(Food-Beverage-News.Com, February 15, 2019 ) In order to study the many forthcoming movements and patterns prevailing in the global market, Fact.MR has included the latest Forecast report on citrus pectin market to its vast database. The delivered study offers significant figures about the leading regions and applications which are functioning in the citrus pectin market forthcoming trends by 2028, along with their market production, consumption, revenue, upcoming industry trends and forecasted market share details. Further, the accomplished market research report also anticipates that the concerned market would grow at a constructive CAGR until 2028.
Tier I manufacturers in the citrus pectin market account for around 60% revenue share and, albeit slowly, they are likely to envisage strong growth in the upcoming years. Wide geographical presence and a strong network of distributors enable citrus pectin market leaders to tap lucrative opportunities across various regions. Furthermore, market leaders are reaping benefits of their wide, powerful, end-use specific, and label-friendly product portfolios, which enables them to scale up their position in the citrus pectin market.
Leading stakeholders in the citrus pectin market are acquiring local businesses to get direct access to raw materials, such as citrus fruits, and deliver more economical citrus pectin products with improved profit margins. Top tier citrus pectin manufacturers are also adopting strategies to amplify investments to upgrade their existing citrus pectin production capacities, in order to further expand their global market coverage.
Developing ‘Label-friendly’ Citrus Pectin Products Remains a Major Focus for Market Players
As health-minded consumers are becoming more critical about ‘clean labels’ while purchasing food products, the demand for clean label citrus pectin is expected to proliferate rapidly in the upcoming years. Label-conscious consumers across the world are instigating the trend among citrus pectin manufacturers to strengthen their product portfolio of label-friendly ingredients and texturizers, such as citrus pectin.
E.I. du Pont de Nemours and Company, an American conglomerate and a leading citrus pectin manufacturer, recently disclosed its marketing strategy priorities to leverage the clean label trend in the citrus pectin market. The company is aiming to boost citrus pectin sales by promoting the benefits of using citrus pectin to eliminate the needs for adding more calcium salts in food products, which can reduce production costs for food manufacturers.
Another manufacturer of citrus pectin and hydrocolloids products – CP Kelco recently launched its new citrus pectin product, GENU® Explorer Pectin ND-200, which is a label-friendly food ingredient commonly used in dairy products and desserts. To be in line with clean label trend, the company has been directing most of its efforts on innovating its clean label citrus pectin offerings with the launch of the label-friendly citrus pectin.
Tumbling Citrus Production to Cause a Substantial Rise in Citrus Pectin Prices
The global citrus production declined from 131.7 million tons to 124.2 million tons during 2014-2016, according to the Food and Agriculture Organization of the United Nations (FAO). The unprecedented challenges in the citrus pectin production, such as tight supply and high costs of citrus fruits, are likely to lay immense pressure on the citrus pectin supply and production costs in the foreseeable future.
As orange is a key raw material used in the manufacturing of citrus pectin, a slump in its production may negatively impact growth of the citrus pectin market. According to a biannual report published by the United States Department of Agriculture (USDA), due to unfavorable weather, the global orange production is likely to be plummeted by 4 million tons within a year to reach around 48 million tons by 2018. Due to reduced harvest of citrus crops, the average orange price in the European Union has increased by 16% to reach 71€/100kg by June 2018 during the span of five years, according to a report published by the European Commission.
Thereby, the plunging supply of citrus peel and increased citrus prices is likely to result in an upsurge in the citrus pectin production costs, impacting the overall growth of the citrus pectin market in the coming years.
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