The global citrus fiber market is anticipated to grow at a value CAGR of 5% during 2020-2030. The key factor complementing the market growth is due to advancements in the food sector. However, the COVID-19 pandemic has impacted the citrus fiber market significantly because of latency in the end-use sector among limitations on human mobilization.
With the rising demand for food products containing vitamin C, the citrus fiber market trends will remain to be favorable for substantial growth, as a consequence of increasing health awareness pertaining to food consumption, worldwide.
Citrus Fiber Market – Key Takeaways
- The global citrus fiber market is anticipated to attain a market revenue of $790 Million through 2030.
- In terms of grade, the pharmaceutical grade citrus fiber is slated to grow at a CAGR of 5% during 2020-2030.
- Based on functions, water binders & fat replacers will be witnessing a growth rate of close to 5% amid the forecast period.
- The European market will account for a noticeable share, whereas the Asia Pacific market will record the maximum CAGR.
Citrus Fiber Market – Driving Factors
- Higher adoption of digital marketing and a rise in several online e-Commerce platforms are paving new roads for the development of the citrus fiber market.
- Growing consumer awareness concerning food safety is escalating the consumption of essential ingredients such as citrus fibers that are critical for regulating digestion and body metabolism.
- The rise of the clean label movement has boosted the demand for nutritional and natural food products and has amplified the presence of citrus fiber in various product ranges in the food & beverage sector.
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Citrus Fiber Market – Constraints
- Citrus fiber is hardly ever utilized at levels above 1% in food products owing to its high water holding capacity.
- Higher amounts of citrus fiber are likely to cause textural defects since it out competes several other water ingredients.
Anticipated Market Impact by COVID-19 Outbreak
With restrictions and lockdowns imposed all over the world to avert the spread of COVID-19, the need for citrus fiber from end-use sectors has taken a hit.
Conversely, partial uplift of the lockdown, as well as immunity-boosting food products are higher in demand, auguring well for the development of the worldwide citrus fiber market.
Companies identified in the citrus fiber market include Fiberstar, Inc., Ceamsa, Quadra Chemicals Ltd., Florida Food Products, and Cargill, Inc.
Companies are focused on geographical and capacity expansion to meet heightening citrus fiber demand in the food & beverage sector. For instance,
Fiberstar Inc. launched a naturally-extracted citrus fiber Citri-Fi 125 from the orange juicing procedure, applicable for enhancing tomato-based food products by substituting gums and starch in spreads, condiments, and sauces.