Citrus Concentrate Market Is Projected To Reach A Value Of US$ 15,107.3 Million By 2034
According to Fact.MR, a leading provider of market research and competitive intelligence, the global Citrus Concentrate Market (柑橘類濃縮物市場) is anticipated to reach US$ 8,978.2 million by 2024. The market is expected to maintain a steady growth trajectory, with a Compound Annual Growth Rate (CAGR) of 5.3% projected through 2034. By 2034, it is forecasted that the citrus concentrate market will exceed a valuation of US$ 15,107.3 million.
The increasing global temperatures have led to a rise in demand for cooling beverages, driving the demand for citrus concentrate. Additionally, citrus concentrate finds applications in various other food industry products that peak in demand during the summer months, such as ice creams and syrups, thereby making the summer season the most lucrative period for market growth.
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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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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.
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