New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Citric Acid Global Market Report 2023" - https://www.reportlinker.com/p06316479/?utm_source=GNW
Ltd., Weifang Ensign Industry Co. Ltd., Yixing Biochemical Co. Ltd., Weifang Ensign Industry Co. Ltd., Shandong Juxian Hongde Citric Acid Company Ltd and Huangshi Xinghua Biochemical Co.Ltd.
The global citric acid market grew from $3.87 billion in 2022 to $4.2 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The citric acid market is expected to grow to $5.52 billion in 2027 at a CAGR of 7.1%.
The citric acid market consists of sales of citric acid powder and citric acid crystals.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The citric acid refer to the weak organic acid that occurs in natural products such as citrus fruits limes, oranges, and lemons.It is produced commercially by the fermentation procedure and it seems white, odorless, and crystalline powder at room temperature.
Citric acid, due to its sour tasting and acidic nature, is commonly used as a preservative and flavoring agent. It also has various benefits to even skin tone and kills bacteria and viruses.
Europe and North America was the largest region in the citric acid market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in citric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of citric acid are liquid and anhydrous.Liquid Citric Acid is a food-grade, weak organic acid that has a wide range of applications in the food business.
The key functions are acidulant, preservative, antioxidant, and sequestrant having applications in various industries such as food and beverage, bakery, confectionery, dairy, pharmaceutical, personal care, and other applications.
The increasing need for food safety is expected to drive the growth of the citric acid market.Fruits and vegetables are the main sources of nutrients like vitamin C, thiamine, niacin, pyridoxine, folic acid, minerals, and dietary fiber.
Citric Acid is recognized as safe for foods and these fruits and vegetables are contaminated with harmful substances pre-harvest and post-harvest.Growing awareness about the food and safety among the people for healthy leaving.
For instance, in May 2022, according to an article published by World Health Organization, a Switzerland-based international organization for public health, every year, an estimated 600 million people – nearly one in every ten people in the world – become ill after eating contaminated food, and 420 000 die, resulting in the loss of 33 million healthy life years.Each year, low- and middle-income countries lose USD 110 billion in productivity and medical costs as a result of unsafe food.
Children under the age of five account for 40% of the foodborne disease burden, with 125 000 deaths each year. Therefore, there is a need for food safety that is driving the growth of the citric acid market.
The increasing demand for low-calorie RTD beverages is shaping the citric acid market.RTD beverages have a low-calorie count that provides improves heart health, better immunity, and boosts energy.
For example, in July 2021, Molson Coors’, a US-based beverage company, launched Vizzy, a new watermelon hard seltzer drink.This drink is filled with antioxidant vitamin C that is made of watermelon juice and acerola super fruit that comes in four flavors blueberry kiwi, passionfruit, and mango mixed with watermelon.
Each of the drink contains 100 calories and 1 g of sugar.
In March 2022, Frutura, a US-based sales and marketing company for providing customers with premium fruit, has signed an agreement to acquire Citricola Saltena S.A. for an undisclosed amount. With the acquisition, the company would be renamed to Frutura Uruguay and the company intends to examine current varietal offerings, carefully infuse capital, and improve process effectiveness. Citricola Saltena S.A. is an Uruguay-based marketer and distributor of juice and citrus.
The countries covered in the citric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The citric acid market research report is one of a series of new reports that provides citric acid market statistics, including citric acid industry global market size, regional shares, competitors with a citric acid market share, detailed citric acid market segments, market trends and opportunities, and any further data you may need to thrive in the citric acid industry. This citric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06316479/?utm_source=GNW
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