According to the latest market report published by Transparency MarketResearch, titled 'Orange Extract Market: Global Industry Analysis2013-2017 and Opportunity Assessment 2018-2028', revenue generated fromthe global orange extract market has been estimated to bevalued around US$ 536.2 Mn in 2018, which is projected to increase at a CAGR of5.1% during the forecast period (2018-2028).
Driving factors such as the demand for fresh fruity flavors, consumerpreference for natural food additives, and health consciousness contribute tothe accelerating growth of the orange extract market. Orange extract is highlyconsumed in the North American region, expected to account for around 34.4%share during the forecast period, owing to highest utilization in the region.Increased market penetration in developing and developed economies makes theorange extract market a highly competitive one, resulting in continuous productlaunches by the key players of orange extract. Players in the market such asDöhler GmbH and McCormick & Company, Inc. are well-known for their premiumquality of orange extract. These companies spend appreciably on promoting theirbrands online as well as other channels, and hence, have high visibility andpremium placement on retail shelves. Thus, consumers are more inclined towardsbuying branded orange extract as a sign of premium quality.
The Asia Pacific except Japan Market is Expected toWitness Predominant Growth
Being a developing economy and with an increased number of foodprocessing industries, Asia Pacific holds the highest market share in theorange extract market as compared to other regions, due to the highestconsumption of orange extract, factors such as favorable government policies onnatural food additives, and inclining application of orange extract incosmetics and personal care products. It is anticipated that the Asia Pacificexcept Japan region would witness a high growth rate of the orange extractmarket - 7.3% growth during the forecast period.
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High Preference for Organic Orange Extract
Increasing consumer health consciousness regarding natural food productsin recent years has been a major contributing driver for the global orangeextract over the years. Organic orange extract is expected to have a highpreference as compared to conventional orange extract during the forecast. Bynature segment, the organic orange extract segment is anticipated to witnessthe highest compound annual growth rate of 5.1% during the forecast period.However, the organic extract segment has a minimal market share at present, dueto the market being huge for conventional orange extract at affordable prices.
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Developing Initiatives of by Countries
Due to the growing demand for orange extract across developingcountries, manufacturers have been coming up with the powdered form of orangeextract in recent years. This practice is not only expected to ensure for ahealthier food additive and quality fruit extract, but also promotes theextended domestic consumption of orange extract in the upcoming years. Forinstance, China and India have been developing a powdered form of orangeextracts in recent years.
Key Manufacturers of Orange Extract
This report covers the current trends driving each segment, and offersdetailed analysis and insights into the potential growth of the global orangeextract market. The final section of the report contains a competitivelandscape of dynamic players, to provide an audience view with a comparativedashboard. Key players covered in the report are the current dynamicmanufacturers in the orange extract market. Detailed profiles of themanufacturers are also included in the scope of the report to analyze theirlong-term and short-term strategies, key offerings, and recent developments inthe orange extract space.
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Global Orange Extract Market: Competition Dashboard
TMR has profiled some of the most prominent companies active in theglobal orange extract market, such as Döhler GmbH, McCormick &Company, Inc., Southern Flavoring Company, Inc., Cook Flavoring Company,LorAnn Oils, Nature's Sunshine Products, Inc., Nielsen-Massey Vanillas, Inc., etc.
Global Orange Extract Market: Key Insights
Key manufacturers and product developers in the global orange extractmarket are producing organic orange extract, not only for applications in foodand beverages but also significantly contributing to the development ofcosmetics and personal care, thereby attracting a huge customer base in theglobal orange extract market.
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