by Citrus flavors provide a tangy and refreshing taste to various beverages as well as food products. They also possess antioxidant properties which provide various health benefits. Rising demand for natural ingredients from the beverage and food industries is accelerating the demand for citrus flavors.
The global Citrus Flavors Market is estimated to be valued at US$ 13382.2 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the citrus flavors market is the rising demand for natural ingredients from the beverage industry. Consumers are increasingly preferring beverages containing natural citrus flavors over artificially-flavored beverages. Moreover, citrus flavors have several health benefits which is appealing to health-conscious consumers. This growing preference for natural citrus flavors is encouraging beverage manufacturers to incorporate more citrus flavors in their product offerings. The market players are also focusing on development of new natural citrus flavors with unique taste profiles to cater to dynamic consumer preferences. Advanced technologies and new product extraction methods are allowing manufacturers to develop innovative natural citrus flavors, thereby fueling the market growth over the forecast period.
Segment Analysis
The global citrus flavors market can be segmented into natural and artificial flavor types. The natural citrus flavor segment currently dominates the market due to the rising health awareness among consumers. Natural citrus flavors are extracted from natural citrus fruits through physical processes like cold pressing without using any chemicals. This makes natural flavors purer and healthier compared to artificial flavors.
Key Takeaways
The Global Citrus Flavors Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market is projected to grow at a CAGR of 5.1% during this period and reach a value of US$ 13382.2 Mn by 2024.
Regional analysis
North America holds the largest share in the global citrus flavors market currently due to high consumption of processed and packaged food products in countries like United States and Canada. North America is followed by Europe and Asia Pacific region. Asia Pacific region is expected to witness fastest growth rate over the forecast period owing to growing disposable income, expansion of western quick service restaurants, and increasing popularity of processed drinks and foods in countries like India and China.
Key players
Key players operating in the citrus flavors market are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc. Thermal Spray Technologies Inc., ASB Industries Inc., Abakan Inc. The major players are focusing on new product launches, partnerships, and expansions to gain more market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
