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Citric Acid Market Size, Shares and Analysis, Trends with Top Most Key Players- Archer-Daniels-Midland Company, Cargill Inc., Tate & Lyle Plc.

Covina, United States: Global Citric Acid Market, By Form (Power and Liquid), By Application (Food & Beverages, Pharmaceuticals, Personal Care, and Others (detergents & cleansers, animal feed, textile)) and By Region (North America, Latin America, Europe, Middle East, Asia Pacific, and Africa) – Trends, Analysis and Forecast till 2029                                 

Citric Acid Market Outlook                                       

  • Market Value 2020: US$ 3.26 Bn
  • Market Value Estimation 2030: US$ 5.03 Bn
  • CAGR: 4.50 %

Citric acid is a weak organic acid with the molecular formula C6H8O7. It is widely used in a range of end-use sectors as a result of its properties and traits. It is typically used as an acidifier, chelating agent, and flavouring ingredient. One of the more powerful edible acids, citric acid is frequently used as a preservative in foods and beverages, especially soft drinks. Additionally, it is used to remove limescale from evaporators and boilers. The rising demand for the product to preserve food, coupled with the soaring demand from the food and beverage industry, is one of the key factors anticipated to fuel the expansion of the citric acid market. Since the use of phosphate is prohibited in some areas and key players are engaging in a variety of R&D initiatives, the market is expanding despite the widespread use of citric acid in cleaning products.

Top News relating to Industry, Innovation:

  • In 2021- Evofem Biosciences, Inc. and Orion Biotechnology Canada Ltd. have announced a collaboration agreement to assess the compatibility and stability of Orion’s novel CCR5 antagonist, OB-002, in Evofem’s Phexxi (lactic acid, citric acid, and potassium bitartrate) vaginal gel, with the goal of developing a Multipurpose Prevention Technology (MPT) product candidate for indications such as HIV prevention in women.

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 Key Segmentation of the Citric Acid market:          

Global Citric Acid Market accounted for US$ 3.26 billion in 2020 and is estimated to be US$ 5.03 billion by 2030 and is anticipated to register a CAGR of 4.50%. The global citric acid market has been segmented on the basis of form, application, and region.

  • Based on Form, Global Citric Acid Market is segmented into Power and Liquid.
  • Based on Application, Global Citric Acid Market is segmented into Food & Beverages, Pharmaceuticals, Personal Care, and Others (detergents & cleansers, animal feed, textile).
  • By Region, the Global Citric Acid Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The Citric Acid Market Report mentions the following promising regions:

  • North America – U.S., Canada
  • Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
  • Latin America – Brazil, Mexico, Argentina, Rest of Latin America
  • Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

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Top-tier significant players:

The prominent player operating in the global Citric Acid market includes Archer-Daniels-Midland Company, Cargill Inc., Tate & Lyle Plc, JUNGBUNZLAUER SUISSE AG, COFCO Biochemical (Anhui) Co., Ltd., HUANGSHI XINGHUA BIOCHEMICAL Co. Ltd., RZBC Group Co. Ltd., Weifang Ensign Industry Co., Ltd., Gadot Biochemical Industries Ltd., andS.A. Citrique Belge N.V.

Premium Report offers:

  • Assessments of market share for the regional and national segments
  • A description of the business, including its goals, finances, and most recent advancements.
  • In addition to a comprehensive analysis of market share, the report contains data on significant drivers, restraints, and opportunities.
  • The market power of consumers and suppliers is demonstrated via Porter’s five forces study.

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