Citrus Fiber Market to Reach $659.2 Mn, Globally, by 2030 at 5.5% CAGR: Allied Market Research
Rise in demand for fiber supplements and numerous health benefits associated with citrus fibers drive the growth of the global citrus fiber market.
PORTLAND, Ore., April 12, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Citrus Fiber Market by Application (Bakery, Sauces & Seasonings, Meat & Egg Replacement, Desserts & Ice-Creams, Beverages, Flavorings, & Coatings, Snacks & Meals, and Others), Type (Orange, Tangerines/Mandarins, Grapefruit, Lemon, Lime, And Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global citrus fiber industry was pegged at $390.6 million in 2020, and is expected to reach $659.2 million by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in demand for fiber supplements and numerous health benefits associated with citrus fibers drive the growth of the global citrus fiber market. However, variable standards and guidelines across regional regulatory bodies and unhealthy effects of excess consumption of fiber impede the growth to some extent. On the contrary, shift in preference for plant-based foods and rise in demand from developing economies are anticipated to pave the way for multiple opportunities in the industry.
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COVID-19 scenario-
- The COVID-19 pandemic impacted the dietary fibers market in 2020. Several companies have shut their manufacturing units either partially or completely and the citrus fibers industry faced shortage of labor due to the prolonged lockdown. In addition, restrictions on travel to curb spread of the virus affected the supply chains.
- On the other hand, with the relaxation of lockdown restrictions, the citrus fibers industry gained traction, and demand is expected to grow significantly in the coming years. This is due to the fact that fiber-based foods are particularly helpful in building and boosting immunity, which can aid in the fight against the COVID-19 virus.
The bakery segment held the lion's share in 2020-
Based on application, the bakery segment held the lion's share in 2020, contributing to nearly one-fourth of the global citrus fiber market, and is expected to continue its lead during the forecast period. This is attributed to its various advantages in baked goods, including moisture retention, emulsification, oil or fat reduction, and shelf-life freshness. However, the beverages flavorings and coatings segment is expected to witness the highest CAGR of 5.9% by 2030. The report also includes an analysis of the sauces and seasoning, meat and egg replacement, desserts and ice-creams, and snacks and meals segments.
The orange segment to dominate by 2030-
By product type, the orange segment accounted for more than half of the global citrus fiber market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to its various benefits such as low-calorie and high-nutrient. In addition, the factors such as availability of range of varieties and presence of antioxidants that may help to reduce inflammation and fight diseases aid the growth of the segment. The grapefruit segment, however, would showcase the fastest CAGR of 6.5% by 2030. This is due to its various benefits such as presence of vitamins and minerals that are known to prevent infection and availability of fiber that helps with appetite control by promoting fullness. The report also includes an analysis of tangerines/mandarins, lemons, and lime segments.
North America led the trail in terms of revenue-
By region, North America garnered the major share in 2020, contributing to more than two-fifths of the global citrus fiber market, and is expected to dominate the market during the forecast period. Surge in demand for fortified foods & beverages in countries such as the U.S., Canada, and Mexico is leading new path for development of the citrus fibers market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.3% during the forecast period. Huge production of sources of citrus fibers positively boosts the growth of citrus fibers in the region.
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Leading market players-
- Cargill Incorporated
- AMC Group
- Carolina Ingredients
- Citrus Extracts LLC
- CEAMSA
- CP Kelco
- Edge Ingredients
- DuPont de Nemours, Inc.
- FGF Trapani
- Fiberstar, Inc.
- Golden Health
- Herbafood Ingredients GmbH
- Hebei Lemont Biotechnology Co., Ltd.
- JRS Silvateam Ingredients S.r.l.
- Ingredients by Nature
- Nans Products
- Lucid Colloids Ltd.
- Quadra Chemicals Ltd
- Naturex SA
- Royal DSM
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