Citrus Extract Market Size and Competitive Analysis till 2031

The citrus extract market is expected to register a CAGR of 5% during 2023 – 2031. The citrus extract market is growing due to rising popularity of citrus flavored beverages.

Citrus Extract Market Analysis

• Citrus extract market is highly competitive with the leading companies involved in incessant research and development activities to come up with advanced extraction techniques and new product formulations to gain a competitive edge.
• Advancement in technologies such as cold extraction procedures has improved the taste and quality of citrus extracts thereby, creating lucrative opportunities for buyers in the market.
• Carbonated soft drinks, fruit juices and energy drinks are emerging as the fastest-growing segments in beverage sector where citrus fruit flavors are being demanded widely due to their refreshing and tangy taste. This is further bolstering the growth of the citrus extract market.

Citrus Extract Market Overview

• Citrus extracts are prepared from various fruits such as orange, lemon, grapefruit and others. This extract is popular for their rich flavour profiles and aroma and are used as additives in the food industry.
• Some of the applications of citrus extracts in the food industry include flavouring bakery products, confectionary, dairy products, soft drinks and also as major flavouring agents for juices and flavoured waters.
• The global trend towards clean-label products and natural ingredients is creating more demand for citrus extracts, as consumers look for healthier alternatives to artificial flavours. Along with food products, citrus extracts are extensively used in the cosmetics and personal care industry.
• The natural antiseptic properties, along with the refreshing scent, make citrus extracts popular ingredients in cosmetic products, skincare and haircare products. The ability to assimilate in a large number of skincare products makes citrus peel extracts popular ingredients, especially as they are rich in antioxidants and vitamins.

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Citrus Extract Market: Strategic Insights

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Citrus Extract Market Drivers and Opportunities

Increasing Demand for Natural Ingredients to Favor the Market

One of the primary growth drivers for citrus extract market is the increasing consumer demand for natural and clean label products. Rising health awareness coupled with the growing consumer interest to avoid synthetic additives and preservatives in food & beverages, will boost the appetite for natural citrus extracts.

These extracts are derived from natural citrus fruits (oranges, lemons, grapefruits etc) and are considered as a better alternative to synthetic flavours and colourings. This growing trend of natural and clean label foods and beverages will create a healthy market for the citrus extracts. As consumers are increasingly getting smart about the health benefits of citrus fruits, the scope for citrus extracts simply gets bigger and better.

Opportunities in the Health and Wellness Sector

The health and wellness trend provides an opportunity for the citrus extract market. An increasing focus on health and nutrition by consumers has opened avenues for the citrus extract market, as more foods need to be marketed and sold as having a beneficial effect on health and well-being. Citrus extracts are rich sources of vitamins, especially vitamin C, and are increasingly being used in the development of functional foods and beverages to support immunity and improve general health. This trend is more pronounced in regions with a greater number of health-conscious consumers such as North America and Europe. The rise of clean eating and plant-based diets also bodes well for demand for natural flavouring agents such as citrus extracts. Companies focusing on the development of innovative product portfolio by leveraging these health trends will benefit from more opportunities.

Citrus Extract Market Segmentation Analysis

Key segments that contributed to the derivation of the citrus extract market analysis are form, source, and application.

• Based on form, the citrus extract market is divided into dry, and liquid.
• Based on source, the citrus extract market is segmented into lemon, orange, grapefruit, and others.
• On the basis of application, the market is divided into food and beverages, dietary supplements, personal care and cosmetics, and others.

Citrus Extract Market Share Analysis by Geography

• Citrus extract market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering citrus extract market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the citrus extract market in these regions.

Citrus Extract Market Regional Insights

The regional trends and factors influencing the Citrus Extract Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Citrus Extract Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Citrus Extract Market Report Scope

Citrus Extract Market Players Density: Understanding Its Impact on Business Dynamics

The Citrus Extract Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Citrus Extract Market are:

1. Kerry Group plc
2. Givaudan
3. Citrus Extract LLC
4. Dohler Group
5. Symrise AG
6. Flavorman

Disclaimer: The companies listed above are not ranked in any particular order.

Citrus Extract Market News and Recent Developments

The citrus extract market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the citrus extract market are listed below:

• Kerry unveiled unique citrus extract technology, New! Citrus Extract. The developed product has many different applications, including sparkling water, still flavoured water, ready-to-drink teas, juice drinks, isotonic drink, energy drinks, craft carbonated soft drinks, and alcoholic beverages. (Source: Kerry Group plc/Press Release/2021)
• Givaudan and Manus Bio launch BioNootkatone, a clean-label citrus ingredient. (Givaudan/Press Release/2022)

Citrus Extract Market Report Coverage and Deliverables

The “Citrus Extract Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:

• Citrus extract market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Citrus extract market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed Porter’s Five Forces and SWOT analysis
• Citrus extract market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the citrus extract market
• Detailed company profiles