Global Citric Acid Market 2023-2027
Technavio has been monitoring the citric acid market and is forecast to grow by USD 2,253.4 mn during 2022-2027, accelerating at a CAGR of 8.44% during the forecast period. Our report on the citric acid market provides a holistic analysis, market size, and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by growing demand for citric acids from detergents and cleaners, a growing desire for convenience foods and beverages, and the versatile nature of citric acid.
Technavio's citric acid market is segmented as below:
By Application
- Food and beverage
- Pharmaceuticals and personal care products
- Detergents and cleaners
- Others
By Type
By Geography
- Europe
- North America
- APAC
- Middle East and Africa
- South America
This study identifies the growing popularity of organic food additives as one of the prime reasons driving the citric acid market growth during the next few years. Also, health awareness and deficiencies among consumers and growing demand from emerging applications will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters. Our report on the citric acid market covers the following areas:
- Citric acid market sizing
- Citric acid market forecast
- Citric acid market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading citric acid market vendors that include Anmol Chemicals Group, Archer Daniels Midland Co., Cargill Inc., Citribel NV, COFCO Corp., Dastech International Inc., Foodchem International Corp., Gadot Biochemical Industries Ltd., Hemadri Chemicals, Huangshi Xinghua Biochemical Co. Ltd., Jungbunzlauer Suisse AG, Kenko Corp., KIC Chemicals Inc., MP Biomedicals Inc., Niram Chemicals, Paras Chemical Industries, RZBC Group Co. Ltd., Shandong Lemon Biochemical Co. Ltd., Tate and Lyle Plc, and Weifang Ensign Industry Co. Ltd.. Also, the citric acid market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.