Citrus Extracts Market Report 2024

This Citrus Extracts market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The citrus extracts market size has grown strongly in recent years. It will grow from $7.74 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth during the historic period can be attributed to the high nutritional value of citrus fruits, an increasing demand for natural flavorings, a growing interest in herbal remedies, heightened awareness of the health benefits of citrus, and the rising popularity of citrus-based essential oils.

The citrus extracts market size is expected to see strong growth in the next few years. It will grow to $11.17 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period is expected to stem from increasing consumer demand for natural and organic products, rising health consciousness, higher disposable incomes, the integration of citrus extracts in functional beverages, and the growing trend of plant-based diets. Key trends in the forecast period include technological advancements in citrus extraction processes, the development of new citrus-based products and formulations, the incorporation of citrus extracts into innovative health and wellness solutions, and the creation of new extraction technologies aimed at improving yield and quality.

The increasing consumer emphasis on health and wellness is anticipated to drive the growth of the citrus extracts market in the future. This focus is fueled by a growing awareness of the benefits associated with a healthy lifestyle and the prevention of chronic diseases. Citrus extracts are rich in vitamins, antioxidants, and bioactive compounds that enhance immunity, aid digestion, and promote overall health. For example, in May 2022, a survey conducted by the International Food Information Council (IFIC), a US-based non-profit organization providing science-based information on food safety, nutrition, and health, found that 52% of 1,005 Americans reported following a diet or eating pattern in 2022, a notable increase from 39% in 2021. This increase was especially prominent among individuals under the age of 50, with popular diets including clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based eating (12%). Thus, the growing consumer focus on health and wellness is driving the citrus extracts market.

Companies in the citrus extracts market are concentrating on developing innovative citrus ingredients to cater to the rising demand for natural, health-enhancing products. Citrus ingredients refer to newly developed and enhanced extracts or compounds derived from citrus fruits that provide unique health benefits, flavors, or functional properties for food, beverages, and supplements. For instance, in June 2022, Givaudan, a Switzerland-based manufacturer of flavors, fragrances, and active cosmetic ingredients, partnered with Manus, a US-based biotech company, to launch BioNootkatone, a sustainable and clean-label citrus flavoring ingredient. This innovative product addresses the growing market demand for natural flavors while alleviating supply volatility and environmental impact associated with traditional citrus extracts. BioNootkatone is produced using Manus Bio's proprietary BioAssemblyLine Cell Factory engineering platform, which starts with a non-genetically modified organism (non-GMO) sugar source.

In April 2024, Berje Inc., a US-based provider of essential oils and aromatic chemicals, acquired Global Citrus International (GCI) and Acelim del Peru for an undisclosed amount. This acquisition aims to bolster Berje’s position in the global flavor and fragrance market by integrating these companies into its operations. Global Citrus International (GCI) is a Peru-based manufacturer of lime-based products such as lime essential oils, while Acelim del Peru is a Peru-based grower and processor of lime-based products, including fresh limes, lime essential oils, lime juice, and lime peel.

Major companies operating in the citrus extracts market are Kerry Group Plc, McCormick & Company Inc, Symrise AG, Takasago International Corporation, Naturex SA, Young Living Essential Oils LLC, Citromax Flavors Inc, Mountain Rose Herbs, Peace River Citrus Products, Lebermuth Co Inc, Citrus and Allied Essences Ltd, LIONEL HITCHEN, Bontoux SAS, Botanic Healthcare, Ultra International BV, Global Essence Inc, Frutarom Industries Ltd, Crescent Fragrances Pvt. Ltd., Cifal Herbal Private Ltd, Ace Technologies.

North America was the largest region in the citrus extracts market in 2023. The regions covered in the citrus extracts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the citrus extracts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Citrus extracts are concentrated substances obtained from the peels, pulp, or juice of citrus fruits such as oranges, lemons, and grapefruits. They are rich in bioactive compounds such as flavonoids, vitamin C, and essential oils. These extracts are utilized in various industries, including food, beverages, cosmetics, and pharmaceuticals, for their flavoring, antioxidant properties, and health benefits.

The primary types of citrus extracts include orange, lemon, lime, grapefruit, and others. Orange citrus extraction involves obtaining essential oils, juices, or bioactive compounds from orange peels, pulp, or juice. This process is carried out using methods such as cold pressing, solvent extraction, enzymatic extraction, and supercritical fluid extraction, producing forms such as liquid, powder, and essential oil. Orange citrus extracts are used in food and beverages, pharmaceuticals, cosmetics and personal care products, and nutraceuticals.

The citrus extracts market research report is one of a series of new reports that provides citrus extracts market statistics, including the citrus extracts industry's global market size, regional shares, competitors with a citrus extracts market share, detailed citrus extracts market segments, market trends and opportunities, and any further data you may need to thrive in the citrus extracts industry. This citrus extracts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The citrus extracts market consists of sales of essential oils, flavonoids, citrus pectin, citrus fiber, and citrus bioactive compounds. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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