On the basis of geographical analysis, the global citrus fiber market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Latin America is estimated to witness noteworthy growth over the forecast period on the back of the growing consumption of citrus fiber-based products, increasing consciousness about health002Drelated concerns among people and rise in the production of natural ingredients based products in the region. Moreover, the market in North America is predicted to gather the largest share during the forecast period ascribing to the growing demand for pharmaceutical ingredients and natural food, rapid change in the eating pattern of consumers and rising incidences of chronic diseases in the region. According to the National Cancer Institute, an estimated 1,806,590 new cases of cancer were supposed to be diagnosed in the United States in 2020. In addition, the rate of new cases of cancer (cancer incidence) is 442.4 per 100,000 men and women per year. Apart from these, prohibition of food ingredients, namely carrageenan and phosphates by the FDA is also expected to boost market growth in the future.
The global citrus fiber market is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global citrus fiber market includes the following segments:
November 2020- CP Kelco explored the applicability of its product, named Nutrava Citrus Fiber as an ingredient in dressings, spreads, soups and sauces. The product is claimed to deliver clean label goals, along with fat and sugar reduction.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash
Ans: The major growth drivers for the market are growing demand for natural ingredients in a wide range of food based applications and escalating consumer awareness associated with food safety.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Ans: Low awareness about the benefits of citrus fiber in underdeveloped nations estimated to hamper the market growth.
Ans: Latin America will provide more business opportunities to the market owing to the growing consumption of citrus fiber based products, and increasing consciousness about health related concerns among people.
Ans: The major players in the market are CP Kelco, Inc., Fiberstar, Inc., FUYAN PHARM (Henan), Inc., Nans Products, Cifal Herbal Private Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by function, grade, application, and by region.
Ans: The food and beverage segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.