Citrus Flavours Market Has Been Estimated to Account for US$ 13,182.0 Mn by 2025
On the basis of application, the market has been segmented into beverages, savoury, confectionery and dairy. The beverages segment is expected to account for 31.6% share of the global citrus flavours market by 2015 end, and is expected to register healthy CAGR of 5.4% in terms of value over the forecast period. In terms of volume, the segment is expected to record a CAGR of 1.7% during the forecast period. Beverages and dairy are expected to contribute maximum revenues over the forecast period. Furthermore, advanced research and development is expected to fuel market growth during the forecast period. The confectionery and savoury segment is expected to record a CAGR of 3.9% and 3.6% respectively, in terms of value and CAGR of 1.9% and 1.6% respectively, in terms of volume during the forecast period.
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Growth of the global citrus flavours market is mainly driven by increasing consumer awareness and extensive research and development for manufacturing high quality citrus flavours. To satisfy consumer demand for regionally customised citrus flavours, manufacturers are implementation advanced technologies, this is another factor boosting the markets growth. Finally, rising disposable incomes are enable the consumer to spend freely, this too promotes the growth of the citrus flavours market. However, demand for artificial citrus flavours is showing a downward trend owing to the rising awareness among consumers about the adverse effects of consumption of chemicals added to food products for imparting citrus flavours, on the health of the consumers. This, in turn is leading to the decrease in the overall demand for artificial citrus flavours across the globe.
The report investigates trends driving each segment and offers analysis and insights about the potential of the citrus flavours market in specific regions. North America is expected to dominate the citrus flavours market with 29.8% market share by the end of 2015, and is projected to remain dominant by 2025. North America and Western Europe are collectively expected to account for over 54% of the total citrus market share in terms of value by end of 2015. Western Europe and Latin America are projected to register the highest CAGR in terms of value and volume respectively, between 2015 and 2025.In terms of volume, Latin America is expected to witness the fastest CAGR, since is Brazil is the largest production centre for citrus releasing fruits. Companies in the citrus flavours market are continuously developing imitations of natural citrus flavors, and extending its application across various product categories. Moreover, companies are undertaking technological upgradation, while integrating all processes in order to meet the changing manufacturing needs.
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Key companies operating in the global citrus flavours market include: Kerry Group Plc, Takasago International Corporation, Sensient Technologies Corporation, Symrise AG, Givaudan SA, Firmenich International SA, Frutarom Industries Ltd., Citromax Flavors, Inc., and International Flavors & Fragrances Inc.
Companies operating in the citrus flavours market are investing huge amounts on research and development to broaden their product portfolio and gain offer competitive advantage and to fulfill the various unmet needs of end user industries.
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