The Latin America Citric Acid Market is worth USD 0.32 billion in 2024 and is forecasted to exhibit a CAGR of 5.15% and reach USD 0.48 billion by 2032. The Latin America Citric Acid market is predicted to showcase huge potential in the forecasting period.
Citric acid is an organic acid found in citrus fruits. It is mainly used as acidulant to add sour taste to soft drinks and foods and also used as preservative in various kinds of processed foods. It can also be used in the manufacturing of various detergents and cleaners, pharmaceuticals, industrial applications and personal care products.
Citric acid market is driven by factors like wide applicability of citric acid as an acidulant, emulsifier, preservative, sequestrant, flavorant, and buffering agent in various products of non-food and food industries. Rising applications of citric acid in detergents and cleansers for their biodegradability and other ecofriendly properties are also key driving factors of market.
However, these manufacturers face strong competition from inter and intra market peers. This acts as one of the major restraint restricting the market.
Food segment dominates the market with around three fourths of the share.
Major Key Players in the Latin America Citric Acid Market are Tate & Lyle plc, Archer Daniels Midland Company, Pfizer Inc, and Gadot Biochemical Industries
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