Orange Extracts Market Updates: Expected to Reach $1.02 Billion by 2030

The global orange extracts industry was estimated at $580.4 million in 2020 and is expected to hit $1.02 billion by 2030, registering a CAGR of 5.9% from 2021 to 2030.

Increasing demand for orange extracts form the cosmetic & flavoring industry and higher demand for natural flavoring agents drive the growth of the global orange extracts market. On the other hand, fluctuating raw material prices and adverse climatic conditions restrain the growth to some extent. However, rising health consciousness in consumers is anticipated to create lucrative opportunities in the industry.

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The rising e-commerce sales, increasing adoption of orange extracts in developing countries, and rising demand from flavoring industry are some of the factors driving the growth of the global orange extracts market.

Orange extracts is a highly concentrated fruit flavor with a substantial degree of alcohol content, which gives it a longer shelf life and makes it popular choice in the flavoring industry. Orange extracts market is booming owing to increase in adoption of healthy diet across the globe due to rising consumers' disposable income. The rising demand of orange extracts from cosmetics industry and higher demand for natural flavoring agents are factors driving the growth of the market. However, fluctuating raw material prices and climatic conditions are hindering the market growth of orange extracts.

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According orange extracts market analysis, the market is classified on the basis of form, nature, end user, distribution channel, and region. By form, the market is segmented into powder and liquid. Rising trend of consuming orange extracts in variety of beverages have resulted into highest revenue generation in 2020. Based on nature, the market is segregated into organic and conventional. Conventional was the highest revenue generator because conventional orange extracts is widely preferred across various industries such as food & beverages, pharmaceuticals, cosmetics, and confectionery.

Based on region, the market across North America held the lion's share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, however, is expected to cite the fastest CAGR of 8.4% by the end of 2030. The other provinces studied in the report include Europe and LAMEA.

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The key market players analyzed in the global orange extracts market report include RC Fine Foods, Inc., McCormick & Company, Inc., Döhler GmbH, Jacksonville Mercantile, Nielsen-Massey Vanillas, Inc., OliveNation, ADM, DONGYU USI, Amoretti, Xian Yuensun Biological Technology Co., Ltd, Shaanxi Guanjie Bio-technology Co., Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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