Citrus Pulp Market surpass a valuation of US$ 625 million by the end of 2027

The citrus pulp market continues to reflect an upward trajectory, despite slowdown induced by COVID-19 pandemic. Opportunities arising from demand for health and convenience foods, and stockpiling behavior of consumers for essentials will provide opportunities for market players to leverage in the short term.

According to a new report published by Future Market Insights, the citrus pulp market is projected to surpass a valuation of US$ 625 million by the end of 2020. Innovations in processing methods including osmosis, vacuum, and microwave drying have brought about a transformation in the citrus pulp landscape.

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Global demand for citrus pulp has risen steadily in recent times, and is expected to continue even through the coronavirus pandemic.

According to Future Market Insight (FMI), the citrus pulp industry is projected to grow steadily between 2020 and 2027. The new report has indicated that investments from food processing and animal feed producers are likely to be major influencers for developments in the sector for the foreseeable future.

As consumers seek better solutions for nutritionally balanced diets, public and private bodies are also investing in initiatives to mitigate nutritional deficiencies, particularly in developing countries.

The use of citrus pulp ingredients to bolster shelf life of end products is also contributing to demand as a viable alternative to conventional, synthetic preservatives. On the other hand, market players are expected to face challenges in terms of fluctuating yield and product pricing, owing to environmental factors such as weather and disease, and lack of standardization in regulations associated with organic citrus production.

The market report by FMI provides an exhaustive analysis of the sector, covering major influencers of the market. Some of the more important takeaways of the study include:

• The market for citrus pulp was valued at more than US$ 598 million in 2019, with growth of the industry marginally hurt in the short term, owing to the covid-19 outbreak and associated lockdown restrictions on the food service industry.
• Applications of citrus pulp products as bakery product ingredients contribute significantly to revenue generation, supported by the demand for non-GMO, natural, gelling and binding agents for confiture production.
• Organic citrus pulp is rapidly gaining attention for food and personal care sector applications, driven by growing consumer aversion towards synthetic ingredients and additives. However, conventional sources of citrus fruits will remain dominant through 2027 owing to higher global yield.
• Europe is a frontrunner in the global market, aided by a robust supply chain for retail distribution channels, and consumer interest towards natural foods. However, Asian markets, led by China and India are providing profitable opportunities for growth owing to rising investments in the regional food processing industry.

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“Growing consumer demand for free-from, natural ingredients, and heightened levels of health awareness in recent years is supporting the application of citrus pulp products. Also, superior characteristics of binding and texturization in plant-based end products will dominate the industry in terms of food and pharma applications for the foreseeable future,” said a lead analyst at FMI.

Coronavirus Impact on Citrus Pulp Market

The rapid worldwide spread of the coronavirus pandemic has had a moderate impact on the citrus pulp market, especially as demand from the food service industry has been restricted by lockdown regulations imposed by governments in many parts of the world. However, the market is likely to recover towards 2021 as steps are taken to open up economy gradually.

Improved access of technologies for food processing operators in terms of packaging and storage capabilities is expected to create a favorable environment for the industry. This will provide further impetus to the citrus pulp market as consumers display increased willingness to spend on healthy foods to minimize health risks from the covid-19 virus.

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Competitive Landscape

Some of the citrus pulp players include Cargill Corp., Compania Espanola de Algas Marinas S.A., E.I. DuPont De Nemours and Company, Fiberstar Inc., Citromax S.A.C.I., CP Kelco U.S. Inc., Herbafood Ingredients GmbH, Firmenich SA, Lucid Colloids Ltd., Quadra Chemicals Ltd., Naturex SA, and Dohler among others.

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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

This release was published on openPR.