The global citric acid market is expected to reach USD 3.83 billion by 2025, growing at a CAGR 4.9%, according to a new report by Grand View Research, Inc. Increasing demand for the product as an acidulant in food & beverages application is expected to be a major factor driving the market.
The market is highly competitive in nature with companies increasing their production capacities to serve the growing demand. The companies compete on the basis of product superiority, manufacturing technologies, and adherence to regulations pertaining to citric acid products in an attempt to increase their revenue.
The industry is marked by the presence of major participants focusing on R&D activities to come up with application-specific citric acid products. These well-established players account for a relatively larger share of the annual production of citric acid and have a competitive edge over the smaller players as they have a prevailing goodwill in the market.
The industry is marked by the presence of numerous small unorganized players that deal majorly with the local distribution and cater to the demand in domestic and adjoining economies. These small players in the industry do not have a significant impact on the market dynamics due to low production volumes and smaller geographic reach.
To view summary of this report, click the link below:
www.grandviewresearch.com/industry-analysis/citric-acid-market
Further key findings from the report suggest:
Grand View Research has segmented the global citric acid market report on the basis of form, application, and region:
Citric Acid Form Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Citric Acid Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)