuticals segment is expected to register a CAGR of 4.2% over the forecast period. Citric acid is predominantly used as an excipient in pharmaceutical formulations, serving multiple functions such as stabilizing pH levels, acting as a chelating agent, and ensuring the stability and efficacy of diverse medications..
• Asia Pacific dominated the market and accounted for the largest revenue share of 35.0% in 2022. Asia Pacific, being one of the largest and fastest-growing regions in the world, holds a prominent position in the global citric acid market.

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