Latin America Citric Acid Market

Latin America Citric Acid Market Growth and Forecast (2023 - 2028):

The Latin America Citric Acid Market was worth USD 0.39 billion in 2022 and is forecasted to exhibit a CAGR of 5.8 % and reach USD 0.52 billion by 2028. The Latin America Citric Acid market is predicted to showcase huge potential in the forecasting 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.

Latin America Citric Acid Market Segmentation Analysis:

The Latin America 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:

Geographically the Latin America Citric Acid Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America.

Key Players in the Market:

Major Key Players in the Latin America Citric Acid Market are

• Tate & Lyle plc
• Archer Daniels Midland Company
• Pfizer Inc
• Gadot Biochemical Industries