Citric Acid Market Is Estimated to Reach $4.38 Billion by 2023

According to the report published by IndustryARC titled “Citric Acid Market: by End-Use Industry (Food & Beverage, Pharmaceutical, Soap & Detergent, Printing, and Others); by Application (Acidulant, Stabilizer, Cleaning Agent, Binding Agent, and Others); By Geography – Forecast (2018 – 2023),” the market is estimated to reach $4.38 billion by 2023.

Browse 83 Market Tables, and 179 Figures and go through an in-depth TOC on “Citric Acid Market”

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According to a recent study from IndustryARC, the citric acid market is forecast to reach $4.38 billion by 2023 and is estimated to grow at a CAGR of 3.8%. The growth in the citric acid market can be attributed to the commencement of advanced applications in pharmaceuticals and canned food manufacturing companies.

The market for citric acid is all set to exhibit robust development with a broad range of applications introduced in pharmaceutical, and food & beverage industry. Citric acid functions as a pH control agent and as a chelating agent which improves the action of antioxidants in food preservation which is a major contributor for the increasing the demand for citric acid market globally. Food & Beverage industry has the maximum share of 71.6% in the citric acid market. Citric acid has high anti-oxidant properties, due to which it is readily used as an excipient in the pharmaceutical preparations. 

Europe was the largest market for citric acid globally, having a market share of 39.09% in 2017. The largest end-use segment of the American citric acid market is food and beverage (particularly for beverages) used to control the pH of the drinks, followed by industrial segment (especially for household detergent and cleaners) and then pharmaceutical segment (which includes beauty & cosmetics). The growing demand for products such as diabetic baked products, low fat dairy products made using citric acid are increasing the demand for citric acid. The various end users assessed includes personal care, stabilizer, cleaning agent, binding agent, and animal feeds.

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Citric Acid manufacturers have utilized mergers and acquisitions as well as product launches as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.

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