Citrus Fiber Valued at US$ 92 Million in 2018, Bakery Industry Driving Growth
A new Fact.MR study on Citrus Fiber market finds that the market grew at a healthy 4.3% y-o-y over 2017 to surpass US$ 92 million by the end of 2018. The study emphasizes how the health & wellness trend and the clean label movement are bolstering the influence of health-conscious consumers on growing adoption of citrus fiber in packaged food products.
“Citrus fiber is gaining popularity as a natural specialty food ingredient, which is commonly used as an emulsifier and water-binding agent in various food products such as bakery, meat & dairy products, beverages, sauces & seasonings, and desserts. As modern consumers are becoming highly scrupulous about ingredients of packaged food products before making a purchase, a burgeoning number of food manufacturers are replacing fats and artificial ingredients with citrus fiber,” says a lead analyst at Fact.MR.
The positive growth parameters of the citrus fiber market are mainly attributed to a number of lucrative trends, such as;
• Growing adoption of insoluble dietary fiber in a wide range of food products
• Citrus fiber manufacturers introducing innovative product portfolios to suit different food applications
• Favorable regulatory framework by governing organization complementing adoption of citrus fiber to replace artificial food ingredients
• Clean label movement supporting the use of citrus fiber as stabilizer and emulsifier in beverages
• Citrus fiber market players putting efforts into capturing untapped opportunities in the rapidly-growing pharmaceuticals industry
Bakery Products – The Largest Application Segment in the Citrus Fiber Market
Citrus fiber products find multifold applications in the food & beverage industry, as they benefit from various products through nutritional improvements and textural enhancements. The study reveals that bakery is the largest application of citrus fiber in the food & beverage industry, as the adoption in bakery products has increased significantly over the past few years.
Bakery product manufacturers are adopting citrus fiber to replace egg or oil, as it provides natural emulsification and better functionality to bakery products. Additionally, cost-saving benefits are further expanding the scope of the bakery applications of citrus fiber, thereby mushrooming the growth of the market in the bakery product industry.
Citrus Fiber Market Leaders Foray into the Pet Food Segment to Strengthen their Position across Industrial Sectors
The study finds that Tier I manufacturers of citrus fiber account for a significant revenue share in the market, making it a moderately consolidated market. With the help of advanced biotechnologies and patented manufacturing procedures, frontrunners in the market continue to consolidate their position. Leading manufacturers are adopting innovative strategies to improve their industry-wide foothold by boosting innovation.
Citrus fiber market leaders are recognizing the potential for demand upsurge for citrus fiber in the pet food industry due to the recent trend of humanization in pet care. The market leaders are aiming to capitalize on the lucrative growth prospects of the exploding pet care industry by introducing citrus fiber, which is suitable for various pet food products and can improve the quality and nutrition of pet food.
Fiberstar Inc., a Brazilian citrus fiber manufacturer, recently introducing a new citrus fiber – Citri-Fi® 150 – that can improve nutrition and quality of pet food products. Another leading manufacturer reaffirms the popularity of this trend is Cargill Inc., as the company recently completed the acquisition of animal feed business of Southern States Cooperative, Inc. in the U.S. Leading stakeholders in the citrus fiber market are planning their upcoming strategies to offer their flagship not only in the F&B space but also in the pet food industry in the coming future.
The study opines that the citrus fiber market will continue to grow at a healthy 4.3% value CAGR throughout the forecast period 2018-2028.
Source – Fact.MR
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