United States, Rockville MD, July 18, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global citrus peel extract market is projected to top a valuation of US$ 7.95 Billion in 2022. Surging demand for natural extracts in food and beverage products is expected to boost sales at a steady 4.5% CAGR, pushing the market size to reach US$ 11.84 Billion by 2032.
Citrus peel extract is emerging as a popular ingredient in food and beverage products, personal care products such as massage oils and aromatherapy, and various pharmaceutical formulations. They are also being incorporated in nutritional supplements owing to their functional health benefits such as antioxidant properties and high vitamin C content.
Rising awareness regarding the harmful impact of artificial food coloring and flavoring is compelling consumers to opt for food and beverage products with natural additives. In response to this, manufacturers are incorporating lemon, lime, and orange peel extracts in, organic snacks, bakery products, desserts, and beverages.
Besides this, citrus peel extract is gaining popularity in nutraceutical products. The functional benefits of citrus peel extract help in weight management and boosting immunity, along with having antifungal and antibacterial properties. Increasing preference for dietary supplements and nutraceuticals among consumers will drive sales of citrus peel extract over the forecast period.
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Apart from the food & beverage sector, citrus peel extract is increasingly being incorporated into personal care products. Many individuals are sensitive to artificial fragrances and other chemicals used in personal care products such as shampoos, creams, and cleansers. As a result, demand for orange as a natural ingredient in skincare and body care products is increasing.
As orange peel extract has antifungal and antibacterial properties, it is emerging as a popular ingredient in skincare products. It is also used in exfoliators such as facial and body scrubs as it is gentler on the skin and removes dead skin deposition.
Besides this, in the pharmaceutical sector, demand for naturally derived ingredients such as orange and lemon is on the rise. Taking cues, manufacturers are incorporating lemon and orange peel extract in oral formulations such as cough syrups, lozenges, and chewable tablets. The extract also adds natural coloring to the products.
Key Takeaways:
- North America citrus peel extract market will account for 33.1% of the total market share amid high demand for organic food products in the U.S.
- Europe will hold 27.4% of the global citrus peel extract market in 2022 owing to expansion in the pharmaceutical sector in the U.K.
- China will emerge as a lucrative pocket, holding a lion’s share in the East Asia citrus peel extract market.
- Surging demand for clean label skincare products in India will place it as an attractive market in the South Asia citrus peel extract market.
- In terms of fruit type, sales of orange peel extract will gain traction at a considerable pace over the assessment period.
Growth Drivers:
- Increasing usage of lemon peel extract in essential oils for aromatherapy and massages will drive sales in the market.
- Surging incorporation of citrus peel extract to remove the bitter taste and improve processed food quality will augment the growth in the market.
Restraints:
- High availability of alternatives for citrus peel extract might limit sales in the market.
- Limited awareness regarding the benefits of organic ingredients across emerging economies will restrict sales.
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Competitive Landscape:
Key players operating in the global citrus peel extract market are investing in research and development to diversify the applications of citrus peel extract in pharmaceutical formulations. They are also creating online sales channels to facilitate the supply of bulk citrus peel extract to small business owners across several locations.
Besides this, some other players are aiming at collaborations and partnerships with ingredient manufacturers to improve their product portfolios. Some recent developments include:
- In January 2022, Portland-based Icon Foods launched two new citrus extract-based sweeteners for clean label products called CitruSweet and ThauSweet. These extracts help in removing unpleasant odor and afternotes from non-sugar sweeteners.
- In June 2022, Alfa Chemistry announced that it has completed the upgrade of its natural surfactants’ product line for food & beverage, personal care, and household goods applications. The product line includes citrus peel extract and other botanical extracts.
Key Companies Profiled by Fact.MR
- 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
- RUNHERB INC
- Orgenetics, Inc.
- S.A. Herbal Bioactives LLP
- Active Concepts LLC
- NOW foods Inc.
More Valuable Insights on Citrus Peel Extract Market
In its latest study, Fact.MR offers a detailed analysis of the global citrus peel extract market for the forecast period of 2022 to 2032. This study also divulges key drivers and trends promoting the sales of citrus peel extract through detailed segmentation as follows:
By Form:
- Oil Citrus Peel Extracts
- Powder Citrus Peel Extracts
By Fruit:
- Oranges
- Limes
- Lemons
- Grapefruit
By End Use:
- Pharmaceuticals
- Food Industry
- Confectionery
- Sports nutrition
- Bakery
- Dairy
- Sauces & Seasonings
- Beverages
- Tea
- Smoothies
- Personal Care
- Dietary Supplements
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Citrus Peel Extract Market Report
- What is the anticipated market size of the citrus peel extract market in 2022?
- At what rate will sales in the global citrus peel extract market grow until 2032?
- Which are the factors hampering the demand in the citrus peel extract market?
- Which region is expected to dominate the global citrus peel extract market during 2022-2032?
- Which are the factors driving sales in the citrus peel extract market during the forecast period?
- What is the expected market valuation of the citrus peel extract market during the forecast period?
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