The global Citrus Flavors Market is widely utilized in various end-use industries such as food & beverages, confectionery, tobacco, cosmetics etc. Citrus flavours include flavours derived from oranges, lemons, limes, tangerines and grapefruits which are used as natural flavouring agents in variety of products such as juices, ice creams, baked goods, snacks and others. Citrus flavours provide fresh, vibrant and fruity notes to the products without using any artificial colours or preservatives. Growing health consciousness among consumers has increased the demand for natural ingredients including citrus flavours.
The global Citrus Flavors Market is estimated to be valued at US$ 11616.49 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for citrus flavours has been growing steadily over the past few years due to increasing popularity of citrus fruits and their various health benefits. Oranges and lemons are the most commonly used citrus fruits for flavouring. The citrus flavours market is expected to witness significant growth during the forecast period mainly attributed to rising demand from food & beverages industry. Growing health consciousness and preference for natural ingredients among consumers has compelled manufacturers to introduce more product variants containing natural citrus flavours. Furthermore, innovation in flavours especially for beverages and confectionery categories will continue to unlock new opportunities for citrus flavours market in coming years.
SWOT Analysis
Strength: Citrus flavors have wide applications in food and beverage industries. They provide various health benefits such as improved immunity and digestion.
Weakness: Citrus flavor formulations are complex and variations in raw material quality can affect the taste and consistency of end products. They also have short shelf life.
Opportunity: Growing demand for natural ingredients in food products and focus on health and wellness is driving the demand for Global Citrus Flavors Market Size. Emerging markets of Asia Pacific offer lucrative growth opportunities.
Threats: Price volatility of raw materials like citrus oil and flavor essences can squeeze profit margins. Presence of counterfeit products also threatens the growth.
Key Takeaways
The global citrus flavors market is expected to witness high growth over the forecast period of 2023 to 2030. The global Citrus Flavors Market is estimated to be valued at US$ 11616.49 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the citrus flavors market and is expected to witness the fastest growth over the coming years. Factors such as rising health awareness, growing food processing industry and improving lifestyle are driving the product demand in Asia Pacific countries.
Key players
Key players operating in the citrus flavors market are Brenntag AG, Arkema Group, Guangxi Qinzhou Capital Success Chemical Co. Ltd, OCP SA, Grasim Industries Limited, Merck KGaA, Yunphos, Spectrum Chemical, Manufacturing Corp., Prayon SA, Emco Dyestuff Pvt. Ltd, Nutrien Ltd, Anmol Chemicals, and Vinipul Inorganics Private Limited.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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