The citrus flavor is widely used in the food and beverage industry for enhancing the taste of the food products. It is majorly extracted from lime, tangerine, grapefruit, and lemon. Citrus flavor offer various health benefits such as reduce the occurrence of metabolic disorder, improve digestion, and helps in maintaining the weight of obese people.
The global citrus flavors market is expected to surpass US$ 15,231.7 Mn in terms of value by the end of 2028.
Global Citrus Flavors Market: Drivers
Increasing research and development programs in order to cater to the changing needs of customers looking for authentic flavored food is accelerating market growth. Moreover, the growing disposable income of the consumers is encouraging them to spend on natural and healthy food products such as natural citrus flavored food is again propelling the market growth. Also, the rise in the upper-middle-class population is further creating demand for healthy and natural flavor which is also propelling the market growth of citrus flavors.
Global Citrus Flavors Market: Opportunities
Growth in the global processed food industry is projected to offer bright opportunities to the market of the citrus flavors in the near future. According to the Invest India, the Food & Grocery market in India is the sixth-largest in the world. Food & Grocery retail market in India constitutes almost 65% of the total retail market in India. By 2025, India’s food processing sector is expected to be worth over half a trillion-dollar. Thus the growth in the processed food industry will favor the market growth of citrus flavors.
Global Citrus Flavors Market: Recent Developments
Global Citrus Flavors Market: Restraints
The fluctuating price of raw materials used in the production of citrus favor is hindering the market growth. This is due to the seasonal availability of fruits from which citrus flavor is derived. Also, these flavors have a low shelf life as compared to other flavors which is again restricting its demand among consumers. Thus hampering the market growth.
Global Citrus Flavors Market - Impact of Coronavirus (Covid-19) Pandemic
In the U.S, from 3 January 2020 to 5:06pm CEST, 22 September 2021, there have been 42,034,347 confirmed cases of COVID-19 with 671,728 deaths, reported to WHO. As of 16 September 2021, a total of 388,936,652 vaccine doses have been administered. According to an April 2020 report from FMCG Gurus titled “Twelve Step Guide for Addressing COVID-19 in 2020 and beyond,” 57% of global consumers report increased concern about their immune system because of COVID-19. Thus, increasing awareness regarding health is expected to propel growth of the global citrus flavors market.
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Figure 1. Global Citrus Flavours Market Share, By Application, 2020
Growing consumption of flavored based dairy products such as yogurt is one of the emerging trends around the globe. For instance, in June 2017, Müller Yogurt & Desserts, the UK’s yogurt manufacturer has launched a national multimedia campaign for its reformulated Müllerlight Greek Style range. Across all existing flavors, the new improved recipe, which remains fat-free, now includes 0% added sugar, reducing the total sugar content by over 20%. They are available in Luscious Lemon, Coconut & Vanilla, and Skinny Latte.
The increasing use of citrus flavor in confectionery products coupled with the changing lifestyle of the consumers is projected to propel the market growth of the citrus flavors. Also, growing strategic acquisition and merger among key manufacturers for market expansion is also expected to augment the market growth. For instance, in March 2019, Ingredients group Archer Daniels Midland Company (ADM) has acquired the Ziegler Group, a European provider of natural citrus flavor ingredients, which have a range of confectionery applications.
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.