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Citrus Peel Extract Market

Citrus Peel Extract Market

Citrus Peel Extract Market Analysis By Form (Oil & Powdered Citrus Peel Extract) By Fruit (Orange, Lime, Lemons & Grapefruit Citrus Peel Extract) By End-Use and By Region – Global Market Insights 2022 to 2032

Citrus Peel Extract Market
FACT660MR
  • Jul-2022
  • List of Tables : 84
  • List of Figures : 112
  • 170 Pages
  • Food & Beverage

Citrus Peel Extract Market Outlook (2022-2032)

Worldwide citrus peel extract product sales are currently valued at around US$ 7.59 billion. Detailed industry analysis has revealed that the global citrus peel extract market is expected to expand at a CAGR of 4.5% and reach a value of US$ 11.84 billion by 2032.

Over the coming years, the market is set to expand steadily as a result of rising consumer demand for use of natural extracts in food and beverage items with enhanced nutritional values.

Report Attributes

Details

Citrus Peel Extract Market Size (2022E)

US$ 7.59 Billion

Forecasted Market Value (2032F)

US$ 11.84 Billion

Global Market Growth Rate (2022-2032)

4.5% CAGR

North America Market Share (2022)

33.1%

Europe Market Share (2022)

27.4%

Market Share of Top 3 Countries

38.9%

Key Companies Profiled

  • Phyto Life Sciences P. Ltd.
  • Cifal Herbal Private Ltd
  • Ultra International B.V.
  • Merck KGaA
  • IRIMAR S.L.
  • Vee Kay International
  • Argenti Lemon S.A
  • Vincent Corporation
  • Apara International
  • RUNHERB INC
  • Orgenetics, Inc.
  • S.A. Herbal Bioactives LLP
  • Active Concepts LLC
  • NOW foods Inc.

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Worldwide Citrus Peel Extract Product Sales Analysis (2017-2021) Vs. Market Forecasts (2022-2032)

Citrus peel extract has a long history of being used in homes for a variety of purposes, such as food flavouring, kitchen equipment cleaning, bone health issues, weight reduction promotion, etc. Citrus peel extract sales are increasing at a similar rate as the functional ingredients market, which is expanding at a high CAGR.

People are moving their preferences towards natural ingredients in addition to the advantages of biotechnology, innovation, and scientific advancements, as synthetic chemicals used in food are more frequently included in the dictionary under “harmful and long-term negative effects”. Herbal extracts and organic components have also gained popularity as alternatives for the same reason.

According to Fact.MR, a market research and competitive intelligence provider, the global citrus peel extract market is predicted to expand at a CAGR of 4.5% to reach US$ 11.84 billion by the year 2032.

Citrus peel extract market forecast by Fact.MR

What’s Shaping Citrus Peel Extract Market Progress?

“High Use of Citrus Peel Extracts Due to Several Benefits”

One of the factors driving market expansion is increasing public awareness about the advantages of citrus peel extract, such as its antibacterial and other medical benefits and various healing characteristics.

Citrus peel extract is highly popular and in demand in pharmaceuticals, where it is used as a flavouring agent in oral syrups and a variety of other drugs due to its antibacterial properties that aid in the elimination of persistent bacteria that cause cold and fever.

Citrus peel extract is also driven by macroeconomic factors such as rising disposable incomes, which are followed by the rise in consumer annual earnings and expenditures on spas and salons where the goods based on citrus extract are utilized in massage oils for relaxation and aroma.

“Raw Material Cost & Availability of Substitutes May Hamper Sales Growth of Citrus Peel Extracts”

Several limitations and difficulties will impede the expansion of the market as a whole. The market's growth is anticipated to be hampered by issues including the scarcity of fresh products due to their short shelf lives.

Potential barriers impeding the overall expansion of the citrus peel extract market include rising raw material costs and the availability of replacements.

An Adaptive Approach to Modern-day Research Needs

Which Strategies Should New Manufacturers Follow to Gain High Market Share?

“New Market Entrants Should Focus on Promotion of Citrus Peel Extract Benefits, Improved Product Design, and Educational Marketing”

Citrus peel extract has a wide range of advantages; however, since many consumers are unaware of its advantages, the market for this product isn't growing as quickly as it could. Therefore, educational marketing and increasing consumer awareness are crucial to the development of the citrus peel extract industry.

Provision of scientific proof on the health and other benefits of citrus peel extract, as well as labelling of end products by manufacturers across sectors, is crucial in response to changing consumer purchasing tactics. This will make it easier for producers to build their customer base, which will also fuel overall market expansion for citrus peel extracts.

