Key Takeaways from the Citrus Flavors Market Study:
- The Europe lead in terms of market size and account for 25.3% of the global citrus flavors market in 2021. A significant number of consumers in Europe have developed an interest in purchasing clean label food products, which provide a diverse range of naturally derived ingredients, thereby driving demand for citrus flavors. Manufacturers are offering products free of artificial flavorings and gradually shifting toward natural ingredients in order to meet the growing demand for citrus flavors.
- Consumption of citrus flavors is more in powder form than liquid as it is has increased demand from various end use industries applications such as bakery & confectionery, dairy products, and powdered beverages. The powder form of citrus flavors is accounted for a market share of 57.6% in 2021 of the global market.
- In application segment, beverages segment is accounted for significant share of 55% of the global citrus flavors market, which is also expected to witness lucrative growth rate of a CAGR 4.7% during the forecast period (2021-2031).
“Gone are the days when consumers made decisions based on what companies told them; now is the time of the modern-day smart consumer, who makes decisions based on the trust of their consumer peers rather than marketing gimmicks. Smart consumers today expect a premium experience from their products, whether in terms of presentation or taste. Convenient-innovative-and-sustainable packaging, vibrant colors, fortified-enriched ingredients, a strong label game, and exotic flavors are expected to capture the attention of consumers.” Said a lead analyst at FMI
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Pervasive digitization of the path to purchase and last-mile delivery
The convergence of artificial intelligence and flavor science is expected to transform the global food industry. Manufacturers are developing technologies that can predict flavor combinations, as well as tools that can add solutions to some of the food industry’s critical challenges, ranging from the “Internet of Food” to machine learning. Advances in the field will allow the food industry to drastically improve flavor formulation and product development. The use of a digital thread can enable the calculation of a product’s nutritional profile, the finalization of recipes in the lab, the monitoring of the entire supply chain, and the tracking of ingredient sourcing from different providers all the way to the consumer.
Customers are increasingly interested in having a multisensory experience when they consume food and beverages. Consumers prefer food products that are visually appealing, have a pleasant odor when opened, and provide a satisfying taste when consumed. Manufacturers are also demonstrating an interest in developing technological advances that focus on an understanding of the multisensory influences on flavor perception in order to improve the design of human–food interactions.
Among the sensory systems, visual and mouth feel are the most valued by consumers and have a significant impact on product selection. Citrus fruits have the widest range of taste variances of any fruit category. As a result, manufacturers are using citrus flavors in their products to catch the attention of consumers.
Who is winning?
Some of the leading companies offering citrus flavors are Givuadan SA, International Flavors and Fragrances, Symrise AG, Sensient Technologies Corporation, Takasago International Corporation, Firmenich SA, Dohler AG, Kerry Group, ADM, Mane Group, R.C.Treatt & Co. Ltd., Trilogy Ingredients Inc., Lionel Hitchen Limited, Citromax Flavors, Flavors Producer
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To increase market penetration in untapped markets, major companies are implementing a variety of aggressive strategies, such as introducing innovative and clean label citrus flavors and partnering with and acquiring local manufacturers.
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Future Market Insights, in its new offering, provides an unbiased analysis of the citrus flavors market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the citrus flavors market based on form (powder, paste and liquid), by product type (natural and synthetic), and by application (sweet, dairy, savory, beverages and others) across seven major regions.
The global citrus flavors market is primarily characterized by fragmentation, with a large number of tier 1 players, including multinational, regional, and local players. When compared to other regions, Europe, Asia Pacific, and North America have a relatively high concentration of citrus flavors manufacturers, with a 50-55% share. The market’s key players are focusing on developing better and more influential advertisements for these lesser-known and accepted products, specifically targeting the millennial population via the internet and various e-commerce platforms.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.