According
to the latest market report published by Transparency Market
Research, titled 'Orange Extract Market: Global Industry Analysis
2013-2017 and Opportunity Assessment 2018-2028', revenue generated
from the global orange extract market has been estimated to be valued
around US$ 536.2 Mn in 2018, which is projected to increase at a CAGR
of 5.1% during the forecast period (2018-2028).
Driving
factors such as the demand for fresh fruity flavors, consumer
preference for natural food additives, and health consciousness
contribute to the accelerating growth of the orange extract market.
Orange extract is highly consumed in the North American region,
expected to account for around 34.4% share during the forecast
period, owing to highest utilization in the region. Increased market
penetration in developing and developed economies makes the orange
extract market a highly competitive one, resulting in continuous
product launches by the key players of orange extract. Players in the
market such as Döhler GmbH and McCormick & Company, Inc. are
well-known for their premium quality of orange extract. These
companies spend appreciably on promoting their brands online as well
as other channels, and hence, have high visibility and premium
placement on retail shelves. Thus, consumers are more inclined
towards buying branded orange extract as a sign of premium quality.
Being
a developing economy and with an increased number of food processing
industries, Asia Pacific holds the highest market share in the orange
extract market as compared to other regions, due to the highest
consumption of orange extract, factors such as favorable government
policies on natural food additives, and inclining application of
orange extract in cosmetics and personal care products. It is
anticipated that the Asia Pacific except Japan region would witness a
high growth rate of the orange extract market - 7.3% growth during
the forecast period.
Increasing
consumer health consciousness regarding natural food products in
recent years has been a major contributing driver for the global
orange extract over the years. Organic orange extract is expected to
have a high preference as compared to conventional orange extract
during the forecast. By nature segment, the organic orange extract
segment is anticipated to witness the highest compound annual growth
rate of 5.1% during the forecast period. However, the organic extract
segment has a minimal market share at present, due to the market
being huge for conventional orange extract at affordable prices.
Due
to the growing demand for orange
extract across developing countries, manufacturers have been
coming up with the powdered form of orange extract in recent years.
This practice is not only expected to ensure for a healthier food
additive and quality fruit extract, but also promotes the extended
domestic consumption of orange extract in the upcoming years. For
instance, China and India have been developing a powdered form of
orange extracts in recent years.
This
report covers the current trends driving each segment, and offers
detailed analysis and insights into the potential growth of the
global orange extract market. The final section of the report
contains a competitive landscape of dynamic players, to provide an
audience view with a comparative dashboard. Key players covered in
the report are the current dynamic manufacturers in the orange
extract market. Detailed profiles of the manufacturers are also
included in the scope of the report to analyze their long-term and
short-term strategies, key offerings, and recent developments in the
orange extract space.
TMR
has profiled some of the most prominent companies active in the
global orange extract market, such as Döhler GmbH, McCormick &
Company, Inc., Southern Flavoring Company, Inc., Cook Flavoring
Company, LorAnn Oils, Nature's Sunshine Products, Inc.,
Nielsen-Massey Vanillas, Inc., etc.
Key
manufacturers and product developers in the global orange extract
market are producing organic orange extract, not only for
applications in food and beverages but also significantly
contributing to the development of cosmetics and personal care,
thereby attracting a huge customer base in the global orange extract
market.
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