Jul 02, 2020
Citrus Fiber Market to Expand 1.6X by 2030; Rising Demand for Immunity-boosting Food Products amidst COVID-19 Pandemic Aiding Market Growth
by Team Fact.MR
The global market for citrus fiber has recently been witnessing the development of natural citrus fibers that can enhance the functionality of tomato-based food products through the replacement of gums and starches in condiments, sauces, and spreads. This opportunity has been timely realized when consumers across the globe are opting food products with improved label declarations achieved by the replacement of gums and starches in meats, baked goods, beverages, and sauces. High adoption of digital marketing and surge in the number of online e-Commerce platforms are also opening up new avenues for the growth of the citrus fiber market. Key players are focusing on capacity and geographical expansion to meet ever-increasing demand for citrus fiber in the food and beverage industry. According to a new Fact.MR study, the citrus fiber market is poised to expand at a value CAGR of 5%, and account for revenue worth US$ 790 Mn by 2030-end.
Key Takeaways from Global Citrus Fiber Market Study
- Food grade citrus fiber is estimated to account for 55% share of the total market revenue in 2020, but lose 300 BPS in its market share by 2030.
- Orange-based citrus fiber with high content of vitamin C is set to influence the growth strategies of market players, and is expected to contribute revenue worth US$ 270 Mn in 2020, increasing at a CAGR of 5% during the forecast period.
- The citrus fiber market in Europe is projected to hold a prominent share of the global market value, while the market in Asia Pacific is projected to resister the highest growth rate in terms of value during the forecast period.
- Citrus fiber used in bakery product applications is poised to progress at a CAGR of 3%, creating an absolute $ opportunity of US$ 33 Mn by 2030.
- With lockdowns and restrictions imposed across the world to stop the spread of coronavirus, demand for citrus fiber from end-use industries has taken a hit. However, things are opening up gradually, and immunity-boosting food products are high in demand, boding well for the growth of the global citrus fiber market.
“The demand for food products containing natural, familiar, and simple ingredients, followed by increasing awareness for natural ingredient products, is expected to drive the growth of the citrus fiber market through 2030,” says a Fact.MR analyst.
Key Players to focus on Capacity Expansion
Key players in the citrus fiber market are focusing on capacity expansion to meet the mounting demand from the food and beverage industry. For instance, in May 2017, Cargill Inc. acquired Polyol Product Line Agrol and other assets of BioBased Technologie, aiming to increase its production capacity along with vertical integration. Furthermore, companies are continuously focusing on innovation and product launches with better added features than previous versions. For instance, CP Kelco launched NUTRAVA™ unveiled a new citrus fiber product line at the Food Ingredients Europe conference. NUTRAVA™ does not require an e-number in Europe, as it is a clean-label ingredient that is sustainably sourced and produced from intact citrus peels.
More Valuable Insights on Citrus Fiber Market
Fact.MR, in its new offering, presents an unbiased analysis of the global citrus fiber market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the citrus fiber market on the basis of grade (food, pharma, and others), source (oranges tangerines/ mandarins, grapefruit, and limes and lemons), application (bakery, deserts and ice creams, sauces, meat & egg replacements, beverages, flavors & coatings, personal care, pharmaceuticals, and others), and function (water binders & fat replacers, thickening gums, and gelling gums), across six major regions.
>>> To Get more insights on citrus fiber market, visit- https://www.factmr.com/report/2305/citrus-fiber-market
About the Food & Beverage Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The food & beverage team at Fact.MR assists clients in their business expansion as well as new ventures, through hawkeyed analysis and strategic recommendations.