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Citrus Extracts Market Analysis: Size, Share, and Growth Opportunities
Citrus Extracts Global Market Report 2024
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According to The Business Research Company's, The citrus extracts market size has grown strongly in recent years. It will grow from $7.74 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to high nutritional value, growing demand for natural flavorings, growing interest in herbal remedies, increasing awareness of citrus health benefits, and growing popularity of citrus-based essential oils.
The citrus extracts market size is expected to see strong growth in the next few years. It will grow to $11.17 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growing consumer demand for natural and organic products, rising health consciousness, rising disposable incomes, integration of citrus extracts in functional beverages, and rising trend of plant-based diets. Major trends in the forecast period include technological advancements in citrus extraction processes, the development of new citrus-based products and formulations, the integration of citrus extracts in innovative health and wellness solutions, development of new extraction technologies to improve yield and quality.
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Market Drivers and Trends:
The increasing consumer focus on health and wellness is expected to propel the growth of the citrus extracts market going forward. Rising consumer focus on health and wellness is driven by increasing awareness of the benefits of a healthy lifestyle and the prevention of chronic diseases. Citrus extracts are rich in vitamins, antioxidants, and bioactive compounds that boost immunity, support digestion, and promote overall health. For instance, in May 2022, according to the survey released by the International Food Information Council (IFIC), a US-based non-profit organization that provides science-based information on food safety, nutrition, and health, in a survey of 1,005 Americans, 52% reported following a diet or eating pattern in 2022, a significant increase from 39% in 2021. This rise was primarily observed among individuals under the age of 50, with popular diets including clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based eating (12%). Therefore, the increasing consumer focus on health and wellness sector is driving the growth of the citrus extracts market.
Major companies operating in the citrus extracts market are focusing on developing innovative citrus ingredients to meet the growing demand for natural, health-enhancing products. Citrus ingredients refer to newly developed, enhanced extracts or compounds from citrus fruits that offer unique health benefits, flavors, or functional properties for food, beverages, and supplements. For instance, in June 2022, Givaudan, a Switzerland-based manufacturer of flavors, fragrances, and active cosmetic ingredients, and Manus, a US-based biotech company, launched BioNootkatone, a sustainable and clean-label citrus flavoring ingredient. This innovative product addresses the growing market demand for natural flavors while mitigating the supply volatility and environmental impact associated with traditional citrus extracts. BioNootkatone is produced using Manus Bio's proprietary BioAssemblyLine Cell Factory engineering platform, which utilizes a non-genetically modified organism (non-GMO) sugar source as its starting material.
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Major Key Players of the Market:
Kerry Group Plc, McCormick & Company Inc., Symrise AG, Takasago International Corporation, Naturex SA, Young Living Essential Oils LLC, Citromax Flavors Inc., Mountain Rose Herbs, Peace River Citrus Products, Lebermuth Co Inc., Citrus and Allied Essences Ltd., LIONEL HITCHEN, Bontoux SAS, Botanic Healthcare, Ultra International BV, Global Essence Inc., Frutarom Industries Ltd., Crescent Fragrances Pvt. Ltd., Cifal Herbal Private Ltd., Ace Technologies
Citrus Extracts Market 2024 Key Insights:
• The citrus extracts market size is expected to see strong growth in the next few years. It will grow to $11.17 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Consumer Focus On Health And Wellness Drives Growth In The Citrus Extracts Market
• Innovative Citrus Ingredients Enhanced Market Growth
• North America was the largest region in the citrus extracts market in 2023
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