Asia Pacific Citric Acid Market

Asia Pacific Citric Acid Market Growth and Forecast (2023 - 2028):

Asia Pacific Citric Acid Market has been estimated at USD 0.9 billion in 2022 and is projected to reach USD 1.23 billion by 2028, at a CAGR of 6.4 % during the forecast period from 2023 to 2028. The Asia-Pacific Citric Acid market is showcasing significant potential in the mentioned forecast period.

Market Overview:

Citric acid is an organic acid found in citrus fruits. It is mainly used as acidulant to add sour taste to soft drinks and foods and also used as preservative in various kinds of processed foods. It can also be used in the manufacturing of various detergents and cleaners, pharmaceuticals, industrial applications and personal care products.

Drivers and Restraints:

Citric acid market is driven by factors like wide applicability of citric acid as an acidulant, emulsifier, preservative, sequestrant, flavorant, and buffering agent in various products of non-food and food industries. Rising applications of citric acid in detergents and cleansers for their biodegradability and other ecofriendly properties are also key driving factors of market. However, these manufacturers face strong competition from inter and intra market peers. This acts as one of the major restraint restricting the market.

Asia Pacific Citric Acid Market Segmentation Analysis:

The Asia-Pacific market for Citric Acid is segmented on the basis of form, application, Function and grade. The market segmentation on the basis of form is done under Anhydrous and Liquid. Based on application, market is further segmented into Food, Pharmaceuticals & Cosmetics, Reagents and Others, where food segment is further segmented into Beverages, Confectionaries, Convenience food products, Dairy products. Of which, Convenience food products segment is further segmented into Creams, fats and fillings, Soups and Sauces, oils. The market segmentation based on function is done under Acidulant, Antioxidant, Preservative, and Sequestrant. On the basis of grade, market is further segmented into Pharmaceutical, Industrial. Food segment dominates the market with around three fourths of the share.

Region Analysis:

On the basis of geography, the Asia-Pacific market is analyzed under various regions namely China, India, Australia, Japan and South Korea. Asia-Pacific position can be attributed to China being major exporter and consumer of citric acid.

Key Players in the market:

Major key players in the Asia Pacific Citric Acid Market are

Tate & Lyle plc, Archer Daniels Midland Company, Pfizer Inc., and Gadot Biochemical Industries.