Valley Cottage, NY -- (SBWIRE) -- 11/28/2017 -- Citrus flavours can be derived from grapefruit, lime, lemon and tangerine, it is used for conveying the flavour to various foods and beverages. The consumption of citrus flavours offer various health benefits to consumers, as it increases antioxidant levels in the body and reduces the occurrence of various metabolic diseases such as diabetes and obesity.

Market Value and Forecast

In terms of value, the global citrus flavours market is projected to expand at a CAGR of 4.9% during the forecast period. In addition, the global citrus flavor market installations are expected to account for 145,816.1 units by end of 2025.

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Market Dynamics

Growth of the global citrus flavours market is mainly driven by rising health awareness among consumers, advanced research and development for developing new range of citrus flavours and manufacturers launching optimally priced citrus flavours. Moreover, companies are continuously launching wide range of citrus flavours that possess enhanced stability and are used in various applications such as beverages, confectionary, dairy and others, this further propels the growth of this market.

However, growing consumer awareness related to adverse effects of artificial citrus flavours consumption, coupled with high price volatility of natural citrus flavours–due to the seasonal nature of the fruits– is hindering the overall growth of this market.

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Segmentation by End User

The global citrus flavours market is segmented on the basis of application in to: beverages, savoury, confectionary and dairy. In terms of value the beverages segment is expected to account for over 31% of the global citrus flavours market share by end of 2015, and is expected to remain dominant during the forecast period. Similarly, the dairy segment is projected to account for over 30% of the global citrus flavours market share by end of 2015.

Key Regions

The global citrus flavours market has been segmented into seven major regions, including: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, and Middle East & Africa. In terms of market value, North America is expected to dominate with 29.8% share of the overall citrus flavours market by end of 2015. Also, Western Europe is anticipated to be the fastest growing region, registering a CAGR of 6.3% in terms of value. In terms of volume, Latin America records the highest CAGR of 2.0% of the citrus flavours market over the forecast period.

Key Players

Key players identified in the global citrus flavours market include: Kerry Group Plc, Takasago International Corporation, Sensient Technologies Corporation, Symrise AG, Givaudan SA, Firmenich International SA, Frutarom Industries Ltd., Citromax Flavors, Inc., and International Flavors & Fragrances Inc. These companies are focused towards product innovation to broaden their product portfolios in order to meet the diverse needs of various end user industries.