- Manufacturers are experiencing challenges in the production of flavanones.
- Market players are focusing on product innovations to gain a competitive edge.
- The North American market is projected to be the largest flavanones market during the research period.
Market Research Future (MRFR) announces the publication of its research report Global Flavanones Market, 2017–2024. Flavanones are colorless flavonoids derived from flavones that exist as glycosides in citrus plants.
The global flavanones market is projected to register a growth rate of 3% from 2019 to 2024 to reach a market value of $140 million by the end of 2024. Manufacturers are experiencing challenges in the production of flavanones as plant extraction and chemical synthesis of flavanones is not enough to meet the increasing global demand.
To overcome this challenge, market players are focusing on microbial production. However, the production titters are limited to the mg l−1 range, which is hindering the industrial exploration of these strains. Market players are also focusing on product innovations, expansions, and partnerships to gain a competitive edge in the global flavanones market.
Some of the key players in the Global Flavanones Market are Kingherbs (China), Chengdu Hawk Bio-Engineering Co. Ltd (China), Xi’an App-Chem Bio (Tech) Co. Ltd (China), INDOFINE Chemical Company, Inc. (US), Merck KGaA (Germany), Monteloeder (Spain), Extrasynthese (France), Bolise Co., Limited (China), Foodchem International Corporation (China), and Cayman Chemical (US).
The global flavanones market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.
The North American market is projected to be the largest flavanones market during the research period due to growing health consciousness among consumers. Additionally, the surging demand for food products and beverages containing natural and functional ingredients is expected to have a positive impact on the growth of the regional market.
High consumption of flavanones in the pharmaceutical and nutraceutical industries is also a crucial factor catalyzing the demand for flavanones in North America, as both are lucrative industries in the region.
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The global flavanones market has further been segmented by type and application.
Based on type, the global flavanones market has been classified as hesperidin, naringenin, and others. The hesperidin segment is expected to account for the largest revenue share and register the highest growth rate during the forecast period.
By application, the global flavanones market has been categorized as functional food & beverages, pharmaceuticals and nutraceuticals, animal feed, and others. The pharmaceuticals and nutraceuticals segment are projected to account for the largest market share during the research period. However, the functional food & beverages segment is projected to exhibit the highest growth rate during the forecast period.