USD 7.57 Billion
Citrus Extracts Market Size, Share, Growth Analysis, By Type(Orange Extracts, Lemon Extracts, Lime Extracts, Grapefruit Extracts), By Functionality(Flavoring Agent, Coloring Agent, Fragrance, Antioxidant), By Application(Food and Beverages, Pharmaceuticals, Cosmetics and Personal Care, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30A2013 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
95
|Figures:
76
Citrus Extracts Market Insights
Global Citrus Extracts Market size was valued at USD 7.57 Billion in 2022 and is poised to grow from USD 7.90 Billion in 2023 to USD 11.06 Billion by 2031, at a CAGR of 4.3% during the forecast period (2024-2031).
In recent years, the global citrus extract market has been experiencing significant growth due to the increasing consumer awareness of the health benefits associated with citrus fruits as citrus extracts, derived from fruits such as oranges, lemons, limes, and grapefruits, are rich in vitamins, antioxidants, and other bioactive compounds. Consumers are increasingly seeking natural and plant-based ingredients in their food, beverages, and personal care products. Citrus extracts, being natural and flavorful, have gained popularity as a preferred choice for enhancing the organoleptic properties of various products.
Additionally, ongoing advancements in extraction technologies have improved the efficiency and quality of citrus extract production. This has positively influenced the market, allowing manufacturers to meet the increasing demand for high-quality extracts.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Orange Extracts
Fastest Growth
Lemon Extracts
Growth Rate
4.3% CAGR
Global Citrus Extracts Market ($ Bn)
Country Share for North America Region (%)
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Citrus Extracts Market Segmental Analysis
The global citrus extracts market is segmented into four major segments i.e. by type, functionality, application, and region. Based on the type, it is divided into orange extracts, lemon extracts, lime extracts, grapefruit extracts, and others. Based on functionality, it is bifurcated as a flavoring agent, coloring agent, fragrance, antioxidant, and others. Based on application it is segregated into, food and beverages, pharmaceuticals, cosmetics and personal care, others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Analysis by Type
Oranges are widely consumed globally, dominating the segment traditionally and orange extracts are commonly used in a variety of products, including juices, snacks, and confectionery. Moreover, the versatile applications in both food and beverages, and its association with vitamin C and antioxidants contributed to the popularity of orange flavor, leading to the dominance of orange extracts.
Lemon and lime extracts have gained popularity due to their refreshing and tangy flavors, making them suitable for beverages, culinary applications, and even in cosmetics and personal care. The increasing consumer interest in natural and citrusy flavors in beverages, as well as the demand for natural fragrances in personal care products, may contribute to the rapid growth of lemon and lime extracts.
Analysis by Application
The food and beverage segment is likely to dominate due to the Consumer demand for natural and flavorful ingredients. The widespread use of citrus extracts in a variety of products such as juices, dairy items, confectionery, and alcoholic beverages led consumer demand for natural and flavorful ingredients, coupled with the versatility of citrus extracts in enhancing taste and aroma, contributes to the dominance of this segment.
The increasing use in cosmetics and personal care products of Citrus extracts for their appealing fragrances and perceived skin-friendly properties. The growing interest in natural and organic ingredients in skincare and haircare products may drive the rapid growth of citrus extracts in the cosmetics and personal care segment.
Global Citrus Extracts Market By Type
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Citrus Extracts Market Regional Insights
North America has historically dominated the citrus extract market due to established consumer awareness of health and wellness, leading to a rising demand for natural and functional ingredients. The region's consumer preferences for natural and clean-label products, along with a well-established food and beverage industry, can contribute to the dominance of these regions.
The Asia-Pacific region may experience rapid growth due to increasing disposable incomes, urbanization, and a growing population. There is a rising demand for diverse and healthier food and beverage options. As consumer awareness of health benefits associated with citrus extracts increases, and as the food and beverage industry expands in emerging markets, the Asia-Pacific region could be the fastest-growing market.
