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.
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.
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.
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 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.
Future Market Insights offers a 10-year forecast for the global citrus flavours market between 2015 and 2025. In terms of value, the market is expected to register a CAGR of 4.9% during the forecast period. This study demonstrates the market dynamics and trends of all seven regions that influence the current nature and future status of the citrus flavours market over the forecast period.
Future Market Insights report examines the citrus flavours market for the period 2015–2025. The primary objective of the report is to offer insights on the advancements of citrus flavours market that have raised a futuristic market for citrus flavours, which is significantly transforming global businesses and enterprises. Increasing research and development for developing diverse range of citrus flavours, coupled with rising number of health conscious consumers, is expected to fuel market growth of the citrus flavours over the next five to six years. Companies operating in the citrus flavours market are focused on penetrating untapped and potential markets in various region, and launching the new range of citrus flavours in order to meet diverse regional tastes of the customer.
The Citrus flavours market report starts with a market overview in terms of both— value and volume both. In addition, this section includes FMI’s analyses of key trends, drivers and restraints from the supply and demand side, which are influencing the citrus flavours market. Impact analysis of key growth drivers and restraints, based on the weighted average model is included in the citrus flavours market report to better equip and arm clients with crystal clear decision-making insights.
The global citrus flavours market is segmented on the basis of application, ingredient and region. On the basis of application, the market is segmented as: beverages, savoury, confectionary and dairy. A detailed analysis has been provided for every segment in terms of market size and volume analysis for citrus flavours across the globe.
As highlighted earlier, the citrus flavours market is segmented on the basis of application, ingredient and region. All these segments are included in this section to make the study more comprehensive. The subsequent sections provide a detailed analysis by application, ingredient and region, of the citrus flavours market. The sections provide detailed analysis covering key trends, absolute dollar opportunity and BPS analysis.
The report highlights citrus flavours adoption by regions. It provides a market outlook for 2015–2025 and sets the forecast within the context of the citrus flavours market including the new technological developments, as well as product offerings of the citrus flavours market. This study discusses the key regional trends contributing to the growth of the citrus flavours market globally, and analyses the degree to which drivers are influencing this market in each region. Key regions assessed in this report include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East & Africa.
All the above sections, by application, ingredient and region, evaluate present scenario and growth prospects of the citrus flavours market for the period 2015 –2025. We have considered 2014 as the base year and provided data for the trailing 12 months.
To calculate the citrus flavours market size, we have also considered revenue generated by the citrus flavours manufacturers. The forecast presented here assesses the total revenue by value across the citrus flavours market. In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the citrus flavours market will develop in the future. Given the characteristics of the market, we triangulated the outcome of three different types of analyses, based on supply side, downstream industry demand and the economic envelope.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the citrus flavours market.
As previously highlighted, the citrus flavours market is split into a number of segments. All the segments, i.e., applications, ingredients, and region are analysed in terms of Basis Point Share to understand individual segment’s relative contributions to market growth. This detailed level of information is important for the identification of various key trends of the citrus flavours market.
Another key feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective of the citrus flavours market.
Furthermore, to understand key growth segments in terms of growth and adoption of citrus flavours by various end user industries across the globe in the near future, Future Market Insights developed the citrus flavours market’s Attractiveness Index. The resulting index should help providers identify real market opportunities.
In the final section of the report, a Competitive landscape is included to provide report audiences with a Dashboard view, based on categories of provider in the value chain, presence in citrus flavours product portfolio and key differentiators. Key categories of providers covered in the report are citrus flavours manufacturers. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the citrus flavours value chain and potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on in-depth assessment of capabilities and success in the citrus flavours marketplace.
Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the citrus flavours market. Key competitors covered are: 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.
Key Segments Covered
Key Regions/Countries Covered