Innovation across the flavor industry across various categories has opened the door for continued market growth.
The citrus flavor market specifically benefits due to the fact that these flavors are often regarded as popular when it comes to beverages and other similar applications.
According to a report from GreyViews, the global citrus flavor market is projected to reach $2.63 billion in 2030.
Highlights of the report include the following:
- Beverages are expected to become one of the fastest-growing segments out of savory, beverages, dairy, and confectionery applications. Many beverages implement citrus notes, including carbonated beverages, energy drinks, and fruit juices. They are often used to mask bitterness, lengthen shelf life, and lend a refreshing taste.
- Natural ingredients are expected to become one of the fastest-growing segments in 2022 out of the type segment of artificial and natural ingredients. These include the natural essence of plants and other naturally-occurring substances. These imbue food and beverages with a fresh taste without the need for artificial additives or flavors. Their flavor perpetuates the perception that they're somehow healthier or more sustainable than their synthetic alternatives.
- Germany's citrus flavor market size was valued at $280 billion in 2022 and is expected to reach $380 million by 2030, at a CAGR of 3.9% from 2023 to 2030. Key growth factors include combinations of flavors like ginseng and lemon as well as citrus-infused beers and alcoholic beverages.
- China’s citrus flavor market size was valued at $210 million in 2022 and is expected to reach $270 million by 2030, at a CAGR of 3.5% from 2023 to 2030. Citrus flavors in the country are popular given the way they imbue beverages with a delicate and well-balanced flavor.
- India's citrus flavor market size was valued at $190 million in 2022 and is expected to reach $240 million by 2030, at a CAGR of 3.1% from 2023 to 2030. The citrus market in India is expected to continue to grow as electronic technologies are used throughout different supply chains.