Meticulous Research® is excited to announce its latest publication, which forecasts that the global fruit extracts market is poised to reach $31.11 billion by 2031, growing at a CAGR of 7% from 2024 to 2031. This market growth is fueled by the burgeoning health and wellness trend, increasing demand for natural and plant-based ingredients, expanding applications of fruit extracts in cosmetics, and rising awareness of the benefits of natural over synthetic products. Emerging economies and the rising demand for clean-label products present significant growth opportunities for fruit extract manufacturers, although the market faces challenges from the preference for artificial flavors and high production costs.
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Market Growth Drivers and Challenges
Key growth drivers include:
- Health and Wellness Trend: Growing consumer preference for health-focused products.
- Natural Ingredients Demand: Rising interest in natural and plant-based ingredients.
- Cosmetic Applications: Increasing use of fruit extracts in cosmetic products.
- Natural Benefits Awareness: Enhanced consumer knowledge of the advantages of natural fruit extracts over synthetic alternatives.
Market challenges:
- Artificial Flavor Preference: Continued consumer preference for artificial flavors.
- High Production Costs: Elevated costs associated with the production of natural fruit extracts.
Key Market Players
The key players operating in the fruit extracts market are Kerry Group plc (Ireland), Givaudan SA (Switzerland), Symrise AG (Germany), DSM-Firmenich AG (Switzerland), Archer-Daniels-Midland Company (U.S.), Döhler GmbH (Germany), International Flavors & Fragrances, Inc. (U.S.), New Directions Aromatics (Canada), Synergy Flavors, Inc. (U.S.), and Ingredion, Incorporated (U.S.).
Market Segmentation and Insights
The fruit extracts market is segmented by source, form, application, and geography. The report provides a comprehensive analysis of the competitive landscape and market dynamics at regional and country levels.
By Source:
- Citrus Fruits: Expected to dominate the market in 2024 due to their unique flavors, nutritional benefits, and versatile applications. Citrus fruits like oranges, lemons, limes, grapefruits, and mandarins are rich in vitamin C, known for its antioxidant properties and immune support, driving their popularity in wellness and functional food markets.
By Form:
- Powder: Anticipated to hold the largest market share in 2024, attributed to advantages such as better stability, ease of use, transportation, storage, longer shelf-life, and effective product formulation. The liquid segment, however, is expected to register the highest CAGR during the forecast period.
By Application:
- Beverages: Projected to lead the market in 2024, driven by high demand for healthy and functional drinks, extensive use of fruit extracts in beverages, robust growth in the beverage industry, and innovative product development alongside strong marketing strategies promoting clean labels.
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Geographic Insights:
- North America: Predicted to hold the largest market share in 2024, supported by increased consumer preference for innovative and healthy food products, growing health and wellness concerns, higher spending on cosmetic products, and a well-established food and beverage industry.
- Asia-Pacific: Expected to register the highest CAGR during the forecast period, reflecting dynamic market growth in emerging economies.
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