H1 2023: The major players in the global Citric Acid market in H1 2023 were Weifang Ensign Industry Co., Ltd., RZBC Group Co., Ltd., and Jungbunzlauer. Based on country, China was the leading exporter of Citric Acid in H1 2023. In H1 2023, Asia Pacific was the biggest consumer of citric acid. The Asia Pacific citric acid market witnessed an upward market trend till March 2023. During the Lunar New Year holidays, factories were shut for about two weeks in China due to which China was unable to deliver products on time to the importing nations like United States. This led to hike in the citric acid in these exporting nations. From the beginning of 2023, the purchase rate of Citric Acid from the downstream food and beverage sector of Asian nations were high but the supplier and buyer inventories in developing nations like China and India markets were lying low. Citric Acid prices continuously inclined till March 2023 owing to supply shortages in the Asian market. However, market dynamics shifted to reverse gear, with citric acid prices began to decline from April in the Asian market as a result of weak demand. However, Europe experienced a fluctuating market for Citric Acid during H1 2023. Citric Acid prices steadily increased in the German market till March 2023. High citric acid demand in Europe and the limited supply needed to meet customer demand drove prices high till March 2023. Insufficient inventories in the European market including Germany also contributed to higher prices. Increased demand allowed producers to increase their profits by selling citric acid at high prices than usual. From the end of March 2023, Citric Acid prices began to drop in the German market and continuously declined till June 2023. The demand for citric acid fell in Germany which supported the poor citric acid pricing pattern in Germany. Also, the freight charges dropped in Germany which also led to low citric acid prices.
The global Citric Acid market stood around 2800 thousand tonnes in 2022 and is expected to grow at a CAGR of 4.08% during the forecast period until 2035.
Citric acid is a weak organic acid with the chemical formula C6H8O7. It is a natural preservative and used in foods and beverages for an acidic or sour flavor. Citric acid is produced using molasses, waste feedstock, and fruit peels. It possesses non-toxic, non-corrosive, and biodegradable properties. Citric acid is used as a preservative in cosmetics, detergents, and cleaners. In industrial and chemical processing, citric acid is employed. Citric acid is used as an antioxidant and preservative in a variety of foods, such as soups, mayonnaise, candy, wines, juices, creams, and carbonated beverages. It is also a part of pharmaceuticals and household cleansers.
The market driving factor for the growth of the Citric Acid market is the food and beverage sector. High consumer demand for food preservation products is anticipated to drive the industry's expansion. The food and beverage sector consumed approximately 61% of the global citric acid in 2022. Citric acid, for instance, is gaining popularity in the detergents and cleansers market because of its non-corrosive, non-toxic, and biodegradable properties. Throughout the projection period, the industry is anticipated to exhibit significant increase which will further swell the Citric Acid demand in the forecast period.
Based on region, Asia Pacific and Europe are the leading consumers across the globe. In 2022, the highest demand was by Asia Pacific region with a market share of about 31%. The demand is expected to further grow in the forecast period due to increasing urban population in these regions, demanding more ready-to-eat commodities in which citric acid works as a preservative. Furthermore, the employment of Citric Acid in carbonated beverages is anticipated to further propel the Citric Acid demand in the forecast period.
Based on type, the global citric acid market is divided into Anhydrous and Monohydrate types. The Anhydrous type is dominating the market due to its chemical stability and high shelf-life.
Based on the end-user industry, the global Citric acid market is segmented into Food & Beverages, Pharmaceuticals, Detergent & Cleaning, Cosmetic & Personal Care, and others. Food & Beverages industry is the dominating as a consumer, with a market share of approximately 61% of the total demand in 2022. Moreover, it is expected that the Detergent & Cleaning industry will experience a surge in the forecast period.
Major players in the production of Global Citric Acid market are RZBC Group Co., Ltd., TTCA Co., Ltd., Jungbunzlauer, Jiangsu Guoxin Union Energy Co., Ltd, Yixing Xielian Biochemical Co. Ltd., COFCO Biochemical (AnHui) Co., Ltd., Laiwu Taihe Biochemical Co. Ltd., and others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Citric Acid which covers production, demand and supply of Citric Acid market in the globe.
• To analyse and forecast the market size of Citric Acid
• To classify and forecast Global Citric Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Citric Acid market in the globe.
To extract data for Global Citric Acid market, primary research surveys were conducted with Citric Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Citric Acid market over the coming years.
ChemAnalyst calculated Citric Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Citric Acid across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Citric Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Citric Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Citric Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Citric Acid s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
2800 thousand tonnes
Market size Volume by 2035
4800 thousand tonnes
Growth Rate
CAGR of 4.08% from 2023 to 2035
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2035
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2035
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Type, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Food & Beverages, Pharmaceuticals, Detergent & Cleaning, Cosmetic & Personal Care, and others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Citric Acid market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Citric Acid.
3. Capacity By Location
To better understand the regional supply of Citric Acid by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Citric Acid by the leading players and forecast how it will grow in the coming years.
6. Demand by Type
Learn about the various types: Anhydrous and Monohydrate types, and their demands. It will allow you to choose which type to concentrate on when designing your strategy.
7. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Food & Beverages, Pharmaceuticals, Detergent & Cleaning, Cosmetic & Personal Care, and others.) are creating a market and the forecast for the growth of the Citric Acid market.
8. Demand by Region
Analyzing the change in demand of Citric Acid in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
9. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Citric Acid. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
10. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Citric Acid.
11. Company Share
Figure out what proportion of the market share of Citric Acid is currently held by leading players across the globe.
12. Manufacturing Process
Discover insights into the intricate manufacturing process of Citric Acid.
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What is the expected global market size of Citric Acid in terms of volume for 2035?
Ans:
The global market size of Citric Acid is expected to reach approximately 4800 thousand tonnes by 2022, and it is expected to further expand with a CAGR of 4.08%.
Q2.
What are the major end-use industries of Citric Acid?
Ans:
Citric Acid is used in a wide range of end use industries including Food & Beverages, Pharmaceuticals, Detergent & Cleaning, Cosmetic & Personal Care, and others.
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