Rockville, MD -- (SBWire) -- 07/19/2018 --Along with the benefits of biotechnology, innovation and scientific improvements, people are also shifting their preferences towards natural ingredients, as synthetic chemicals used in food are increasingly finding their way in the dictionary of 'harmful and long-term side effects'. As an alternative, herbal extracts and organic ingredients have become popular for the same reason. Citrus peel extract is traditionally known to have multiple uses for the household, for example as a flavoring agent in food, cleaning agent for kitchen equipment and also as an ailment for bone health, promotion of weight loss, etc. As the functional ingredient market is growing at double digit, citrus peel extract market also witnesses a concurrent growth. The citrus peel is a source of abundant pectin, a highly valued flavonoid. In 2017, CP Kelco, a manufacturer of specialty hydrocolloids, expanded its pectin peel processing facility in Brazil. In 2015, the pectin production exceeded 60,000 tons globally. Around 45-60% of the citrus fruit is discarded as waste and considering the abundant amount of pectin found in this waste, manufacturers are strategizing to expand the portfolio and of citrus peel products, which is an impacting factor driving the growth of citrus peel extract market.
Citrus Peel Extract Market: Reasons for covering this title
As more and more consumers are demanding sustainable and eco-friendly products, manufacturers are compelled to manufacture products that cater to these demands. Apart from consumer demand, the citrus peel extract is a highly profitable product due to its multi-benefits in the food & beverage, personal care and pharmaceutical industry, which is a strong driver fuelling the growth of the citrus peel extract market. Consumer demand for organic and natural products is further supporting the growth of citrus peel extract market. Also, the regions with high production of citrus fruits such as Africa and South Asia are strategically expanding their citrus products portfolio due to easy resource availability, boosting the growth of the citrus peel extract market.
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Citrus Peel Extract: Market Segmentation
On the basis of form, the citrus peel extract market is segmented as-
Oil
Powder
On the basis of fruit, the citrus peel extract is segmented as-
Orange
Lime
Lemon
Grapefruit
Others
On the basis of end-use, the citrus peel extract is segmented as-
Pharmaceutical
Food industry
Confectionary
Sports nutrition
Bakery
Dairy
Sauces & seasonings
Beverages
Teas
Smoothies
Personal care
Dietary supplements
Others (institutions)
Citrus Peel Extract Market: Key Players
Some of the key players operating in the citrus peel extract market are Phyto Life Sciences P. Ltd., Cifal Herbal Private Ltd, Ultra International B.V., Merck KGaA, IRIMAR S.L., Vee Kay International, Argenti Lemon S.A, Vincent Corporation, Apara International, All thing Citrus, Kanegrade Ltd., RUNHERB INC, Orgenetics, Inc., S.A. Herbal Bioactives LLP, Active Concepts LLC, NOW foods Inc. and among others.
As consumers nowadays tend to believe that the quality of products with natural ingredients is indeed better than those with synthetic chemicals, food industry and personal care manufacturers are developing more products with natural ingredients in a view to augment the quality of fragrance and flavor characteristics of their products. The trend for clean label products has spread infectiously across the world, which is also attributed to the rise in a number of health-conscious consumers. These factors strongly pinpoint the growth of the citrus peel extract market.
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Citrus Peel Extracts: Key Insights Gained
In March 2015, the company Suntory Beverage & Food Limited, a Japan based beverages manufacturer, introduced Orangina, a brand of carbonated beverage, globally. The brand is jointly developed by the company and the Schweppes Group. The product which contains lemon peel extract was first launched in Japan in 2012 and following its success and immense consumer demand, the company introduced the product internationally.
In beverage products, citrus extracts usually impart aroma and flavor and also impart unwanted characteristics like bitter taste to the product. While using citrus peel extracts, the bitterness of the citrus fruits is avoided, improving the quality of the product.
Such unique benefits are also compelling the manufacturers to use citrus peel extracts in their products, thus driving the growth of the citrus peel extract market.
Opportunities for Citrus Peel Extract Market Participants
Considering the wide spectrum of benefits of citrus peel extract, lack of consumer awareness about its benefits is hindering the growth of citrus peel extract market, and hence, educational marketing and raising consumer awareness is of utmost importance for citrus peel extract market growth. Labelling of the end-use products by respective manufacturers of various sectors could be more instructional and provision of scientific proofs regarding the health and other benefits of the citrus peel extract, is essential in response to the buying strategies of consumers. This will facilitate the manufacturers to expand their consumer base, boosting the growth of the citrus peel extract market.
Brief Approach to Research
A modelling-based approach and triangulation methodology will be followed to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a level to estimate the overall market sizes.
Citrus Peel Extract Market Is Expected to Generate Huge Profits by 2028
As more and more consumers are demanding sustainable and eco-friendly products, manufacturers are compelled to manufacture products that cater to these demands.