Global Citric Acid Market Size will Reach $2182.41 Million in 2023

Global Citric Acid Market Overview

According to Global Market Monitor, the global citric acid market size will reach $2182.41 million in 2023 with a CAGR of 5.57% from 2023 to 2028.

Citric acid is found naturally in several fruits and berries and is commonly added to many foods and beverages as a preservative or for flavor. Citrus fruits, especially the sourer ones like lemons and limes, owe their sharp taste to citric acid.

Increasing Demands from RTD Beverages and RTE Foods  

The functional superiority of citric acid in shelf-life enhancement, pH buffering, and providing flavor and tartness is higher than that of phosphoric, tartaric, and lactic acids to name a few. The robust demands for ready-to-drink (RTD) healthy beverages and soft drinks are facilitating the usage of citric acid. Citric acid is widely used to impart tart flavor to foods and beverages and acts as a pH adjuster in the manufacture of gelatin desserts, jellies, jams, etc. The growing demand for RTD beverages and processed foods is significantly aiding the citric acid industry's growth.

Stiff Competition      

With major manufacturers and suppliers in the citric acid industry competing globally, the intensity of competition within the citric acid industry has increased. The vendors adopt strategies like price premiums to stay competitive in the market. At the same time, small companies and retailers enter the business consequently as venturing into a citric acid business does not require immense capital or investment, leading to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established citric acid manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes. The fierce competition is not conducive to the sustainable development of the industry.

Weifang Ensign Industry Co., Ltd is a large enterprise that manufactures and markets citric acid monohydrate, citric acid anhydrous, sodium citrate, special grade alcohol, superior grade alcohol, and other products. Its plant has an advantageous geographical location in Changle, Fujian, China. Near the factory, there are large transport and logistics centers, including the seaports of Qingdao, Yantai, Rizhao, Weifang, and Longkou, Qingdao International Airport to the east, and Jinan International Airport to the west.

Company Name	Weifang Ensign Industry Co., Ltd.
Website	www.ensignworld.com
Established Time	1997
Headquarter	China
Sales Region	Worldwide
Competitors	TTCA Co., Ltd
Manufacturing Base	China