The food and beverage industry has in recent years been increasingly witnessing a rising demand for natural and functional ingredients, as health consciousness continues to rise among varied consumer demographics. This is a major factor that has been influencing the growth of the citrus products. The citrus pulp market continues to be lucrative, while demand for other citrus products, such as citrus water is on the rise.
The global citrus water market reached a valuation of US$ 5.8 billion in 2019. The citrus water market is projected reflect an exponential 17.1% CAGR between 2020 and 2028.
As per a recent report released by Future Market Insights, the citrus water market is estimated to hit a US$ 6.7 billion valuations by the end of 2020. The industry is projected to reflect exponential growth through 2028, with widening flavor and nutritional profiles in new product offerings providing impetus to the market for years to come.
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The global citrus water market has reflected very strong growth in recent years. The industry is likely to witness further acceleration in growth through the forecast period, in spite of the pandemic, as consumer preference towards functional beverages and investments in product development continue to rise.
“Citrus-Water market players are ready to promote formulations of beverages with better nutritional profile. In addition, a wide range of product options is likely to boost adoption of citrus water among end- users in the long term,” says the FMI report.
Citrus Water Market- Key Takeaways
[*]Tins are gaining signification traction due to convenient packaging solutions.
[*]Citrus water products will surpass other alternatives due to improved quality of ingredients.
[*]North America is set to dominate the market in terms of revenue, owing to robust distribution channels.
[*]On the basis of sales channel, modern trade and speciality stores are likely to gain more attention through the forecast period.
Citrus Water Market- Driving Factors
[*]Use of citrus water as a fragrant in cosmetics facilitates production across the globe.
[*]Improving lifestyles, rising disposable income, presence of e-retail stores etc. are amongst the major market driving factors.
[*]Increased production and favorable government policies in Europe, drives the growth in this region.
[*]Presence of leading international players and RTD beverage manufacturers, propels the market growth.
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Citrus Water Market- Major Restraints
[*]High cost of citrus water as compared to other conventional beverages, restricts market growth.
[*]Doubts regarding efficacy and quality of the water hinders growth to a considerable extent.
COVID-19 Impact on Citrus Water Market
The lockdown measures imposed by governments during the coronavirus pandemic has resulted in a significant dip in demand for citrus water products. The temporary closure of food service businesses during this period has had a major impact on the market. However, household manufacturing of citrus water remained constant giving a boost to consumption during lockdown too. Recovery will improve gradually with lockdown restrictions being eased towards 2021. Sales of functional alcohol went up by 10.3% in USA while 9.3% in UK as demand for packaged and ready-to-drink products gained demand through and after lockdown.
Competitive Landscape
Players in the market are investing in the expansion of production capabilities through acquisitions and expansions. This enables them to keep up with rising demand and geographic penetration.
For example, prominent regional players are working on enhancing product launches. Key players are focusing on online sales too for a better insight and increased profit. Strengthening of distribution network remains an important strategy for the manufacturers. Key players include Danone S.A., Nestle S.A., The Coca Cola Company, PepsiCo Inc., Suntory Beverages & Food Ltd.
Nestle, SA. Added Ready Beverage refreshes with original citrus flavours to enter international markets.
The CocaCola Company now offers AHA sparkling water with watermelon, strawberry and orange flavours to add sugar-free drinks in their portfolio.
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About the Report
This study offers readers a comprehensive market forecast of the citrus water market. Global, regional and country-level analysis of the top industry trends impacting the market is covered in this study. The report offers insights on the basis of type (economic, premium), source (lemon, orange, lime etc.), distribution (direct sales, hypermarket/supermarket, club stores, discounters, grocery retailers, convenience stores, and online stores) and across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Table Of Content
1. Global Citrus Water Market Overview
1.1. Market Introduction
1.1.1. Global Citrus Water Market Taxonomy
1.1.2. Global Citrus Water Market Definition
1.2. Global Citrus Water Market Size (US$ Mn & Volume) and Forecast, 2014-2028
1.2.1. Global Citrus Water Market Y-o-Y Growth
1.3. Global Citrus Water Market Dynamics
1.4. Supply Chain
1.5. Cost Structure
1.6. Pricing Analysis
1.7. Raw Material Sourcing Strategy and Analysis
1.8. Service Provider List
1.9. Key Participants Market Presence (Intensity Map) By Region
2. Global Citrus Water Market Analysis and Forecast 2014-2028
3. North America Citrus Water Market Size and Forecast, 2014-2028
4. Latin America Citrus Water Market Size and Forecast, 2014-2028
5. Europe Citrus Water Market Size and Forecast, 2014-2028