Citrus extract is derived from fruits such as orange, lemon, lime, and grapes. Rich in vitamin A, vitamin B6, vitamin C, and potassium, it plays a major role in boosting immunity. Citrus extract has insect-repelling, anti-microbial, antioxidant, and anthelmintic properties, making it a key ingredient in the food & beverage industry as a flavouring agent. In the pharmaceutical industry, citrus extract is used to prepare various drugs, while it finds application in the cosmetics industry to produce perfumes, skincare products, and toiletries.
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Climate Change and New Bacterial Infections Cause Production of Citrus Fruits to Plummet
The largest producers of citrus fruits in the global citrus market are Brazil, China, and the U.S. in that order. In 2020, the U.S Department of Agriculture estimated a decline in the production of oranges and grapefruits in top producing state Florida for the year 2021. In 2019-20, the production of citrus fruits in the EU was also lower than previous years – primarily due to unpredictable weather patterns and new bacterial diseases. North America and Europe are expected to be the largest consumers in the citrus market for the forecast period. Early medical studies suggest that vitamin C deficiency can make one more susceptible to COVID-19. As a large percentage of Americans suffer from vitamin C deficiency, companies are advised to target the North America citrus market to market their immune health supplements.
Consumers Prefer Vitamin-C Fortified Products to Boost Immunity Against COVID-19
COVID-19 has created myriad opportunities for companies in the citrus market. The demand for vitamin C has grown two-fold as it boosts the immune system and can even lower the risk of severe infection. Medical experts recommend an adequate intake of vitamin C for COVID- 19 patients. There has been a massive spike in the production and consumption of vitamin C since 2020 as COVID-19 shows no signs of abating anytime soon. As per data from AFT Pharmaceuticals, the sale of its vitamin C products doubled from 2019.
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Availability of Over-the-counter Drugs Makes Pharmaceutical Segment Lead Citrus Market
The dietary and pharmaceutical segments are likely to remain the largest segments of the global citrus market by application. The improved availability of over-the-counter citrus supplements should benefit the market immensely. As individuals stayed at home to adhere to government mandates, the food & beverage industry witnessed moderate growth and this should continue for the foreseeable future. Consumers are increasingly demanding vitamin C fortified products, fuelling demand in the global citrus market.
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