Citrus flavors are ingredients that are extracted from citrus fruit peels such as oranges, lemons, grapefruits, and limes. They are used to impart characteristic citrus taste and aroma into food and beverage products. Citrus flavors find wide application in bakery, confectionery, soft drinks, nutrition supplements, alcoholic drinks and others. The increased demand for natural flavors from the food and beverage industry is driving the growth of the citrus flavors market.
The global Citrus Flavors Market is estimated to be valued at US$ 13382.2 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from food and beverage industry is one of the major trends in the citrus flavors market. Due to rising health consciousness among consumers, there is a growing demand for natural and organic food products. Citrus flavors are considered natural flavors and find wide applications in various food and beverage products to provide characteristic citrus taste without using artificial flavors. Furthermore, citrus flavors enhance the organoleptic profile of food products. Therefore, food manufacturers are increasingly using citrus flavors in beverages, bakery products, snacks etc. to cater to consumer demand, which is driving the growth of citrus flavors market.
SWOT Analysis
Strength: The citrus flavors market has strong demand from end use industries like food & beverages, pharmaceuticals, and others. Citrus flavors have high nutritional value and provides taste and aroma.
Weakness: Seasonal availability of raw materials like oranges, lemons, limes affects consistent supply of citrus flavors. Price volatility of raw materials impacts the overall cost of citrus flavors.
Opportunity: Rising health conscious population is creating demand for natural flavors. Growth of packaged food industry especially in developing regions provides new avenues. Innovation of new flavors from citrus fruits expands application areas.
Threats: Presence of substitute flavors may hamper the market growth. Strict international quality standards and regulations can negatively impact production. Climate change effects on citrus fruit cultivation poses a threat.
Key Takeaways
The Global Citrus Flavors Market Size is expected to witness high growth. The market size is projected to reach US$ 13382.2 Mn in 2024 from US$ 12813 Mn in 2022, registering a CAGR of 5.1% during the forecast period.
Regional analysis - North America dominates the citrus flavors market currently owing to increasing demand from food & beverages industry in the region. Asia Pacific is expected to show highest growth due to rising disposable incomes, growing population, and expansion of end use industries in countries like China and India.
Key players - Key players operating in the citrus flavors market are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc., Thermal Spray Technologies Inc., ASB Industries Inc., Abakan Inc., and Metallisation Ltd. These players are focusing on new product launches, capacity expansions and mergers & acquisitions to strengthen their market position.
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