Global Citric Acid Market Expected To Reach USD 1805.1 M USD By 2024

Global Citric Acid Market expected to reach USD 1805.1 M USD by 2024 driven by its increasing use in Food & Beverages, Pharmaceuticals & Personal Care and Detergents & Cleansers. The growth of these end-use industries, particularly in emerging economies of Asia Pacific region, is anticipated to boost the growth of the chemical over the projected period.

There are many manufacturers in the world, mainly in china, North America and Europe. The major manufacturers are Weifang Ensign Industry Co., Ltd., TTCA Co., Ltd, RZBC Group Co. Ltd., Cofco Biochemical (Anhui) Co., Ltd., Jungbunzlauer Suisse AG, Tate & Lyle, S.A. Citrique Belge N.V., Archer Daniels Midland Company, Cargill Incorporated, Shandong Juxian Hongde Citric Acid Company Ltd and Huangshi Xinghua Biochemical Co.Ltd. The product revenue of Citric Acid is 1685.8 M USD in 2016.
 
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The bio-based and chelating characteristics of citric acid make it a viable solution to several toxic substances used for manufacturing detergents & cleaners, especially for household purposes. Rising awareness regarding cleanliness and hygiene is expected to augment the demand for detergents & cleaners, resulting in a volume CAGR of 5.23% over the projected period.

Asia Pacific dominated the global industry, the Product Capacity accounted for above 67% of the global citric acid market in 2016.but the major consumption regions are Europe and North America, the consumption market share are 31.19% and 25.34% in 2016.

Rapid industrialization resulting in the presence of large-scale manufacturing bases for food & beverages, pharmaceuticals, and cosmetics is expected to augment the demand for the chemical as an intermediate in several processes.

Increasing healthcare expenditure coupled with rising number of ailments across the world is expected to augment the demand for pharmaceuticals. The demand for citric acid is projected to progress in tandem with the development of the pharmaceutical sector. 
 
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