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Global Citrus Extracts Market Report 2024, Forecast To 2033

12 Nov, 2024

The citrus extracts market has seen significant growth, expected to rise from $7.74 billion in 2023 to $8.32 billion in 2024 at a CAGR of 7.5%. Key growth factors include high nutritional value, demand for natural flavorings, interest in herbal remedies, awareness of health benefits, and popularity of citrus-based essential oils. The citrus extracts market is projected to grow to $11.17 billion by 2028, at a CAGR of 7.6%. The growth is attributed to rising demand for natural products, health consciousness, and the use of citrus extracts in functional beverages. Key trends include advancements in extraction technologies, new product development, and improved yield and quality.

Major Driver In The Citrus Extracts Market

The increasing consumer focus on health and wellness is expected to drive the growth of the citrus extracts market. Rising awareness of healthy lifestyles and chronic disease prevention is fueling the demand for citrus extracts, which are rich in vitamins, antioxidants, and bioactive compounds. According to a 2022 survey by the International Food Information Council, 52% of Americans followed a specific diet in 2022. The citrus extracts market is expected to grow from USD 2.88 billion in 2023, USD 3.30 billion in 2024, to USD 5.38 billion by 2028.

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Citrus Extracts Market Competitive Landscape

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

Key Citrus Extracts Market Trend

Companies in the citrus extracts market are creating innovative citrus ingredients to cater to the demand for natural, health-boosting products. These ingredients offer unique flavors, health benefits, and functional properties for use in food, beverages, and supplements. In June 2022, Givaudan, a Swiss company, partnered with Manus, a US biotech firm, to introduce BioNootkatone, a clean-label citrus flavoring. BioNootkatone is produced using Manus Bio's BioAssemblyLine technology, addressing the demand for natural flavors while reducing the environmental impact of traditional citrus extracts.

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Global Citrus Extracts Market Segmentation

The citrus extracts market covered in this report is segmented –
1) By Type: Orange, Lemon, Lime, Grapefruit, Other Types
2) By Extraction Method: Cold Pressing, Solvent Extraction, Enzymatic Extraction, Supercritical Fluid Extraction
3) By Form: Liquid, Powder, Essential Oil
4) By Application: Food And Beverages, Pharmaceuticals, Cosmetics And Personal Care, Nutraceuticals
By Geography:The regions covered in the citrus extracts market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the citrus extracts market in 2023.

The Citrus Extracts Global Market Report 2024 furnishes information about the global citrus extracts market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.