Citrus pectin is a rich source of dietary fiber extracted from citrus fruit peels. It is commonly used as a gelling agent and stabilizer in food and beverage products. Citrus pectin is used to make jams, jellies, fruit fillings, and fruit-based dairy products. It is also used as an emulsifier and thickening agent in cosmetics and pharmaceutical products.
The global citrus pectin market is estimated to be valued at US$ 580.6 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global citrus pectin market is witnessing high growth owing to its wide application in various industries such as food and beverage, pharmaceuticals, and cosmetics among others. One of the key drivers contributing to the market growth is the increasing demand for citrus pectin from the food processing industry. Citrus pectin is commonly used as a gelling agent and stabilizer in various food products such as jams, jellies, fruit filling, fruit-based dairy products, and powdered drink mixes. According to data by Food and Agriculture Organization of the United Nations, the global processed food market was valued at USD 2.2 trillion in 2020 and is expected to grow at a CAGR of 7% during 2021-2026. The growth of the processed food industry is fueling the demand for pectin as a gelling and stabilizing ingredient. Moreover, the growing health-consciousness and preference for natural ingredients is also boosting the utilization of citrus pectin in various industries.
SWOT Analysis
Strength: Citrus pectin has wide applications in various industries such as food beverages, healthcare and personal care which drives its demand. It serves as a gelling agent, emulsifier and stabilizer. Citrus pectin is a source of dietary fiber that can help control cholesterol levels and maintain blood sugar levels.
Weakness: The availability and price of raw materials required for citrus pectin production fluctuates continuously. Citrus crops are vulnerable to unfavorable weather conditions and diseases which affect the quality and yield of citrus fruits.
Opportunity: Rising awareness about the health benefits of dietary fiber intake is fueling the demand for citrus pectin in functional foods. The growing food processing industry worldwide presents an opportunity for incorporating citrus pectin into various food products. Emerging economies offer ample opportunities for market expansion.
Threats: The presence of substitutes such as guar gum, carrageenan and xanthan gum poses competition for citrus pectin. Strict regulations imposed on food additives could restrict the use of citrus pectin in certain applications.
Key Takeaways
The global citrus pectin market is expected to witness high growth at a CAGR of 6.6% during the forecast period of 2023-2030. Increased demand from the food beverage industry is a major factor driving the growth of the market.
Regional analysis: North America dominates the global citrus pectin market due to high awareness about health benefits of citrus pectin and expanding food processing industry in the region. The Asia Pacific region is anticipated to grow at the fastest pace in the coming years fueled by rising health consciousness and growing demand for processed foods in countries like China and India.
Key players: Key players operating in the citrus pectin market are Herbstreith Fox GmbH, Cargill Inc., CP Kelco, DSM Andre Pectin, Silvateam S.p.A, DuPont de Nemoursm Inc., Naturex A.G., and Krishna Pectins Pvt. Ltd. These players are focusing on new product development and mergers acquisitions to strengthen their market position.
