March 20, 2023 20:05 ET | Source: PMI PMI

Covina, March 20, 2023 (GLOBE NEWSWIRE) -- 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%. Citric acid, having the chemical formula C6H8O7, is a weak organic acid. Because of its features and characteristics, it is widely employed in a variety of end-use industries. It's generally utilised as a flavouring and chelating agent, as well as an acidifier. Citric acid, as one of the more potent edible acids, is commonly employed as a preservative in foods and beverages, particularly soft drinks. It's also used to clean limescale out of boilers and evaporators.

The report "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’’

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Analyst View: One of the primary reasons expected to fuel the growth of the Citric Acid Market is the increased demand for the product to preserve food, which is paired with the soaring demand from the food and beverage industry. Citric acid is also widely used in cleaning products, as there is a ban on the use of phosphate in certain locations, and major players are doing various research and development activities, all of which are contributing to the market's growth. However, negative consequences of excessive citric acid usage could hinder market expansion. Furthermore, the pharmaceutical industry's expansion is opening up a slew of new market prospects.

Key Market Insights from the report:

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.

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Competitive Landscape & their strategies of Citric Acid Market:

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

Some Important Points Answered in this Market Report Are Given Below:

Questions answered by Citric Acid Market:

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Feed Acidifiers Market-By Type (Propionic Acid, Formic Acid, Lactic Acid, Citric Acid, Malic Acid, Sorbic Acid, and Others (Fumaric Acid, Tartaric Acid, Butyric Acid, Acetic Acid, and Benzoic Acid)), By Form (Dry and Liquid), By Compound (Blended Compound Acidifiers and Single Compound Acidifiers), By Livestock (Poultry, Swine, Ruminants, Aquaculture, And Others Include Equine and Pets), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis, and Forecast till 2029

Organic Acids Market-By Type (Acetic Acid, Citric Acid, Formic Acid, Itaconic Acid, Succinic Acid, Gluconic Acid, Ascorbic Acid, Fumaric Acid, and Propionic Acid), By Source (Biomass, Molasses, Starch, Chemical Synthesis, Agro-Industrial Residue), By End-Use Application (Food & Beverage, Agriculture, Poultry and farming, Animal Feed & Nutrition, Chemicals & Industrial, Pharmaceuticals, Cosmetic & Personal Care), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032