Citrus flavors is one of the popular flavoring agent widely used in the food and beverage industry. It enhances the taste of the food products and also offers various health benefits such as vitamins, minerals, and other nutrients. Moreover, citrus flavors and fruits are ideal ingredients for people suffering from type 2 diabetes.
The global citrus flavours market is estimated to be valued at US$ 10,556.4 million in 2021 and is expected to exhibit a CAGR of 4.9 % over the forecast period (2021-2028).
North America held dominant position in the global citrus flavors market in 2020, accounting for 29.5% share in terms of value, followed by Europe and Asia Pacific, respectively. North America is projected to maintain its dominance over the forecast period, owing to high preference for citrus flavour products and increasing popularity of citrus aromatherapy
Figure 1. Global Citrus Flavors Market Value (US$ Mn), by Region, 2020
Global Citrus Flavours Market: Drivers
Growing awareness regarding the health benefits of consumption of natural citrus flavors among consumers is projected to drive market growth. It increases the level of antioxidants in the body and also reduced the risk of various metabolic diseases such as diabetes. Moreover, it also helps in maintaining the weight of the obese people and promote various nutrition to the body. Thus, growing awareness regarding the health benefits of citrus flavors among consumer is fueling the market growth.
The availability of a wide range of citrus flavors around the globe is propelling market growth. For instance, Frutarom Switzerland Ltd. produces a variety of premium citrus flavors such as tangerine, orange, lemon, lime, grapefruit, and others. These flavors are used in various applications such as beverages, dairy, confectioneries, and others as it exhibit enhanced stability. Hence, the availability of a different range of citrus flavor is augmenting the market growth in the near future.
Global Citrus Flavours Market: Opportunities
Increasing focus of the key manufacturer to upgrade the existing technologies for delivering a wide range of citrus flavors is expected to bring new market opportunities. An emerging application of the citrus flavors such as flavored alcohol, including spirits and malted beverages is again propelling the market growth of the citrus flavors. Growing demand for flavored alcohol and other beverages around the globe will favor the market growth of the citrus flavors in the near future.
The rising popularity of exotic citrus flavors is projected to offer lucrative opportunities over the forecast period. This is attributed to shifting consumer’s preferences towards various exotic citrus-flavored food products. For example, in the near future, various innovative citrus flavors such as chilies combined with citrus flavors and herbs, are expected to gain popularity among consumers. Thus, the growing popularity of the exotic citrus flavors is augmenting the market growth.
|Base Year:||2020||Market Size in 2021:||US$ 10,556.6 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||4.9%||2027 Value Projection:||US$ 15,231.7 Mn|
Kerry Group plc, Takasago International Corporation, Sensient Technologies Corporation, Symrise AG, Givaudan SA, Firmenich International SA, Frutarom Industries Ltd., Citromax Flavors, Inc., and International Flavors & Fragrances Inc.
|Restraints & Challenges:||
The growing popularity of citrus-based snacks especially among teenager is projected to foster the market growth of the citrus flavors. For instance, in April 2019, -Soylent Nutrition, Inc., the makers of Soylent Drinks and Powder, announced that it has launched a nutrition bar category with a new product: Soylent Squared. It is available in three different flavors this includes Salted Caramel, Chocolate Brownie, and Citrus Berry.
The increasing trend of consuming flavored based beverages around the globe due to westernization is expected to foster the market growth of the citrus flavors. For instance, in July 2020, PepsiCo has expanded its naked juice portfolio with range of citrus-infused smoothies in the UK. Naked Zing comprises three flavors – Strawberry, Tropical, and Mango – each with an added lime “twist”. The range has been developed in response to demand from consumers, who are seeking more from core smoothie ranges.
Figure 2. Global Citrus Flavors Market Share, By Ingredients, 2020
Key Takeaways of the Graph:
Global Citrus Flavours Market: Restraints
Growing awareness regarding the adverse health effects of artificial flavor due to harmful chemical present in the flavor is hampering the demand for synthetically prepared natural citrus flavored food. For example, Turpentine—a chemical used in the production of artificial citrus flavors cause various health issues such as irritation of the skin and eyes.
The growing preferences of consumers towards non-caloric beverages is inhibiting market growth. Artificial sweeteners are widely used in the citrus flavor to enhance the taste of citrus drinks. This lowers the demand for citrus-flavored drinks to some extent thus hampering the market growth of citrus flavors.
Global Citrus Flavours Market: Competitive Landscape
Major players operating in the global citrus flavors market include, Kerry Group plc, Takasago International Corporation, Sensient Technologies Corporation, Symrise AG, Givaudan SA, Firmenich International SA, Frutarom Industries Ltd., Citromax Flavors, Inc., and International Flavors & Fragrances Inc.
Citrus flavors possess international appeal, drawing crisp, fresh taste to many different beverages, snacks and other confections, and not necessarily on a seasonally basis. Citrus flavors were initially developed for use in tropical beverages and citrus fruits themselves, such as tangerines. This led to flavonoids that provide a citrus aroma with a distinctive odor. Citrus flavors, including orange, grapefruit, tangerine, passion fruit and lemon have spread all over the world.
Increasing investment in R&D is expected to propel growth of the global citrus flavors market over the forecast period. For instance, in June 2021, Symrise AG started its state-of-the-art development, application, and sensory laboratories in Dubai to decode, design, and deliver winning taste solutions for leading food and beverages brands.
Major players in the global citrus flavors market are focused on adopting M&A strategies to enhance their market share. For instance, in September 2021, Kerry Group plc acquired Hare Topco, Inc. (trading as Niacet Corp.), a provider of technologies for preservation.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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