The global citrus pectin market was valued at US$ 547.2 million in 2018, according to Citrus Pectin Market Report, by Product Type (High Methoxyl Pectin, and Low Methoxyl Pectin), by Application (Food, Beverages, Pharmaceuticals, and Personal Care & Cosmetics), and by Region (North America, South America, Asia Pacific, Europe, and Middle East and Africa) published by Coherent Market Insights.
The global citrus pectin market is expected to reach US$ 965.5 Million by 2027, exhibiting a CAGR of 6.7% during the forecast period (2019-2027). The market for citrus pectin is majorly driven by increasing awareness about the use of citrus pectin. The modified citrus pectin is a chemically altered pectin, which can be readily absorbed by the gut. The injection of citrus pectin in the bloodstream is beneficial for human health owing to its biological properties. It can also be consumed as a dietary supplement. The modified citrus pectin is helpful in preventing high cholesterol, spread of cancer, for treating people suffering with metal poisoning, and lowering the risk of heart diseases.
Modified citrus pectin helps in reducing the risk of metastatic cancer by binding to a protein called galectin-3. According to statistics provided by the American Cancer Society in the journal, CA: A Cancer Journal for Clinicians, the number of new cancer cases diagnosed has increased from 1,735,350 in 2018 to 1,762,450 in 2019. The risk of increasing metastatic cancer can be avoided by consumption of modified citrus pectin.
However, increasing demand for citrus fruits is expected to result into a higher price for citrus pectin extracts which might hamper the growth of the global citrus pectin market.
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Browse 50 market data tables* and 40 figures* on "Citrus Pectin Market” - Global forecast to 2027.
Key Trends and Analysis of the Citrus Pectin Market:
- Key players in the citrus pectin market are majorly focusing on the expansion of their business activities, in order to strengthen their market position. These business expansions are expected to drive the growth of the global citrus pectin market over the forecast period. For instance, in March 2019, CP Kelco announced that it will increase its pectin production capacity by 10% at its Brazil facility, owing to increasing demand for pectin products. Moreover, in September 2019, the company announced that it will increase its pectin production capacity by 15% at its Denmark facility, owing to increasing demand for pectin products.
Key Takeaways of the Market:
- Among application, the food segment is expected to witness significant growth over the forecast period. Citrus pectin is utilized to thicken jams, jellies and other bakery products. It is also used in nutritional supplements, as it helps in preventing spread of cancer and lowering the risk of heart disease. The growing nutritional supplement industry is expected to fuel the growth of the food segment during the forecast period. According to Worldwide Market Reports’ analysis, the nutritional supplements industry was valued at US$ 248.1 million in 2018, which is expected to reach US$ 436.1 million by 2027 at a CAGR of 6.9%.
- Europe is expected to hold a dominant position in the market over the forecast period. Europe is a home to major citrus pectin manufacturers such as Cargill, Inc., Herbstreith & Fox GmbH, CP Kelco, DuPont de Nemours, Inc., and Naturex AG. Companies manufacturing citrus pectin in Europe are also focusing on manufacturing new citrus-based ingredients for food & beverages application. For instance, CP Kelco, a European citrus pectin manufacturer launched a new citrus fiber product line – 'NUTRAVA' for food applications. NUTRAVA is a food ingredient produced from intact citrus peels. New product developments by major citrus pectin manufacturers are expected to drive the citrus pectin market growth in Europe.
- Major players operating in the global citrus pectin market include Herbstreith & Fox GmbH, Cargill, Inc., CP Kelco, Yantai Andre Pectin (DSM), Silvateam S.p.A, DuPont de Nemours, Inc., Naturex A.G., Compañía Española de Algas Marinas S.A. (CEAMSA) and Krishna Pectins Pvt. Ltd.