Global Citrus Extracts Market By Region
- Largest
- Fastest
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Citrus Extracts Market Dynamics
Drivers
Increasing Consumer Awareness on Health and Wellness
- The increasing consumer preference for natural and healthy ingredients in food, beverages, and personal care products has significantly boosted the demand for citrus extracts. These extracts, derived from fruits such as oranges, lemons, and limes, are rich in vitamins, antioxidants, and bioactive compounds, aligning with the rising health and wellness trends worldwide. The versatility of citrus extracts in enhancing flavors, aromas, and nutritional profiles across various industries, including food and beverages, pharmaceuticals, and cosmetics, further fuels market growth.
Restraints
High Susceptibility of Citrus Crops and Fluctuations in the Supply of Raw Materials
- One of the main market restraints is the susceptibility of citrus crops to environmental factors, including adverse weather conditions and natural disasters. These variables can lead to fluctuations in the supply of raw materials, affecting the overall production of citrus extracts. Supply chain complexities, including transportation issues and price volatility of raw materials, pose hindrances to the seamless functioning of the citrus extracts market.
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Citrus Extracts Market Competitive Landscape
The competitive environment of the citrus extracts market is dynamic and features a competitive landscape shaped by the presence of several key players striving for market share and innovation. Established companies, including flavor and fragrance manufacturers, and key players in the food and beverage industry, are actively engaged in product development and diversification. These companies often focus on expanding their product portfolios to offer a wide range of citrus extracts catering to diverse consumer preferences.
Top Player’s Company Profiles
- Frutarom Industries Ltd. (Israel)
- Symrise AG (Germany)
- Kerry Group plc (Ireland)
- IFF (International Flavors & Fragrances) Inc. (USA)
- Dohler GmbH (Germany)
- Planteneers Natural Extracts (France)
- Citrus Extracts LLC (USA)
- Green Chem (India)
- Henry Lamotte Oils GmbH (Germany)
- CRODAROM SA (France)
- HUNAN HUACHENG BIOTECH INC. (China)
- Qingdao Vital Nutraceutical Ingredients BioScience Co., Ltd (VNI) (China)
- XENA BIO HERBALS PRIVATE LIMITED (India)
- Plantae Extracts Private Limited (India)
- Global Essence (India)
- Botanic Healthcare (USA)
- Zhuhai Jianshuang Flavor & Fragrance Co., Ltd. (China)
- Jiangxi Plant Extract Technology Co., Ltd. (China)
- Guangdong Zhongnan Natural Products Co., Ltd. (China)
- Shanghai Yuanye Flavor & Fragrance Co., Ltd. (China)
Recent Developments
- In April 2023, Symrise AG initiated the 2023 year on a prosperous note, capitalizing on sustained robust demand and a diversified market presence.
- In August 2023, Kerry Group plc, the global company specializing in taste and nutrition, successfully completed the acquisition of 100% of the share capital of Shanghai Greatang Orchard Food Co., Ltd. ("Greatang") on July 31, 2023.
Citrus Extracts Key Market Trends
Rising Consumer Awareness and increased use of clean label products
- The increasing consumer demand for clean-label and natural products, driving the preference for citrus extracts in various applications. Consumers are gravitating towards food and beverages with recognizable, plant-based ingredients, and citrus extracts, being natural and flavorful, align with this trend. Diversification of citrus flavors and extracts, offering unique and exotic profiles beyond traditional orange and lemon. Manufacturers are exploring novel combinations and variations, expanding the range of citrus extracts used in food, beverages, and cosmetics. This trend aligns with the consumer desire for unique and adventurous taste experiences.
Citrus Extracts Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global citrus extracts market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The increasing consumer preference for natural, healthy ingredients, driving demand for citrus extracts. However, susceptibility to environmental factors affecting citrus crops poses a restraint. Product type analysis reveals a dominance of orange extracts due to their versatile applications. Regionally, North America and Europe lead, driven by established consumer awareness. A notable trend is the rising demand for clean-label and natural products. Overall, the market thrives on innovation, addressing environmental challenges, and adapting to evolving consumer preferences.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.57 Billion |
| Market size value in 2031 | USD 11.06 Billion |
| Growth Rate | 4.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Citrus Extracts Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Citrus Extracts Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Citrus Extracts Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Citrus Extracts Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Citrus Extracts Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Citrus Extracts Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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