Fact.MR: Citrus Fiber Market Likely to Reach USD550mby 2032

According to a recent study conducted by Fact.MR, the global citrus fiber market reached a valuation of USD317m in 2022 and is projected to achieve USD550m by the conclusion of 2032. The market is anticipated to witness an expansion of demand opportunities at a Compound Annual Growth Rate (CAGR) of 5.6% through the forecast period. A primary driver stimulating growth within the global citrus fibers market is the escalating demand for natural, plant-based ingredients in both food and personal care products.

The surge in demand for gluten-free and vegan products within the food and beverage sector is a significant contributor to the heightened sales of citrus fibers. As consumers increasingly become aware of the adverse health effects associated with the consumption of processed foods, there is a notable shift towards plant-derived ingredients, thereby fostering growth prospects within the citrus fibers market.

Citrus fibers are emerging as effective alternatives to sodium triphosphate, thereby augmenting their incorporation in processed meat products. This trend is further bolstering the market for citrus fibers, as manufacturers seek cleaner and more natural ingredients to meet consumer preferences and industry standards.

Furthermore, citrus fibers exhibit a high fat-binding capacity and are adept at stabilizing emulsions, making them increasingly sought-after in the bakery and confectionery sectors. This growing utilization of citrus fibers in such applications is expected to contribute favorably to the market’s growth trajectory in the foreseeable future.

According to Fact.MR’s analysis, the demand for citrus fibers is poised to witness a notable uptick in the United States, fueled by the increasing adoption within the food and beverage as well as personal care industries. Moreover, the rising preference for vegan and plant-based products across the nation is expected to sustain and further boost the sales of citrus fibers in the years leading up to 2031. 

Key Takeaways from Citrus Fiber Market Analysis:

•         By function, citrus fibers as water binders & fat replacers will account for over 50% of the total market share through 2031.
•         The U.S. is estimated to account for 9/10th of the total citrus fibers market sales, placing the country as a lucrative market.
•         Increasing popularity of gluten-free and plant-based ingredients in Brazil will augment market growth, holding over 40% of the total market share by 2031.

Growth Drivers:

•         Growing awareness regarding negative health effects of synthetic flavoring in food products will favor adoption of citrus fibers.
•         Increasing significance of clean labels in food and personal care products will drive sales of citrus fibers.

Competitive Landscape

Major citrus fiber suppliers are actively broadening their consumer reach to establish a dominant market presence in the foreseeable future. Employing a range of strategic approaches, these suppliers are pursuing growth opportunities within the market. These strategies encompass various tactics such as mergers, acquisitions, collaborations, expanding company footprints, forging partnerships, launching innovative products, and more.