by Citrus flavors are a class of flavors extracted from citrus fruits like orange, lemon, lime, grapefruit, and mandarin. These flavors find wide application in food and beverage products to impart a tangy and refreshing taste. Citrus flavors are commonly used in a variety of soft drinks, baked goods, confectioneries, snacks, and other F&B products. The unique aroma and taste of citrus flavors make them a popular ingredient in the food industry.
The global citrus flavors market is estimated to be valued at US$ 13382.2 Mn in 2023 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 Dynamics:
Rising global consumption of soft drinks is fueling the demand for citrus flavors. According to Statista, global consumption of soft drinks reached over 1.7 trillion liters in 2020 and is expected to grow further in the coming years. This growing application of citrus flavors in the expanding soft drinks industry is estimated to drive the market growth over the forecast period.
SWOT Analysis
Citrus Flavors Market
Strengths:
– Citrus flavors have wide application in food and beverages industry. They provide a tangy and refreshing taste to products.
– Orange and lemon citrus flavors are top selling and highly demanded flavors around the world due to their versatility and popularity.
– Emergence of natural flavors is driving demand for citrus flavors as they are considered safer alternatives to artificial flavors.
Weaknesses:
– Prices of raw materials such as oranges and lemons can be volatile depending on harvest. This increases production costs.
– Supply chain disruptions and trade barriers can impact timely availability of citrus fruits for extraction of flavors.
Opportunities:
– Growing health-conscious consumer base is providing opportunities for low-calorie citrus flavored beverages and food products.
– Emerging markets of Asia Pacific and Middle East Africa regions offer high growth potential for citrus flavors market due to rising incomes and westernization of diets.
Threats:
– Presence of substitute flavors such as artificial flavors poses competition to citrus flavors market.
– Environmental factors including adverse weather conditions can negatively impact citrus fruit crops, affecting supply of flavors.
Key Takeaways
The Global Citrus Flavors Market Size is expected to witness high growth. The market size for 2024 is US$ 13382.2 Mn and forecast period is from 2024 to 2031 with a CAGR of 5.1%.
Regional analysis related content comprises:
The Asia Pacific region is expected to be the fastest growing market for citrus flavors during the forecast period. Abundant availability of citrus fruits such as oranges in countries of China and India is driving the market. Also, increasing expenditure on beverages and food products in emerging economies is fueling market growth. North America currently dominates the global citrus flavors market owing to high consumption of citrus flavored beverages and orange extracts in functional food and dietary supplements.
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., and Metallisation Ltd.. These players are focusing on expansion of production capacities and new product launches catering to changing consumer preferences.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
