According to the research report titled ‘Global Citric Acid Market Size study, by Forms (Anhydrous citric acid, Liquid citric acid) by Functions (Acidulate, Preservative, Antioxidant, Sequestrate) by Applications (Food (Beverages, Confectioneries, Convenience food product, Dairy products), Pharmaceuticals & personal care, Others)and Regional Forecasts 2021-2027’, available with MarketStudyReport, global citric acid market amassed USD 2.55 million in 2020 and is anticipated to accrue USD 3.81 million by 2027, growing at 5.89% CAGR between 2021-2027.
 

Growing product usage in chemical manufacturing, rising demand for natural food additives, and consumer inclination for organic food & beverages are key factors driving global citric acid market growth. The utilization of citric acid as a natural flavoring agent will aid revenue inflow as well.
 

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For the unaware, citric acid is a weak organic acid which occurs naturally and is also found in citric fruits. It is commercially manufactured by fermentation and appears as an odorless, white, and crystalline powder at ambient temperatures. 
 

Increasing awareness regarding citric-acid based pharmaceuticals and food & beverages, growing urbanization, and lifestyle changes have raised the demand for sophisticated products, thus facilitating industry growth.
 

While inclination towards citric acid products due to its ability to solve digestive problems will stimulate market expansion, side effects of excessive consumption such as vomiting, nausea, abdominal pain, and diarrhea will act as a challenge for businesses in this domain. 
 

Based on form, worldwide citric acid industry is arrayed into liquid citric acid, and anhydrous citric acid. Speaking of function, the business sphere is split into preservative, acidulant, sequestrant, and antioxidant. Moving on to application scope, the market space is divided into food, pharmaceuticals & personal care, and others.
 

From regional frame of reference, Europe and North America combinedly held 40% industry share in the recent past. Meanwhile, Asia Pacific market is projected to record 6.6% CAGR between 2021-2027, owing to growing demand for organic food additives, and flourishing food & beverage industry.
 

Leading players profiled in the global citric acid market report are COFCO Biochemical  (Anhui) Co. Ltd., S.A. Citrique Belge N.V., Cargill Inc., Archer-Daniels-Midland Company, Jungbunzlauer Holding AG, Huangshi Xinghua Biochemicals Co. Ltd., Weifang Ensign Industry Co. Ltd., Tate & Lyle PLC, RZBC Group Co. Ltd., and Gadot Biochemical Industries Limited.