The global citrus extract market is estimated to reach USD 7.51 billion by 2026. The growth of this market is mainly due to increasing awareness about the health benefits of citrus extract including detoxification and maintaining healthy skin. Moreover, it helps in boosting immune system and regulating blood sugar level in diabetic patients. Growing demand of citrus extract in food industry as a flavoring agent has boosted the growth of global market. Also, studies have shown that citrus extract also have anti-cancerous properties which is propelling its market growth. For instance, in 2014, according to National Centre of Biotechnology Information 2017, citrus extract has shown anti cancerous properties in both preclinical and clinical studies.
The use of citrus extract in cosmetic industry for skin benefits will pave the way for the growth of the global market in upcoming future as individuals around the world are becoming more concerned about their health and physical appearance. For instance, in 2018, Directory of Open Access Journals (Sweden) had shown the anti-oxidant activity of orange peels when included in the diet. Demand for organic and natural product for benefit of human and rise in research & development for the same will help in the growth of the global market.
Companies are trying to meeting the expectation of customers and are increasing the research and development investment to increase the use of citrus extract. Key players in the market, such as The Lebermuth Co. Inc., Mountain Rose Inc., and Young Living Essential Oils LC has raised their focus on backward integration. They are producing raw materials by their own to maintain the supply and quality of the final product. The remaining market players rely on suppliers for the delivery of raw material and transportation of the final product from manufacturing site to end customer.
Rising need of maintaining healthy lifestyle across the globe is augmenting global market growth, as citrus extract helps in weight management. Citrus extract offers lot of other benefits owing to its anti-bacterial properties and richness in minerals and vitamins. It also contains lot of essential nutrients that include, potassium, phosphorus, folate, calcium, thiamin, niacin, vitamin B6, both glycemic and non-glycemic carbohydrate (sugars and fiber), magnesium, pantothenic acid copper, riboflavin, and a various type of phytochemicals. This is driving the growth of the global market.
Additionally, increasing government campaigns in many countries to spread the awareness about the health of an individual on various social media platforms is expected to support the market growth globally. Also, some micro-economic factors such as increasing income level, growing spending capacity especially in emerging economies, and increasing willingness to spend money on cosmetic products are supporting growth of the global citrus extract market.
The major players operating in the global citrus extract market include but are not limited to The Lebermuth Co. Inc., Mountain Rose Inc., Young Living Essential Oils LC, Bontoux S.A.S., Symrise AG, Citromax Flavors Inc, doTERRA International, LLC., Citrus and Allied Essences Ltd., McCormick & Company, Inc., and LIONEL HITCHEN. They are researching and developing new products to meet the need of customers. They are also investing and acquiring small scale business to increase their revenue. Key players are also focusing for the production of organic products owing to the rising preference for organic base products among consumers. Also, formation of new rules and regulations by government authorities expected to fuel global market growth over the forecast period. For instance, the National Organic Program (NOP) in December 2018, published the final rule that updated several National List Flavors: § 205.605(a), that includes an annotation for flavors to now require commercial availability searches for organic flavors.
Citrus Extract Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 7.5 billion|
|Growth Rate||CAGR of 4.3% during 2021-2028|
|Segment Covered||Product, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Key Players Profiled||Lebermuth Co. Inc. Mountain Rose Inc. Young Living Essential Oils LC, Bontoux S.A.S. Symrise AG, Citromax Flavors Inc, doTERRA International, LLC. Citrus and Allied Essences Ltd. McCormick & Company, Inc. and LIONEL HITCHEN.|
Key Segments of the Global Citrus Extract Market
Product Type Overview, 2016-2026 (USD Billion)
Application Overview, 2016-2026 (USD Billion)
- Carbonated Soft Drinks
- Fruit Beverages
- Sport Drinks
Regional Overview, 2016-2026 (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
Reasons for the study
- Growing awareness regarding health and nutrition among global population along with emerging applications of citrus extract.
- Proliferation of online sales channels
- Growing demand for natural extracts in food and beverage products with great nutritive value especially in emerging countries and remote locations.
What does the report include?
- The study on the global citrus extract market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, and usage area. Moreover, the study on citrus extract market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global citrus extract market is suitable for all the players across the value chain including component and raw material providers, disinfectant manufacturers, distributors, and other intermediaries
- Venture capitalists and investors looking for more information on the future outlook of the global citrus extract market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global citrus extract market
Growth in the demand for natural and organic product among individuals across the globe has augmented the global market growth. Also, increasing use of citrus extract in food and beverages industry for various health benefits and as a flavoring agent will propel market growth during the forecast period. In addition, rise in the use of citrus extract in cosmetic industry for its skin rejuvenating properties and anti-oxidant activity is boosting the market growth globally.
The product advancements and introduction of new products in the market shall also keep the pace going. Many new products are being introduced in the market that are positively driving the market competition and are trying to meet the diverse demand from consumers across the globe. Moreover, growing consumer base for these products especially in emerging economies is fueling growth of the global market. Conversely, steady availability of more natural and organic products may restrict the market for chemical or harmful products to grow from its full potential. In addition, rising preference for home-made cosmetic products and extracts for cosmetic purpose is affecting market growth to a certain extent. However, rising deployment of new sales strategies, rising product availability on online sales channel, and increasing E-commerce penetration are some other factors expected to propel global market growth over the forecast period.
Based on product types, the global citrus extract market is segmented into oranges, lime, lemon, grapefruit, and others. The orange segment currently dominating the global market with around 50% market share in 2019. Growing demand of oranges for its vitamins and minerals, anti-oxidant activity, and anti-cancerous activity. On the other hand, fruit beverages application segment is anticipated to progress at a rapid growth rate during the forecast period. Increasing prevalence of diabetic and obese patients is augmenting the market growth. Though, outbreak of COVID 19 has led to shutting off of manufacturing and food industry, which has resulted in decline in the production of citrus extract and affected the growth of global market. However, increasing demand for health benefitting products and immune boosters will continue to propel the market growth.
North America is the largest regional market for citrus extract on the global front, followed by Europe. The prevalence of diabetic and obese people is one of the leading factors for the increase in the consumption of citrus extract, which is boosting the global market growth in the region. Moreover, high awareness about the health benefits of citrus extract among general population is also supporting the growth of citrus extract market in the region. Asia Pacific market expected to witness strong growth during the forecast period. Growing food and beverages industry, better outreach of manufacturers in the Asia Pacific market through proliferation of online sales platforms, rising awareness about products, and economic growth are the key factors attributed to the progress of Asia Pacific market.