Citrus flavors are riding on the coattails of the health and wellness trend, with global demand set to surpass 123,000 metric tonnes (MT) by the end of 2015. Products containing natural citrus flavors will witness higher demand as compared to those made with artificial flavors. These findings are part of the new market forecast report by research and consultancy firm Future Market Insights (FMI).
The food and beverage industry is going through a phase of transformation as health and wellness trend is influencing buying decisions. Innovation in manufacturing technology has led to increased shelf life of products containing citrus flavors and contributed to their uptake among end-use industries.
Beverage Industry Accounts for the Highest Demand
Demand for citrus flavors is currently highest in the beverage industry. FMI expects beverage industry’s share to increase from 31.6% in 2015 to 33% in 2025. In terms of volume, the demand for citrus flavors from the beverage industry is expected to reach 37,685 MT by 2015 end, up from 36,990 MT in 2014.
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The key sectors in the beverage industry that account for the bulk of the demand for citrus flavors include alcoholic beverages, coffee and tea, soft drinks, and nutritional drinks.
Demand for citrus flavors from the alcoholic drinks industry is expected to reach 11,610 MT by the end of 2015, up from 11,456 MT in 2014. In terms of value, the market is expected to reach US$ 802 million, up from US$ 779 million in 2014.
Demand for Natural Citrus Flavors Robust
Natural citrus flavors account for over 70% of the demand currently. In terms of value, the demand for citrus flavors is expected to reach US$ 5,928 million by the end of 2015. In contrast, artificial flavors are forecasted to reach US$ 2,214 million by 2015 end.
Among various natural citrus flavors available in the market, demand for orange and lime is the highest. Demand for orange citrus flavors are expected to reach 29,219 MT by the end of 2015, up from 28,693 in 2014. In terms of value, demand for orange citrus flavors is projected to reach US$ 2,024 million, up from 1,946 million in 2014.
Artificial citrus flavors are losing traction among end-users, owing to mounting concerns over their potential side effects. Demand for artificial flavors is robust in confectionary items, such as chewing gums.
North America and Western Europe Most Lucrative Markets
North America is the most lucrative market for citrus flavors, as awareness about the benefits of natural ingredients is high. Demand for citrus flavors in Western Europe is expected to reach US$ 2,428 million by the end of 2015, up from 2,345 million in 2014.
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Western Europe and Asia Pacific Excluding Japan (APEJ) are the other lucrative markets in the global citrus flavors market. Demand for citrus flavors in Western Europe is expected to reach US$ 2,011 million in 2015, up from 1,924.7 million in 2014.
The key companies operating in the citrus flavors market are Kerry Group Plc, Takasago International Corporation, Firmenich International SA, Symrise AG, Sensient Technologies Givaudan SA, Frutarom Industries Ltd Corporation, Citromax Flavors, Inc., and International Flavors & Fragrances Inc.
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