The global citrus extract market size is expected to reach USD 7.8 billion by the end of 2027, as per a new report by Grand View Research Inc., expanding at a CAGR of 4.2% from 2020 to 2027. The market is expected to be majorly driven by growing demand for healthy and nutritional beverages across the geographies.
Paradigm shift towards healthy lifestyle supported by growing awareness regarding health and nutrition is expected to create significant growth opportunities for the market globally. Citrus fruits including lemon, lime, orange, and grapefruit are popular for their high vitamin C content and several health benefits, such as weight management, immunity boost, and personal care. These factors have significantly boosted the product consumption in the form of extracts mixed in the food and beverage industry for carbonated soft drinks, fruit beverages, functional beverages, sports beverages among other applications.
The market is expected to witness an increase in demand from North America and Europe, where countries such as U.S., U.K. and Germany are among the early adopters of healthy and balanced nutrition lifestyles. Furthermore, growing consumer inclination towards natural and bio-based flavoring agents owing to rise in concerns regarding the negative impacts of synthetic ingredients over human health has accelerated the market growth over the past few years. Asia Pacific countries such as India and China are expected to witness lucrative growth in future supported by the ease of raw material availability and traditional consumption of the citrus products.
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New product launches with innovative flavors is one of the factors driving intense competition and diversification among the end users. This has amplified the product demand among beverage producers. Regulatory norm compliance on national and international levels for sustainable production and distribution has increased the acquisition of certifications, such as GMP and USDA, among the manufacturers involved in domestic as well as offshore businesses. Positioning in high-growth regions, investments, cultivation expansion, operating fully optimized supply chains, and sustainable and organic production are some of the prominent operating strategies amongst market participants.
Natural calamities and climatic fluctuations that negatively impact plant cultivation are expected to pose as a significant threat to the market. This threat is expected to be widened by the trade halts, supply chain disruptions, and industrial shutdowns caused by the impact of COVID-19 in some of the major economies, such as U.S., U.K., France, India, and China, which is further likely to project industry challenge in 2020.
Key Companies & Market Share Insights:
Key manufacturers of the product include players such as The Lebermuth Co. Inc. and Symrise AG that collectively hold a significant market share in terms of revenue. Increasing number of mergers and acquisitions with players involved in the mint cultivation business or distribution business is moving the market towards consolidation.
Easy and wide availability of raw materials has reduced the entry barrier for new entrants, especially in Asia Pacific. Prominent operational strategies of the market players include positioning in high-growth regions, acquisitions, investments, and building and operating fully optimized supply chains.
The manufacturers are also focused on establishing long-term supply contracts with distributors/suppliers to ensure the continuous supply of their products and avoid price fluctuations. Drive towards new flavor development and product diversification amongst end users have driven the requirement for R&D in the flavoring industry. This is likely to expand the product application.
Some prominent players in the citrus extract market are:
The Lebermuth Co. Inc., Mountain Rose Inc., Young Living Essential Oils LC, Bontoux S.A.S., Symrise AG, Citromax Flavors Inc, doTERRA International, LLC., Citrus and Allied Essences Ltd.
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