The global citrus fiber market is projected to exhibit a CAGR of 3.17% during the forecast period of 2021 to 2028.
Market Research Future has recognized the following companies as the key players in the global citrus fiber market: Fiberstar, Inc (United States), CP Kelco, Inc (United States), Herbafoods Ingredients GmbH (Germany), Lemont (China), FUYAN PHARM Inc. (China), Ceamsa (Spain), Florida Food Products, Inc. (United States), Golden Health (China), Cifal Herbal Private Ltd (India), and Nans Products (India).
The global citrus fiber market is projected to be valued at USD 431.8 million by 2028, recording a CAGR of 3.17% during the forecast period. The growth of citrus fiber market is anticipated to be driven by several factors during the forecast period from 2021 to 2028. Growing awareness of health benefits of nutrition and usage of functional food products has been observed in multiple regions. Changing consumer lifestyles have led to increase in demand for multiple natural and organic products. Adoption of diets like keto, paleo and vegan has also benefitted the citrus fiber market. Citrus fiber demand highly benefited by this increased adoption of healthy lifestyle and is expected to show high growth during the forecast period.
Worldwide lockdown due to the outbreak of COVID-19 has affected multiple industries detrimentally, which has highly impacted the supply of the raw materials and processed products. But the impact on citrus fiber market has been low in comparison with other industries. Lowering of trade and force majeure on multiple production facilities impacted the market in the early stages. Recovery in the market has been observed with easement of lockdowns and restarting of trade flows. Increased demand for functional products in consumers further increased the demand of citrus fiber in packaged foods during the COVID-19 crisis.
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The global citrus fiber market has been segmented based on application and region.
Based on application, the global citrus fiber market has been divided into food & beverages, personal care, and others. Food & beverages segment is further segmented into bakery & confectionery, dairy & frozen desserts, beverages, meat products, meat substitutes, others. The food & beverages segment accounted for the largest market share in 2020. This can be attributed to the high demand from bakery & confectionery, meat substitutes and meat products. The demand from personal care has shown moderate growth during historical period and is expected to continue positive growth during the forecast.
Geographically, the global citrus fiber market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, North America constituted a dominant share of the citrus fiber market in 2020. High demand of plant based and vegan ingredients in the region is one of the key drivers for dominant share and is expected portray robust demand during the forecast period. The region has also seen multiple budding players and is expected to supplement in growth of the market. Growth of citrus fiber market in the Asia-Pacific region is still in development stages, but demand in the region is expected to significantly increase during the forecast period.
Key Findings of the Study: