COVID-19 Impact On Citric Acid Market By Application, Size, Share, Opportunity and Forecast To 2024

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Market Scenario

Citric acid is an organic acid that can be derived from the citrus fruits. It is used as an intermediate in biochemistry. This acid generally comes in powdered and liquid form. And, is used in a number of end-use industries such as cleaning agent, food & beverages, pharmaceuticals, cosmetics & personal care, among others.

The versatile Citric acid Market By Application  is safe for the oral consumption. Hence, it is extensively used in food items and medicines. This also makes the acid ideal for a wide range of applications areas. Some of the newly found application areas of the Citric acid include personal care & cosmetics, due to its acidulant qualities and it’s added to the Ice creams as an emulsifying agent to prevent fats from separating

Conversely, the market is confronted with some of the challenges such as volatility of prices & supply of integral feedstock. Nevertheless, increasing production capacities of Citric Acid in the Asia Pacific region are expected to propel the industry growth worldwide.

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Global Citric Acid Market   – Geographical Analysis

Globally, Europe is the largest market for Citric Acid followed by the North America and Asia-Pacific markets respectively. Augmented demand for the Citric acid, backed by the increasing applications in various end-user industries such as Cleaning & Chelating Agent, Food & Beverages, Pharmaceuticals, Cosmetics & Personal Care, among others, drive the market growth in the region. Growing end-users industries in some of the European countries like Germany, Italy, France and the UK fosters the growth of the regional market.

The North America market stands as the second-largest market for Citric Acid owing to the presence of leading manufacturers in the region with the superior product offering.  Owing to the high consumption of Citric  Acid in the well-developed industries such as personal care, and F&B mainly in the US, Canada, and Mexico among the other North American countries, the region is estimated to create a substantially large revenue pocket for the global Citric  Acid market by 2022.

Global Citric Acid Market   – Competitive Landscape

The global Citric Acid market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.

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Key Players

The Global Citric Acid Market is led by some of the fervent key players including COFCO Biochemical (AnHui) Co. Ltd., Archer-Daniels-Midland Company, Jungbunzlauer Suisse AG, Cargill, Incorporated, RZBC Group Co. Ltd., Huangshi Xinghua Biochemical Co.Ltd., Ensign Industry Co. Ltd., Weifang Tate & Lyle PLC, Citrique Belge N.V., Gadot Biochemical Industries Limited, and S.A. Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of the competition.

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