The global citrus flavors market is expected to reach ~US$ 2 Bn by 2019-end, expanding at a CAGR of ~5% during the forecast period of 2019-2029.
Increasing demand for new and unique flavors is projected to contribute to the growth of the citrus flavors market through 2029. When it comes to forming new flavor blends with exotic citrus fruits and tropical fruits, the prospects are endless. Citrus flavors can be easily paired with floral flavors, which are increasingly being used in a variety of products. Fruits such as kiwi, strawberry, pineapple, mango, cucumber, and others are being paired with citrus and other tropical flavors, to complement the healthier trends among today’s consumers.
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Key Takeaways from Citrus Flavor Market Study
• New trends and applications for citrus flavors are diverse and include a resurgence in the flavored alcoholic beverages sector, savory snacks, sweet goods, dairy products, and others.
• Growing economic and political stability, increasing urbanization, sprung in the number of working population, and rapidly developing infrastructure across the Asia Pacific and Latin America regions signify high growth prospects of the citrus flavor market.
• The establishment of efficient supply chain management and distribution channels is ensuring the availability of a wide range of citrus flavors in developing economies that further add to the growth potential of the market in these regions.
• The sweet, sour, and refreshing taste, as well as richness in vitamins and nutritional values of citrus flavors are likely to account for the greater gains in the market.
• The consumption of citrus flavors for alcoholic beverages is expected to account for relatively high sales, in the view of increasing customer demand for exotic and adventurous tastes.
• PMR predicts that the demand for natural citrus flavor will increase with a striking CAGR of ~ 5% through 2019.
• Diseases and infections on citrus plants such as citrus greening, sapling wilt, and others, are expected to represent potential threat to the steady growth of the market.
“Citrus flavors are considered a valuable ingredient in food and beverage industries due to their enriched benefits for imparting a natural taste & flavor to the final product. New trends and diverse applications of citrus flavors, especially in the flavored alcoholic beverages including fine spirits and malted beverages categories are being observed in the recent times,” says a PMR analyst.
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Strategic Alliances and Product Innovations to Create Growth Opportunities
As F&B industry go natural and organic, companies operating in the citrus flavors market are focused on innovation and investments in R&D activities, with the aim of offering high-quality products to food and beverage manufacturers.
Manufacturers are also targeted towards expanding production facilities and entering into strategic alliances/partnerships with regional flavor and food manufacturers to increase their profit margin and achieve a stronger global footprint.
Persistence Market Research, in its new offering, presents an unbiased analysis of the global citrus flavors market, offering historical demand data (2014-2018) and estimation statistics for the period of 2019-2029. The study reveals comprehensive insights on the citrus flavor market, on the basis of type (orange, lemon, lime, grapefruit, and others), nature (natural, artificial), application (beverages, savory, sweet goods, dairy, and others), and region (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa).
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