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Citrus flavor producers are leveraging emerging clean label nutrition trends to enter long term contracts with food and beverage manufacturers, that will aid sales during and after the covid-19 pandemic.
With the global impact of the coronavirus pandemic, the citrus flavors market has gained demand for applications in processed foods and beverages, as consumers have displayed a preference for ready-to-eat convenience food options during the ongoing crisis. In addition, the demand for natural and organic ingredients will also witness a surge during this period, as consumers are more health conscious, aiding market growth even after the outbreak ends.
The citrus flavors market worth is expected to total US$ 2,977.1 Million in 2021, according to Future Market Insights (FMI) study. The study also projects the citrus flavors demand to surpass US$ 4,931.5 Million by 2031, growing at a CAGR of 5.2% for 2021-31.
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“Research into enhancing the stability of the new citrus flavor offerings and its wider scope of application in a numerous food types including dairy, confectionary, and others provide strong impetus to demand,” says the FMI analyst.
Citrus Flavors – Primary Takeaways
Citrus Flavors – Growth Factors
Citrus Flavors- Major Constraints
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The Projected Impact of Coronavirus
The coronavirus outbreak has substantially increased the demand for processed foods and beverages. In addition, consumers are becoming increasingly conscious about healthier food choices during the crisis. These trends will have a key role to boost the demand for natural and organic citrus flavors throughout the duration of the pandemic. Applications in nutraceutical and pharmaceutical products will generate growth opportunities. Bias towards clean label and organic food options will sustain market growth for the foreseeable future.
Competition Landscape
The citrus flavors market comprises players including but not limited to Takasago International Corp., Citromax Flavors Inc., Symrise AG, Kerry Group plc., Givaudan SA, Frutarom Industries, Firmenich International SA, Sensient Technologies, and International Flavors & Fragrances Inc.
Market players are seeking strategic acquisitions, in addition to investments into citrus fruit cultivation and exports to meet the large-scale demand for new flavor product development initiatives.
For instance, Citromax has initiated shipments of fresh lemons from Buenos Aires to China in June 2020. Symrise AG has partnered with Klaus Bocker for the cultivation of white grapefruit in South Africa. Further, Takasago International Corp has invested US$ 1.5 million in grapefruit tree plantations in Florida for flavor and fragrance production.
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Citrus Flavors Market by Category
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Key Questions Answered in Report
How much is the citrus flavors market worth?
The global citrus flavors market is worth USD 2.97 Bn in 2021 and is expected to reach USD 4.93 Bn by 2031 owing to clean label trends in the food and beverage industry.
What is the demand outlook of the citrus flavors market?
The demand for citrus flavors will rise at a CAGR of 5.2% through 2031.
What was the citrus flavors market CAGR for the last 5years?
Historically, the market has grown at a CAGR of 3.6% from 2016 to 2020.
What are the key trends of the citrus flavors market?
Investments into clean label and all-natural food and beverage product formulations will create key opportunities for market players in the coming decade.
What is driving the demand of the citrus flavors market?
Growing cultivation of citrus fruits has increased sales opportunities in the citrus flavors market. Ongoing research on safe flavoring agents will drive the market during the forecast period.
What is the share of the top 5 players in the citrus flavors market?
The cumulative market share of the top 5 players including Euglena, Koninkliijke DSM NV,Sun Chlorella, Fuji Chemical Industries Co., Ltd. , and Novagreen constitutes 35-40% of the overall market.
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