Citrus Peel Extract Market Competitive Insight and Key Drivers 2018 2028
As the functional ingredient market is growing at double digit, citrus peel extract market also witnesses a concurrent growth.
[UKPRwire, Tue Sep 03 2019] The citrus peel extract has been known to be used extensively in the food and beverages industry. The citrus peel extract finds its application in bakery, dairy, confectionary, sausages and seasonings. Beverages, teas, and smoothies. The rise in bakery and confectionary industries particularly in North America and Europe has triggered the growth of the citrus peel extract market. Citrus Peel Extract Market which acts as a natural flavoring agent is known to be used in the production of cakes, pastries, and candies. Rising concern in one’s appearance across the world is promoting the growth of personal care market throughout the world. Citrus peel extract is used in personal care products as it has certain nutrients which are known to cleanse the oil from skin. Citrus peel extract is also found to be one of the major ingredient in the pharmaceutical world, as it used extensively in producing drugs.
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The global citrus peel extract market is prognosticated to witness an exponential surge in demand due to the change in lifestyle of the consumers. Rapid urbanization has helped the penetration of chemical ingredients in the food and beverages as well as in healthcare products. Rising awareness among consumers regarding the negative impact that these chemical ingredients on one’s health is bolstering the demand for herbal and organic product. The citrus peel extract in recent times has gained huge popularity due to the benefits that can be found in it.
Along with the benefits of biotechnology, innovation and scientific improvements, people are also shifting their preferences towards natural ingredients, as synthetic chemicals used in food are increasingly finding their way in the dictionary of ‘harmful and long-term side effects’. As an alternative, herbal extracts and organic ingredients have become popular for the same reason. Citrus peel extract is traditionally known to have multiple uses for the household, for example as a flavoring agent in food, cleaning agent for kitchen equipment and also as an ailment for bone health, promotion of weight loss, etc. As the functional ingredient market is growing at double digit, citrus peel extract market also witnesses a concurrent growth. The citrus peel is a source of abundant pectin, a highly valued flavonoid. In 2017, CP Kelco, a manufacturer of specialty hydrocolloids, expanded its pectin peel processing facility in Brazil. In 2015, the pectin production exceeded 60,000 tons globally. Around 45-60% of the citrus fruit is discarded as waste and considering the abundant amount of pectin found in this waste, manufacturers are strategizing to expand the portfolio and of citrus peel products, which is an impacting factor driving the growth of citrus peel extract market.
As more and more consumers are demanding sustainable and eco-friendly products, manufacturers are compelled to manufacture products that cater to these demands. Apart from consumer demand, the citrus peel extract is a highly profitable product due to its multi-benefits in the food & beverage, personal care and pharmaceutical industry, which is a strong driver fuelling the growth of the citrus peel extract market. Consumer demand for organic and natural products is further supporting the growth of citrus peel extract market. Also, the regions with high production of citrus fruits such as Africa and South Asia are strategically expanding their citrus products portfolio due to easy resource availability, boosting the growth of the citrus peel extract market.
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Global Citrus Peel Extract Market: Key Players
Some of the key players operating in the global citrus peel extract market are Phyto Life Sciences P. Ltd., Cifal Herbal Private Ltd, Ultra International B.V., Merck KGaA, IRIMAR S.L., Vee Kay International, Argenti Lemon S.A, Vincent Corporation, Apara International, All thing Citrus, Kanegrade Ltd., RUNHERB INC, Orgenetics, Inc., S.A. Herbal Bioactives LLP, Active Concepts LLC, NOW foods Inc. and among others
In March 2015, the company Suntory Beverage & Food Limited, a Japan based beverages manufacturer, introduced Orangina, a brand of carbonated beverage, globally. The brand is jointly developed by the company and the Schweppes Group. The product which contains lemon peel extract was first launched in Japan in 2012 and following its success and immense consumer demand, the company introduced the product internationally.
In beverage products, citrus extracts usually impart aroma and flavor and also impart unwanted characteristics like bitter taste to the product. While using citrus peel extracts, the bitterness of the citrus fruits is avoided, improving the quality of the product.
Such unique benefits are also compelling the manufacturers to use citrus peel extracts in their products, thus driving the growth of the citrus peel extract market.
Considering the wide spectrum of benefits of citrus peel extract, lack of consumer awareness about its benefits is hindering the growth of citrus peel extract market, and hence, educational marketing and raising consumer awareness is of utmost importance for citrus peel extract market growth. Labelling of the end-use products by respective manufacturers of various sectors could be more instructional and provision of scientific proofs regarding the health and other benefits of the citrus peel extract, is essential in response to the buying strategies of consumers. This will facilitate the manufacturers to expand their consumer base, boosting the growth of the citrus peel extract market.
A modelling-based approach and triangulation methodology will be followed to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
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