Rockville, Jan. 02, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a provider of market research and competitive intelligence, the global Citrus Concentrate Market is estimated at US$ 8,978.2 million in 2024. The market is projected to grow at a normal clip with a 5.3% CAGR through 2034. The citrus concentrate market is projected to surpass a valuation of US$ 15,107.3 million by 2034.
As temperatures continue surging globally, there is climbing demand for cooling drinks. Thus, citrus concentrate is experiencing growing demand. Citrus concentrate is also applied in other food industry products that experience the peak of their demand in the summer, like ice creams and syrups, making summer the most productive period of growth for the market.
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Key Segments of Citrus Concentrate Industry Research Report
| By Nature | By Source | By Form | By End Use |
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As health and fitness trends continue to proliferate, there is greater demand for plant-based food and ingredients. Citrus concentrate slots into the plant-based food umbrella and is garnering demand from the health-conscious. The health benefits purported to be provided by citrus fruits, such as high fiber, are also acting as a positive.
While summer acts as the peak season for citrus concentrate, the demand drops along with the temperature, making the market volatile. The effects of global warming have been harsh on citrus food production, leading to problems with satisfying the demand for citrus concentrate. Thus, the future of the market contains both sweet and sour notes.
Key Takeaways from Market Study
- The global citrus concentrate market is projected to expand at a CAGR of 5.3% through 2034.
- The East Asia citrus concentrate market is expected to grow at a CAGR of 5.8% through the period from 2024 to 2034.
- The citrus concentrate industry is expected to register a CAGR of 6.3% in Japan over the forecast period.
- The citrus concentrate industry in China is expected to rise at a CAGR of 5.6% through 2034.
- Food & beverage end-use leads the market, with an expected market share of 35.98% in 2024.
“Citrus concentrates are finding increasing application in alcoholic beverages. Through cocktails and other drinks, alcohol drinkers have developed a pallet for citrus. Citrus concentrate is being used in beers, vodkas, and other alcoholic beverages. The use of citrus concentrate in the alcohol sector is filled with promise for the market" says a Fact.MR analyst.
Companies Looking for Refined Processes of Raw Material Acquisition and Supply Chain Solutions
Manufacturers are trying diverse approaches to get their hands on citrus fruits for production. Tie-ups with local players are common. Another strategy being used is the setting up of plants in areas known for citrus food production. Some of the prominent companies in the market are Givaudan SA, International Flavors & Fragrances, Inc., Symrise AG, and ALG Juices Pty Ltd.
Some of the recent developments in the market are:
- In October 2023, Heüra Foods introduced the York Ham Style cold cuts, with lemon juice concentrate as one of the main ingredients in the plant-based meat.
- In March 2023, McDonald's Canada launched the Fruit Splash range of drinks, containing lemon juice extract.
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| Report Attribute | Details |
| Value Projection (2034) | USD 15,107.3 Million |
| Growth Rate (2024-2034) | 5.3% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 240 Figures |
Prevalence of Liquid Citrus Concentrate Evident in Projected 2024 Market Share
In 2024, liquid citrus concentrate is anticipated to dominate the citrus concentrate market with an expected market share of 74.54%, while the powder form is projected to contribute the remaining 25.46%. The food & beverage industry emerges as the primary user of citrus concentrate, accounting for the highest market share at 35.98% in 2024. Additionally, the cosmetics sector is gaining significance, constituting an expected market share of 21.76% in the same year.
Liquid Citrus Concentrate's Popularity Driven by Citrus-Infused Beverages
The liquid form of citrus concentrate is poised to be the preferred choice, commanding an anticipated market share of 74.54% in 2024. Liquid citrus concentrate is projected to experience substantial growth, with a solid Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period.
Citrus Concentrate in Food & Beverage Industry: A Necessity in the Global Quest for Healthy Food
In 2024, the food & beverage industry is expected to claim a significant market share of 35.98%. Over the forecast period, this industry's end-use of citrus concentrate is projected to progress at a reasonable CAGR of 5.0%.
The global surge in population, coupled with an escalating demand for healthy food choices, positions the food & beverage industry as a major consumer of citrus concentrate, addressing the growing need for nutritious and clean-label food products.
Checkout More Related Studies Published by Fact.MR Research:
Tomato Concentrate Market: The global tomato concentrate market is forecasted to exhibit expansion at a healthy 5.6% CAGR over the next ten years and is predicted to reach US$ 2.07 billion by the end of 2033.
Humus Concentrate Market: The global humus concentrate market is currently valued at US$ 4.23 billion and is anticipated to expand at a CAGR of 4.6% to reach US$ 6.67 billion by 2032.
Whey Protein Concentrate Market: The global whey protein concentrate market size is estimated at US$ 3.9 billion in 2023 and is forecasted to reach US$ 6.7 billion by 2033-end.
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