Market Size of Citric Acid Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.62 Billion |
| Market Size (2029) | USD 4.45 Billion |
| CAGR (2024 - 2029) | 4.16 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Citric Acid Market Analysis
The Citric Acid Market size is estimated at USD 3.62 billion in 2024, and is expected to reach USD 4.45 billion by 2029, growing at a CAGR of 4.16% during the forecast period (2024-2029).
- The versatile nature of citric acid makes it a valuable component in various industries, including food and non-food sectors. It is utilized as an acidulant, preservative, antioxidant, buffering, and binding agent. The applications of citric acid, in both liquid and anhydrous forms, span across different domains, such as food and beverages, pharmaceuticals, personal care, and more. In food products, citric acid is added as an additive to intensify sourness, tartness, and flavor. Moreover, its inclusion suppresses microbial growth, thereby increasing the shelf life of food products and driving the demand for citric acid.
- The popularity of citric acid in medicines and dietary supplements is on the rise globally. Its use helps preserve and stabilize the active ingredients in medicines and can also enhance the taste of chewable and syrup-based medications. Citric acid is also known to boost the absorption of mineral supplements like magnesium and calcium.
- Moreover, consumers are increasingly demanding citric acid extraction from natural sources as they prefer vegan sources for their products. This trend has led market players to focus on continuously launching new products with improved application capabilities and high-quality standards. As a result, the market for citric acid is expected to grow significantly in the coming years.
