According to this latest publication from Meticulous Research®, the fruit extracts market is expected to record a CAGR of 7% from 2024 to 2031 to reach $31.11 billion by 2031. The growth of this market is driven by the increasing health and wellness trend, growing demand for natural and plant-based ingredients, rising applications of fruit extracts in cosmetic products, and increasing awareness regarding the benefits of natural fruit extracts over synthetic products. Additionally, emerging economies and increasing demand for clean-label products offer significant growth opportunities for fruit extract manufacturers. However, the preference for artificial flavors and high production costs restrain the market’s growth.
Key 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.).
The fruit extracts market is segmented based on source, form, application, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on source, the fruit extracts market is segmented into citrus fruits, apples, pineapples, grapes, pears, berries, and other sources. In 2024, the citrus fruits segment is expected to account for the largest share of the fruit extracts market. The large market share of this segment is attributed to unique flavor profiles, nutritional benefits, and versatile applications in various industries. Citrus fruits, such as oranges, lemons, limes, grapefruits, and mandarins, are known for their refreshing and vibrant flavors. Citrus fruits are rich in essential vitamins, particularly vitamin C, which is known for its antioxidant properties and immune system support. The perceived health benefits associated with citrus fruits contribute to their popularity in the wellness and functional food markets.
Based on form, the fruit extracts market is segmented into powder and liquid. In 2024, the powder segment is expected to account for the larger share of the fruit extracts market. The large market share of this segment is attributed to the benefits offered by powdered fruit extracts over liquid fruit extracts, such as better homogeneity, ease of use, transportation, and storage, better stability, wide availability, better shelf-life, and effective product formulation. However, the liquid segment is expected to register the highest CAGR during the forecast period.
Based on application, the fruit extracts market is segmented into beverages, food, nutraceuticals, cosmetics, and other applications. In 2024, the beverages segment is expected to account for the largest share of the fruit extracts market. The large market share of this segment is attributed to high demand for healthy and functional beverages, high adoption of fruit extracts in beverages, strong growth in the beverage industry, increasing innovative product development, and increased promotional and advertisement strategies about clean labels by beverage manufacturers.
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Based on geography, in 2024, North America is expected to account for the largest share of the fruit extracts market. North America’s major market share is attributed to an increase in consumer preference for innovation and healthy food products, growing health and wellness concerns, increased spending on cosmetic products, and a well-established food and beverage industry. However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period.
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