Recent Product Launches

  • At the Natural Products Expo in California in March 2019, Watkins Co. added to its line of products by debuting the latest assortment of naturally-produced, high-end products created from organic extracts. These extracts are renowned for their unadulterated flavours, lack of gluten, and other advantages.
  • Kerry Inc. revealed a new technology for lemon and citrus extraction in September 2020 that is more effective than traditional methods without sacrificing the flavour, fragrance, and other qualities of fresh citrus fruits.
  • In February 2020, Star Kay White added sizable tanks to its Conger, New York, manufacturing facility. These tanks are used to store water, sugar, flour, and other components that are needed to extract the tastes of various fruits.

How is the Citrus Peel Extract Market Evolving across the World?

“Rapidly Expanding Baking & Confectionery Sector in North America Driving Sales of Citrus Peel Extract Solutions”

In 2022, North America is expected to account for 33.1% of the global market share. The market for citrus peel extracts is expanding as a result of the expansion of the baking and confectionery sectors, particularly in North America and Europe. Europe is likely to hold 27.4% of the global market share in 2022.

Cakes, pastries, and sweets are all known to be prepared using citrus peel extract, a natural flavouring agent. In the future, profitable regional markets are anticipated to develop in Central and South America and the Asia Pacific.

Citrus trees are native to the Asia Pacific region, encompassing South Asia, East Asia, and Australia, and the region consumes a lot of the fruit. Due to its lower acceptance of nutritional beverages than the other regions, the Middle East and Africa regional markets are anticipated to experience relatively slower growth.

Which Citrus Fruit Extract is Highly Preferred across Geographies?

“Orange Fruit Extract Highly Popular Due to Aroma & Nutritional Advantages”

Orange extract is expected to account for the largest segment in terms of revenue, in 2022. It has an intense fruit essence with a high alcohol concentration, which lengthens its shelf life.

It is used to flavour and aromatize carbonated soft drinks, bottled water, fruit beverages, functional beverages, and sports drinks with a fresh, energizing flavour.

Expanding the beverage market, supported by the variety of uses for orange extract and its nutritional advantages, is probably going to drive the segment expansion shortly.

Over the projection period, the lemon extract is anticipated to have profitable growth. Lemon extract, which is mostly made from lemon peel, is a common citrus flavouring used in a variety of end-use sectors.

Its unique and exotic flavour and perfume, together with several health advantages like weight management and immunity boost, have led to the product's widespread acceptance among consumers.

Due to its perfume, flavour, and health benefits, such as its high vitamin C content, the market is predicted to increase profitably over the projection period.

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Competitive Landscape

To guarantee a steady supply of their products and prevent price swings, manufacturers are concentrating on forming long-term supply contracts with distributors and suppliers.

The need for R&D in the flavouring sector has been driven by end consumers' desire for novel taste creations and product variety. This will also increase product application over the coming years.

  • Orangina, a brand of carbonated beverages, was launched globally in March 2015 by Suntory Beverage & Food Limited, a beverage manufacturer with its headquarters in Japan. The corporation and the Schweppes Group jointly created the trademark.

The company first introduced lemon peel extract in Japan in 2012. As a result of its popularity and high consumer demand, the company then made it available abroad.

Citrus extracts commonly add flavour and scent to beverage goods as well as undesirable qualities such as bitter taste. Citrus peel extracts help improve the quality of a product by reducing the bitterness of citrus fruits.

Key Segments Covered in Citrus Peel Extract Industry Research

  • Citrus Peel Extract Market by Form :

    • Oil Citrus Peel Extracts
    • Powder Citrus Peel Extracts
  • Citrus Peel Extract Market by Fruit :

    • Oranges
    • Limes
    • Lemons
    • Grapefruit
  • Citrus Peel Extract Market by End Use :

    • Pharmaceuticals
    • Food Industry
      • Confectionery
      • Sports nutrition
      • Bakery
      • Dairy
      • Sauces & Seasonings
      • Beverages
      • Tea
      • Smoothies
    • Personal Care
    • Dietary Supplements
  • Citrus Peel Extract Market by Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global citrus peel extract market currently stands at US$ 7.59 billion.
By 2032, the market for citrus peel extract is set to reach US$ 11.54 billion.
The North America citrus peel extract market is valued at US$ 2.51 billion.
The top 3 countries account for a market share of 38.9%.

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