August 16, 2022
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Food & Beverages

Citrus Flavours Market Size Forecast to Reach $11.6 Billion by 2026

The Citrus Flavours Market size is forecast to reach $11.6 billion by 2026, growing at a CAGR of 7.9% during the forecast period 2021-2026.  Citrus is one of the alternatives in the food and beverage industry. There are several health benefits associated with citrus flavours. Citrus is an essential part of a healthy diet as it contains vitamins, minerals, and other nutrients. It is obtained from lime, tangerine, lemon, and grapefruit among others which belongs to rutaceae family. It increases the level of antioxidants in the body. Increasing awareness of the consumers regarding the various ingredients used in the food products and increasing demand for convenience food is the major factor driving the growth of the market. Increasing demand for citrus flavours from food & beverage industry and increasing usage of citrus flavours in various types of beverages is set to further enhance the overall market demand for the Citrus Flavours Market during the forecast period 2021-2026.

Key Takeaways

  • North America dominated the Citrus Flavours Market in 2020 owing to the increasing demand for clean label organic ingredients and increasing health awareness among the consumers. The Citrus Flavours Market scope for different regions will be provided in the final report.
  • Increasing consumption of nutritional supplements and increasing inclination of consumers towards healthy diets are likely to aid the market growth of the Citrus Flavours Market report.
  • Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Citrus Flavours Market report.
  • Lack of awareness regarding the products and excessive consumption of citrus flavours is poised to create the hurdles for the Citrus Flavours Market.
Citrus Flavours Market Revenue Share, By Geography, 2020(%)
 Citrus Flavours Market Revenue Share, By Geography, 2020
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Citrus Flavours Market Segment Analysis – By Ingredients

Natural ingredients held the largest share in the Citrus Flavours Market in 2020 and is estimated to grow at a CAGR 8.4% during the forecast period 2021-2026. This is owing to the various health benefits that are associated with the citrus flavours. Natural citrus flavours are mainly sourced from lime, lemon, orange, and grapefruit among others. Increasing awareness and health consciousness among consumers regarding the harmful impacts of chemical ingredients along with the increase in the demand of organic and clean label ingredients from the consumers is increasing the growth of the segment. Natural ingredients are estimated to register the higher CAGR over the period 2021-2026.

Citrus Flavours Market Segment Analysis-Applications

 Beverages held the largest share in the Citrus Flavours Market in 2020 and is estimated to grow at a CAGR of 8.9% during the forecast period 2021-2026. This is attributed to the increasing usage of the citrus flavours in alcoholic beverages and nutritional beverages. Changing preferences of the consumers and increasing awareness regarding the shelf life of food items is increasing the growth of the segment. There is an increasing demand of citrus flavours from confectionary owing to its enhanced stability. Beverages is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.

Citrus Flavours Market Segment Analysis – By Geography

North America dominated the Citrus Flavours Market with a major share of 34.4% in 2020. This is owing to the increasing government initiatives for enhancing consumer knowledge towards new innovations in the field of citrus flavours, and increasing demand for new & unique taste. Increasing inclination of the consumers towards the healthy diet, and increasing number of applications in the food & beverage industry is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing demand of aromatherapy and increasing usage of natural citrus flavours in food products.

Citrus Flavours Market Drivers

  • Increasing Demand For Clean Label Organic Ingredients
Increasing demand for clean label organic ingredients is increasing the growth of the Citrus Flavours Market. Citrus flavours are sourced from citrus fruits that are extensively used as a natural flavouring agents in various types of food items. There is an increase in demand of citrus flavours by food manufacturers owing to the various benefits of the citrus flavours. Thus, increasing the growth of the market during the forecast period 2021-2026.
  • Increasing Consumption of Nutritional Food
Increasing consumption of nutritional foods is increasing the growth of the Citrus Flavours Market. This is attributed to their nutritional and health beneficial properties. It is widely used owing to its antioxidant and anti-inflammatory effect. Various potential health benefits associated with citrus flavours are reducing inflammation, destroying cancer cells, controlling blood sugar, and prevention of heart disease among others. Thus, increasing the growth of the Citrus Flavours Market during the forecast period 2021-2026

Citrus Flavours Market Challenges

  • Lack of Awareness Regarding the Products and Excessive Consumption of Citrus Flavours
Some of the factors that are set to impede the growth of the Citrus Flavours Market are lack of awareness regarding the citrus flavours products and excessive consumption of citrus flavours. Stringent government regulations is also set to hinder the growth of the market during the forecast period 2021-2026.

Citrus Flavours Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Citrus Flavours Market. In 2020, the Citrus Flavours Market share is consolidated by the top ten players present in the market. The Citrus Flavours Market, top 10 companies are Kerry Group Plc., Frutarom Industries Ltd., Citromax Flavors Inc., Sensient Technologies Corporation, Takasago International Corporation, Givaudan SA, and International Flavors & Fragrances Inc. among others.

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