Citrus Extracts Market Size, Share, Industry Trends, Outlook, Growth and Forecast 2023 - 2030

Global Citrus Extracts Market is segmented By Type (Lemon, Orange, Grapefruit), By Application (Carbonated Soft Drinks, Food), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023 - 2030

Citrus Extracts Market Size

Global Citrus Extracts Market reached USD 7.1 billion in 2022 and is expected to reach USD 10.7 billion by 2030 growing with a CAGR of 5.3% during the forecast period 2023-2030. Consumer preference for natural and clean-label products has been driving the demand for citrus extracts in various industries, including food and beverages, cosmetics, and pharmaceuticals.

Citrus extracts are valued for their natural flavor, aroma, and health benefits. Citrus peel and its extracts are rich in flavonoids, which are beneficial to human health. Citrus fruits of the family Rutaceae are popular with consumers around the world, and large numbers are processed industrially. However, a high proportion of waste is generated by industrial citrus processing because of the thick, inedible peel and large inedible seeds. Citrus peel forms around 40%−50% of the total fruit mass, and is a substantial source of biologically-active substances that enhance health, especially flavonoids. 

The total flavonoid content (TFC) is mainly composed of flavanones and polymethoxylflavones (PMFs), including naringin, hesperidin, narirutin, nobiletin and neohesperidin. The major flavonoid from Citrus unshiu peel is quercetagetin and anthocyanin is only found in blood oranges. Flavonoids in citrus peel are recognized as a good source of dietary antioxidants, and protect cells by hydrogen transfer, free radical scavenging, and divalent metal ion chelation.

Citrus Extracts Market Scope

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Citrus Extracts Market Dynamics

Increasing Demand for Natural Ingredients to Drive the Global Market Trends

The organic food market has been witnessing steady growth worldwide due to increasing consumer awareness of the benefits of organic products. According to the latest FiBL survey on organic agriculture worldwide, organic farmland increased by 1.1 million hectares, and organic retail sales continued to grow, as shown by the data from 187 countries. Organic foods are often perceived as more natural and free from synthetic chemicals, further driving the demand for natural ingredients, including citrus extracts.

The rising interest in health and wellness has led consumers to seek products that are perceived as healthier and more beneficial. Natural ingredients, such as citrus extracts known for their vitamin C content and antioxidants, align well with these health-focused preferences. Concerns about artificial additives and preservatives in food and personal care products have led consumers to seek alternatives made with natural ingredients.

Rising Demand for Natural Flavors and Fragrances is Expected to Drive The Citrus Extracts Market Growth

The health-conscious consumer trend has led to increased scrutiny of product ingredients. Natural flavors, such as those derived from citrus extracts, are often perceived as healthier alternatives to synthetic flavors, as they do not contain artificial chemicals or potential allergens. The fragrance industry has seen a gradual shift from synthetic fragrances to natural alternatives.

The fragrance industry has seen a gradual shift from synthetic fragrances to natural alternatives. Citrus extracts are valued for their pleasant and refreshing aromas, making them attractive options for natural fragrances in perfumes, cosmetics, and homecare products.

Seasonal Nature of Citrus Fruits is Restraining the Citrus Extracts Market

Citrus fruits are typically harvested during specific seasons in different regions. This limited harvest period results in a restricted supply of fresh citrus fruits available for processing into citrus extracts. The supply of citrus extracts is influenced by the availability of fresh citrus fruits during their respective harvesting seasons.

The seasonal nature of citrus fruits can lead to price fluctuations in the citrus extracts market. When citrus fruits are in abundance during their peak seasons, the prices of raw materials may be relatively lower. However, during off-seasons or when there are crop failures, the scarcity of citrus fruits may drive up the prices of raw materials, potentially affecting the overall cost of citrus extracts.

Citrus Extracts Market Segment Analysis

The global citrus extracts market is segmented based on process, type, end-user, and region.

The Orange Segment Holds the Largest Market Share in the Citrus Extracts Market

Oranges are one of the most widely cultivated citrus fruits globally. They are grown in many regions, including major citrus-producing countries like Brazil, the United States, China, and Spain. Citrus aurantium L. bloom extract contains 4.5 mg GAE/g DW. The abundant availability of oranges for processing into extracts contributes to their significant market share.

Oranges are versatile fruits used in various forms, including fresh consumption, juices, concentrates, and extracts. Their popularity as a flavoring agent in the food and beverage industry has been a major driver for their dominance in the citrus extracts market. Oranges are versatile fruits used in various forms, including fresh consumption, juices, concentrates, and extracts. Their popularity as a flavoring agent in the food and beverage industry has been a major driver for their dominance in the citrus extracts market.

Citrus Extracts Market Geographical Share

Europe is Dominating the Citrus Extracts Market

Spain and Italy are major citrus-producing countries in Europe. Spain, in particular, is one of the world's largest producers of oranges and mandarins. The abundance of citrus fruits in these countries contributes to Europe's dominance in the citrus extracts market. Europe cultivates a wide variety of citrus fruits, including oranges, lemons, limes, mandarins, and grapefruits. This diversity allows for the extraction of different citrus flavors and aromas, catering to a broad range of applications in the food, beverage, and fragrance industries.

Europe boasts a robust food and beverage industry, which extensively uses citrus extracts in products such as juices, soft drinks, desserts, confectionery, and sauces. According to Ministry of Foreign Affairs, the European import of citrus and tropical juices is expected to show growth of around 1% annually. European countries have made significant advancements in extraction technologies, enabling the production of high-quality citrus extracts with improved flavor retention and enhanced shelf life.

Citrus Extracts Market Companies

The major global players in the market include XENA BIOHERBALS PRIVATE LIMITED, Qingdao Vital Nutraceutical Ingredients BioScience Co., Botanic Healthcare, HUNAN HUACHENG BIOTECH INC., Plantae Extracts Private Limited, Green Chem, Henry Lamotte Oils GmbH, Global Essence, CRODAROM SA, and Kerry.

COVID-19 Impact Analysis

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

The citrus extracts market, like many other industries, faced disruptions in the supply chain due to lockdowns, travel restrictions, and border closures. These disruptions impacted the transportation of raw materials and finished products, leading to potential delays and supply shortages. The pandemic prompted changes in consumer behavior, with more people cooking and eating at home.

Key Developments

• In March 2022, Sakurafresh Beverage and Food, a Japan headquartered global beverage and food company has launched its world-acclaimed and awards winning range of Zero Alcoholic spirits and liqueurs in India.
• In January 2021, McCormick has announced the acquisition of Fona International, a manufacturer of clean and natural flavors for the food, beverage, and nutritional markets, for $710 million.
• In January 2022, Synergy Flavors has unveiled new extracts and flavor solutions for the “booming” low and no alcohol category. The range bitters, fermented notes, gin, pink gin, aperitif, and rum flavors, alongside extracts that deliver warmth, such as scotch bonnet and peppercorn. 

Why Purchase the Report?

• To visualize the global citrus extracts market segmentation based on type, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of citrus extracts market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study. 
• Product mapping is available as Excel consists of key products of all the major market players.

The global citrus extracts market report would provide approximately 53 tables, 46 figures, and 190 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies