Published on: May 2022
A staggering rise of Citric acid in the market share
According to a recent analysis, the global citric acid market is predicted to reach USD 3.83 billion by 2025, rising at a CAGR of 4.9 percent. The market is likely to be driven by rising demand for the product as an acidulant in food and beverage applications. Companies are increasing their production capacities to meet the increased demand in a highly competitive industry. In order to raise their revenue, the companies compete on the basis of product superiority, production technology, and adherence to citric acid product laws.
Key players, market segmentation and more on Citric acid
The presence of large players in the sector is characterised by R&D operations aimed at developing application-specific citric acid products. These well-established firms account for a bigger share of annual citric acid production and have a competitive advantage over smaller players because of their market reputation. Numerous tiny unorganised firms dominate the market, which mostly deal with local distribution and meet demand in domestic and neighbouring economies. Due to low production volumes and a limited geographic reach, many tiny businesses in the industry have little impact on market dynamics.
The following are some of the report's other main findings:
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