The global citric acid market is primarily influenced by its demand in various end-use industries, such as food and beverages (F&B), pharmaceuticals, and cosmetics. Citric acid report has multifunctional properties, including acidity regulation, flavor enhancement, and antioxidant properties, making it a versatile ingredient in these sectors. Additionally, the rising focus on natural and clean-label products is catalyzing the demand for citric acid. Furthermore, increasing consumer awareness about the importance of health and wellness is impelling market growth. Moreover, the expanding application scope of citric acid in industrial processes, such as cleaning agents, chelating agents, and water treatment, is contributing to the market growth. 

The global citric acid market size reached US$ 2.9 Million Tons in 2023. By 2032, IMARC Group expects the market to reach US$ 3.7 Million Tons, at a projected CAGR of 2.60% during 2023-2032. The citric acid market across various regions experienced various dynamics in Q4 of 2023, each influenced by distinct factors. In the North America region, particularly in the USA, the citric acid market witnessed notable dynamics in Q4 2023. Firstly, there was an evident improvement in domestic market conditions due to increased demand and inventory restocking, primarily influenced by escalating input costs and the onset of the winter season. However, challenges emerged in the import market due to supply constraints and reduced imports from key exporting nations. Despite these obstacles, the domestic market experienced an uptick in citric acid prices, attributed to inflationary pressures across the supply chain, including rising wages and energy costs. Moreover, the decrease in imports from China compounded supply issues, contributing to upsurge in prices. 

Apart from this, in Q4 of 2023, the citric acid market in the APAC region experienced price fluctuations driven by several key factors. Firstly, a global decline in prices due to reduced international demand, particularly from major exporting nations like China and Germany. This decline was further increased by surplus inventory among German suppliers, leading to a downward price. Secondly, South Korea, a major player in the citric acid market, showcased a notable reduction in imports, indicating a strategic move to accumulate inventory to meet domestic demand. This decrease in imports, coupled with limited supply and steady demand, contributed to a price surge in the country. Additionally, the appreciation of the South Korean Won against the LJSD further influenced the pricing trend, making imports relatively more expensive. Overall, the citric acid market in the APAC region, particularly in South Korea, saw a price surge in Q4 of 2023 on account of the increased demand, limited supply, and currency fluctuations. 

For more details, visit us: https://www.imarcgroup.com/citric-acid-pricing-report