The global fruit extracts market is poised for significant growth, projected to record a compound annual growth rate (CAGR) of 7% from 2024 to 2031, reaching a market size of $31.11 billion by 2031, according to a recent report by Meticulous Research®. The market's expansion is primarily fueled by the increasing health and wellness trend, a surge in demand for natural and plant-based ingredients, and the rising use of fruit extracts in cosmetics. Additionally, growing consumer awareness regarding the benefits of natural fruit extracts over synthetic alternatives, along with emerging economies and the demand for clean-label products, presents substantial growth opportunities for manufacturers in this sector. Nevertheless, challenges such as a preference for artificial flavors and high production costs could hinder market growth.
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Key Players in the Market
Prominent players in the fruit extracts market include: 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.).
Market Segmentation
The fruit extracts market is segmented based on source, form, application, and geography. Each segment is analyzed at regional and country levels to provide a comprehensive understanding of the market dynamics.
Source:
- Citrus Fruits
- Apples
- Pineapples
- Grapes
- Pears
- Berries
- Other Sources
In 2024, the citrus fruits segment is anticipated to hold the largest market share, driven by their unique flavor profiles, nutritional benefits, and versatility in various industries. Citrus fruits, such as oranges, lemons, and limes, are rich in essential vitamins, particularly vitamin C, known for its antioxidant properties and immune system support, making them popular in the wellness and functional food markets.
Form:
- Powder
- Liquid
The powder segment is expected to dominate the market in 2024, attributed to benefits such as better homogeneity, ease of use, transportation, and storage, improved stability, wide availability, better shelf-life, and effective product formulation. However, the liquid segment is forecasted to register the highest CAGR during the forecast period.
Application:
- Beverages
- Food
- Nutraceuticals
- Cosmetics
- Other Applications
The beverages segment is projected to hold the largest market share in 2024, driven by the high demand for healthy and functional beverages, strong growth in the beverage industry, and increased promotional activities emphasizing clean labels by beverage manufacturers.
Geography:
- North America
- Europe
- Asia-Pacific
- Rest of the World
North America is expected to dominate the market in 2024 due to increased consumer preference for innovation and healthy food products, growing health and wellness concerns, higher spending on cosmetic products, and a well-established food and beverage industry. Meanwhile, the Asia-Pacific region is forecasted to register the highest CAGR during the forecast period, indicating rapid market expansion in this area.
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Conclusion
The fruit extracts market is on a robust growth trajectory, propelled by health and wellness trends and the rising demand for natural ingredients. With significant opportunities in emerging economies and the clean-label product segment, the market is set to expand despite challenges posed by artificial flavor preferences and production costs. Key players are expected to drive innovation and growth, ensuring a dynamic and competitive market landscape in the years ahead.
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