Citrus Pectin Market to Reach US$ 965.5 Million Globally by end of 2027 - Coherent Market Insights
SEATTLE, March 25, 2020 /PRNewswire/ -- The global citrus pectin market was valued at US$ 547.2 million in 2018, and is expected to exhibit a CAGR of 6.7% over the forecast period (2019-2027).
Citrus pectin is a naturally occurring polysaccharide found in citrus fruits such as oranges, lime, and lemons among others. When heated with sugar, it can be used as a thickening agent which has the characteristics of jams and jellies. This is further used in the confectionery industry on a large scale. Apart from confectionery, citrus pectin has application in industries such as pharmaceuticals, and personal care & cosmetics.
Statistics:
The global citrus pectin market was valued at US$ 547.2 Mn in 2018, and is expected to reach US$ 965.5 Mn by the end of 2027, exhibiting a CAGR of 6.7% during the forecast period (2019 to 2027).
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Drivers:
Growth of end-use industries such as pharmaceuticals, and cosmetics & personal care is expected to drive growth of global citrus pectin market over the forecast period. Citrus pectin is utilized in wound healing and specialty medicine adhesives such as colostomy devices. It also helps in reducing cholesterol levels and also slows down the absorption of carbohydrates.
Furthermore, citrus pectin is used in cosmetics & personal care products. It is used as a natural texturizer in ointments, oils, and creams. Additionally, it is used as a thickener & stabilizer in hair tonics, lotions, and shampoos and is also used as anti-aging agent. Personal care & cosmetics segment is expected to exhibit significant growth during the forecast period.
Market Opportunities
Key players are focused on business expansions which is expected to fuel the market growth over the forecast period. These business expansions generate huge investments in the market which create growth opportunity for players operating in the citrus pectin market across the globe.
For instance, in June 2019, Cargill started construction of a pectin plant in Bebedouro, Brazil. The plant will produce HM pectin derived from citrus fruits. The company will invest US$ 150 million in construction of the plant, and construction is expected to be completed by the end of 2021. The plant will help Cargill to meet increasing demand for label-friendly pectin.
Market Restraints
Rising demand for citrus fruits and insufficient supply is expected to result in a higher price range of citrus pectin. For instance, as per the Citrus Fruit Statistical Bulletin published by the Food and Agriculture Organization of the United Nations, in 2016, the total citrus production globally in 2012 was recorded as 123,002.3 thousand tons, which increased to 130,947.0 thousand tons by 2015.
Key Takeaways:
Among product type, high methoxyl pectin segment is expected to exhibit substantial growth in the citrus pectin market during the forecast period. Furthermore, high methoxyl pectin has wide application in the manufacture of jams, jellies, confectioneries, and acid drinks. Key players in the citrus pectin market are adopting various strategies such as acquisitions and business expansion in order to attain a strong foothold in the market. For instance, in 2015, Cargill, Incorporated announced the acquisition of FMC Corporations' pectin operations by acquiring its production site in Milazzo, Italy. The Milazzo plant is engaged in the manufacture of high methoxyl pectin. This acquisition was aimed to expand Cargill's business into high methoxyl pectin.
Market Trends
Key players in the market are focused on launching citrus pectin in order to expand its product portfolio and strengthen its presence in the market. For instance, in February 2018, DuPont launched GRINDSTED Pectin PRIME 541, a new pectin product which allowed food manufacturers to formulate reduced-sugar fruit spreads. This new product launch helped the company to expand its pectin product portfolio.
Competitive Section:
Company Names
- Herbstreith & Fox GmbH
- Cargill, Inc.
- CP Kelco
- Yantai Andre Pectin (DSM)
- Silvateam S.p.A
- DuPont de Nemours, Inc.
- Naturex A.G.
- Compañía Española de Algas Marinas S.A. (CEAMSA)
- Krishna Pectins Pvt. Ltd.
Key Developments:
In February 2019, DSM Group acquired majority stake in Yantai Andre Pectin Co. Ltd. DSM Group already owned 29.0% of the total shares in 2013. The group further acquired 46.0% of the Yantai Andre Pectin Co. Ltd. shares in February for an estimated value of US$ 165.0 million to become a majority stakeholder owning 75.0% of the company's shares.
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Taxonomy:
On the basis of region, the citrus pectin market is segmented into:
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
On the basis of product type, the citrus pectin market is segmented into:
- High Methoxyl Pectin
- Low Methoxyl Pectin
On the basis of application, the citrus pectin market is segmented into:
- Food
- Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
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