SWOT Analysis
Strength: Citric acid is a natural organic acid and is classified as a food additive that is generally recognized as safe (GRAS) by regulatory authorities. It has wide applications as a flavoring agent and preservative.
Weakness: Fluctuations in raw material prices can impact the overall production cost of citric acid. Bio-based production of citric acid requires high capital investment.
Opportunity: Increasing use of natural preservatives in food products over synthetic ones can present new growth opportunities. Growing demand for healthier beverage options is expected to fuel the usage of citric acid in the beverage industry.
Threats: Availability of alternative organic acids for use as preservatives can threaten citric acid demand. Stringent regulations pertaining to use of food additives in certain countries and regions.
Key Takeaways
The Global Citric Acid Market Size is expected to witness high growth, exhibiting a CAGR of 1.7% over the forecast period of 2023-2030, due to increasing consumption of processed and packaged food and beverages.
Regional analysis: North America is expected to dominate the citric acid market during the forecast period. This is attributed to the strong demand for processed and packaged food from countries like USA and Canada. Asia Pacific is expected to be the fastest growing regional market owing to growing population, rising disposable income, and increasing health awareness in the region.
Key players operating in the citric acid market are Archer Daniels Midland Company, Cargill, Inc., Tate & Lyle PLC, Jungbunzlauer Suisse AG, Huangshi Xinghua Biochemical Co.Ltd., RZBC Group Co., Weifang Ensign Industry Co., Ltd., Danisco A/S, Gadot Biochemical Industries Ltd.
Key players operating in the citric acid market are Archer Daniels Midland Company, Cargill, Inc., Tate & Lyle PLC, Jungbunzlauer Suisse AG, Huangshi Xinghua Biochemical Co.Ltd., RZBC Group Co., Weifang Ensign Industry Co., Ltd.
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