Global Citrus Extract Market 2021: Global Industry Size and Growth Opportunities to 2026
The citrus extract is an unequivocally enhanced remove from different citrus natural products like orange, lime, lemon, grapes and that's just the beginning. The citrus remove ordinarily gives smell and flavor, generally utilized in bread kitchen, hotdogs, flavors, dairy items, confectionary, tea, smoothies, shakes and different items in food and refreshment industry is as well. Citrus extract goes about as a characteristic seasoning specialist which is utilized in the creation of confections, cakes and baked good, chocolates, drink blend and cocktails.
ChemIntel360’s global Citrus Extract market study is a 150-slide report containing in-depth analysis on historical and forecasted spending and consumption patterns in the sector. We offer granular value and volume data from a global, regional, and applications perspective. The industry is valued at US$5.48 billion in 2020 and is grow at a CAGR of 4.2% during the forecast period (2021-2026) mainly due to increasing consumption of natural extract in food products over the forecast period.
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The citrus extract is likewise utilized for assembling healthy skin and hair care items in the creation of moisturizer, creams, face wash, face packs, cleanser and conditioners. The citrus extricate is additionally a likely fixing in the drug business as it has different medical advantages. The interest for citrus extract is high a result of its applications in food and drinks, drugs and individual consideration items, so the market for citrus remove is relied upon to stay positive over the figure period.
Covid Impact
The Citrus Extract industry was adversely impacted by the Covid-19 pandemic as the demand of the chemical saw a significant decline in the initial six months of 2020. This is due to closure of eateries, bakeries, and restaurants, which stalled the growth of Citrus Extract market. The lockdowns enforced across the globe to stem the spread of multiple Covid waves led to the fall in the industry demand. In addition, bottlenecks in the supply chain also had a negative effect on the sale of Citrus Extract. Trade constraints in the global economy negatively affected the Citrus Extract market.
Drivers
The key factor driving the citrus extract market is the tilt by the consumers towards naturally derived ingredients because of the health benefits imparted by them. Some of the benefits provided by citrus extracts are improved immunity response and healthy skin layer development. In addition, growing consumption of natural extracts in food items with high nutritional value would bolster the market demand over the forecast period.
Opportunities
The consumers, especially in developed economies have become aware of the potential impact of synthetically derived products and are increasingly preferring brands which use environmentally-friendly, natural ingredients over synthetic ingredients.
The rising demand for citrus extract in pharmaceuticals and personal care products will provide ample opportunities for the market players to improve their market share during the forecast period.
Challenges
The increasing incidence of natural calamities as well as growing climatic fluctuations during the farming of citrus related fruits are expected to hinder the citrus extract market growth. With global warming, the weather across the regions is expected to exhibit abnormal temperature fluctuations.
Trend
New food products with novel flavors are being launched across the major regions leading to strong competition among the manufacturers as well as diversification among the end users.
Key Companies
The key companies operating in this market report are McCormick & Company, Inc., CITROMAX, Southern Flavoring Company, Inc., LIONEL HITCHEN, Döhler GmbH, Ultra International B.V., Watkins Inc, Nielsen-Massey Vanillas, Inc., Kerry Inc., OliveNation, and Lebermuth, Inc.
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