The global Citrus Flavors Market was valued at US$ 1.96 Bn in 2023, exhibiting a CAGR of 4.9%, over the forecast period (2023 to 2030) to reach US$ 2.74 Bn by 2030.
Global Citrus Flavors Market - Drivers
Rising demand for natural fragrances and personal care products
Citrus flavors are also used in the fragrance and personal care industry due to their refreshing and uplifting properties. The growing demand for natural fragrances and personal care products has led to an increase in demand for citrus flavors in this industry.
Increasing demand from emerging markets
Emerging markets such as Asia-Pacific and Latin America are witnessing a rise in demand for citrus flavors due to changing consumer preferences and increasing disposable incomes. This has led to an expansion of the global citrus flavors market in these regions.
Global Citrus Flavors Market – Restraints
Competition from other flavors
While citrus flavors are popular, they face competition from other flavors such as berry, tropical, and mint flavors. This competition may impact the growth of the citrus flavors market.
Environmental concerns
The production of citrus fruits and essential oils can have a significant environmental impact, particularly in areas where water resources are scarce. This has led to concerns about the sustainability of the citrus flavors industry and may impact its growth in the future.
Global Citrus Flavors Market – Opportunities
Increasing demand from emerging markets
Emerging markets such as Asia-Pacific and Latin America are witnessing a rise in demand for citrus flavors due to changing consumer preferences and increasing disposable incomes. This presents an opportunity for the citrus flavors market to expand its presence in these regions by developing new products that cater to the specific tastes and preferences of consumers in these markets.
Increasing popularity of citrus-based beverages
Citrus-based beverages such as lemonade, orange juice, and grapefruit juice are gaining popularity due to their refreshing taste and health benefits. This presents an opportunity for the citrus flavors market to expand its presence in the beverage industry by developing new and innovative citrus flavors for use in these beverages.
Key Developments
Development of new citrus flavors combinations: In 2020, Givaudan, another major flavors and fragrance company, launched a new range of citrus flavors combinations, including lemon and ginger, grapefruit and basil, and orange and turmeric. These new flavors combinations are designed to meet the changing tastes and preferences of consumers.
Expansion of citrus flavors applications: In 2021, Symrise, a global supplier of fragrances, flavors, and cosmetic ingredients, announced the expansion of its citrus flavors applications to include pet food. This expansion is driven by the growing demand for natural and healthy pet food products.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/citrus-flavors-market-2112
Market Trends
Increasing demand for natural and organic citrus flavors: Consumers are increasingly seeking natural and organic food products, and this trend is also reflected in the citrus flavors market. Manufacturers are developing new natural and organic citrus flavors to meet this demand. For instance, in 2020, Firmenich, a leading flavors and fragrance company, launched a new range of natural citrus flavors made from sustainably sourced ingredients.
Growing popularity of citrus flavors in alcoholic beverages: Citrus flavors are becoming increasingly popular in alcoholic beverages such as beer, cider, and spirits. This trend is driven by the desire for refreshing and flavorsful drinks, as well as the versatility of citrus flavors in different types of alcoholic beverages. For example, in 2021, Heineken launched a new hard seltzer brand called Pure Piraña, which features a range of citrus flavors.
Competitive Section:
- Kerry Group plc
- Takasago International Corporation
- Sensient Technologies Corporation
- Symrise AG
- Givaudan SA
- Firmenich International SA
- Frutarom Industries Ltd.,
- Citromax Flavorss, Inc.,
- International Flavorss & Fragrances Inc.
