Citrus Pectin Market Growth Rate and Revenue Forecast 2019-2029

Posted by Preet on September 23rd, 2019

The citrus pectin market is forecasted to experience a growth of more than 4% in coming years. Owing to changes in economic and environmental factors affecting the market, it is projected to maintain its steady growth in the forecast period. Top tier manufacturers in the citrus pectin market account for more than 50% share in the market. The movement of these key players determine the future of the citrus pectin market. The report discusses the development of players, as well as different factors affecting the citrus pectin market. Changes affecting the market such as decline in the production of citrus fruits, regional preferences and regulations, the socio-economic changes affecting the market, and changes in the consumer perception are included in the citrus pectin market report.

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As health-aware consumers are becoming conscious about ‘clean labels’ while purchasing food, the demand for clean label citrus pectin is expected to proliferate rapidly in coming years. Vegan and organic oriented consumers across the world are instigating the trend among citrus pectin manufacturers to strengthen their product portfolio of organic ingredients and texturizers, such as citrus pectin.

CP Kelco, one of the leading companies in citrus pectin, recently launched its new product line, NUTRAVA Citrus Fiber, which is a clean label food ingredient with applications in beverages, condiments, marinades, dressings, dairy & dairy alternatives, and meat & seafood. To be in line with the clean label trend, the company has been directing most of its efforts on innovating its clean label citrus pectin offerings with the launch of label-friendly citrus pectin.

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A global decline in the production of citrus fruits has been observed in recent years. The unprecedented challenges in citrus pectin production, such as tight supply and high costs of citrus fruits, are likely to put immense pressure on citrus pectin supply and production costs in the foreseeable future.

As orange is a key raw material used in the manufacturing of citrus pectin, a slump in its production may negatively impact the growth of the citrus pectin market. According to a biannual report published by United States Department of Agriculture (USDA), the global orange production was decreased in 2018 due to unfavorable weather. Orange juice has been reported to be on the rebound in 2019 as per the July 2019 report. Orange juice production in the United States is forecasted to grow by 75% in 2019. The import of orange juice is forecasted to reduce by 16% in 2019. A similar pattern of surge for citrus fruits in the market can be expected in 2019.

Thereby, the plunging supply of citrus peel and increased citrus prices is likely to result in an upsurge in citrus pectin production costs, impacting the overall growth of the citrus pectin market in the coming years.