Orange Extract Market: Introduction
Orange extract is defined as the processed form of orange peels, which is used as a food flavorant by enhancing the traditional orange flavour. Orange extract is generally produced from orange essential oil and an adequate amount of alcohol to increase its shelf life. Due to its exotic fragrance, orange extract also finds remunerative applications in the cosmetics and personal care industries, along with food and beverages. Orange extract is a highly concentrated flavorant, which enables its abundant industrial application. However, orange extract is also expected to be used in domestic purposes during the forecast period.
Orange Extracts: Market Outlook
The demand for natural food flavors such as orange extract in China and India is expected to increase during the latter years of the forecast period. This is primarily attributed to the launch of new products with natural ingredients. In Asia Pacific, orange extract is the most preferred flavorant.
Intensive Growth of the Organic Orange Extract Segment
Among the nature segments of the orange extract market, the organic orange extract segment is expected to register the highest growth rate of around 5.8%, owing to increased health awareness among consumers and increased health benefits. However, the conventional orange extract segment had the highest market share in the year 2017, owing to its affordable prices and accessibility.
Growing Demand for Exotic Fruity Flavors
The demand for fruity flavors such as orange extract in processed food has grown expeditiously, and continues to expand at a considerable rate, globally. There is a growing preference for readymade food (ready-to-eat/ready-to-drink) and snacks, leading to the higher demand for exotic fruit flavoring. The encapsulation of such exotic fruit flavors to existing processed food continues to be one of the key strategies that is being adopted by the leading manufacturers of processed foods to attract consumers, as such, driving the global orange extract market.
Consumers Preferring Flavoured Drinks
Currently, consumers prefer fizzy and flavored drinks, which is expected to escalate the growth of the orange extract market. Due to the adverse health effects of artificial flavors, individuals have opted to switch to drinks that contain natural fruit flavors. Health conscious individuals are showing more interest in plant-based drinks over other carbonated beverages. Also, consumers show a reduced preference for milk-based drinks, owing to various reasons such as lesser shelf life, presence of lactose, adulteration, etc. This is also a major factor expected to drive the growth of the global orange extract market.
Low Cost of Production in Developing Regions
Orange extract production is a labor-intensive process, due to the requirement of a substantial amount of raw materials such as orange pulp and peels to produce minute concentrates, which are then chemically treated with alcohol. This is a major concern for the industry, because the cost of flavoring agents such as orange extract is a crucial indicator of the price of the end product. Therefore, the production advantages offered in developing regions, in terms of low costs and favorable climate, is an important driver for the growth of the market.
Increasing Demand for Beverages
The increasing demand for beverages in the regions of Western Europe and Latin America is expected to create vital opportunities for dynamic players in the global orange extract market. The ever-rising demand for Nutraceutical with natural ingredients and flavors is also expected to result in the significant sales of orange extract for processing these products. Key players operating in the orange extract market are expected to leverage this opportunity during the forecast period. Food & beverage companies are highly focusing on research and development activities to enhance the nutritional and multifunctional profile of orange extract, which offer high health benefits.
Increased Demand for Essential Oils
The growing demand for aromatic essential oil across the world is anticipated to promote wider opportunities for the manufacturers of orange extract. Aromatic oil obtained from the peels of oranges would result in the increased distribution of orange extract to the cosmetic and personal care industries. Hence, the utility of orange extract in these industries is expected to provide greater opportunities during the forecast period.
Bound to all the above driving factors it is anticipated, the global orange extract market would proliferate in terms of value and volume during the forecast period.
Orange Extract Market: Introduction
This TMR report on the global orange extract market analyzes opportunities in the market, and presents updates and insights relating to various segments of the global orange extract market over the forecast period 2018–2028. The report also provides historical data of 2013, along with the estimated data for 2018, and forecast data up to 2028 in terms of value (US$ Mn) and volume (MT). In terms of value, the orange extract market is expected to expand at a CAGR of 5.1% over the forecast period. The current study reveals the orange extract market trends and market dynamics in five major regions - North America, Latin America, Europe, Japan, Asia Pacific except Japan, and the Middle East and Africa. The report also comprises the study of current issues with consumers and opportunities for the orange extract market.
Orange Extract Market: Report Description
The report explores the global orange extract market for the period 2018–2028. The overriding goal of this report is to provide insights into the developments in the global orange extract market that are progressively helping to transform worldwide businesses that are associated with the same. It is essential to consider that, in the wavering economy, we provide the estimated (Y-o-Y) year-on-year growth rate along with the Compound Annual Growth Rate (CAGR) for the overall forecast, to understand the better analysis and evaluation of the global orange extract market, and to discover the equitable opportunities.
Yet another key feature of this report is the analysis of the global orange extract market and the corresponding revenue forecast is also carried out in terms of absolute dollar opportunity. This is generally neglected while forecasting the overall market. Absolute dollar opportunity analysis is highly essential in determining the degree of opportunity that a provider can observe to execute, as well as to distinguish the potential resources from a sales perspective in the global orange extract market.
The global orange extract market report starts with an executive summary, and the definition of various segmentations involved and their respective shares in the global orange extract market. The report also includes the major macroeconomic factors with an outlook of orange extract in the global extract market. The report further highlights the market dynamics which covers the drivers, restraints, opportunities, and trends in the global orange extract market. The report also highlights the study of current issues with processing, and opportunities for orange extract market. It also includes value chain analysis that provides a detailed structural view of profitability from the manufacturer to the end user. In order to provide users with a comprehensive view of the global orange extract market, we have extended the competitive analysis of key market players and their strategic key developments. The competitive dashboard provides a detailed comparison of orange extract manufacturers on valuable parameters such as total revenue, key product offerings, key strategies, and key developments. The study emphasizes the global orange extract market attractiveness analysis by form, nature, end user, distribution channel, and region.
To estimate the overall market size of orange extract, the report considers various preliminary aspects based on secondary research. Furthermore, it highlights quantitative analysis such as region-wise market shares, and market shares by form, nature, end user, distribution channel, and other qualitative inputs from primary respondents, which have been incorporated to arrive at accurate market estimations. The forecast presented in the orange extract market report arrives at the total revenue being generated, and expected revenue contribution in the future by the global orange extract market.
Detailed profiles of global orange extract manufacturing companies are also included in the report to evaluate their long- and short-term strategies, key product offerings, and recent developments, as they have a significant effect in the global orange extract market. Major market competitors covered in the orange extract market report are Döhler GmbH, McCormick & Company, Inc., Southern Flavoring Company, Inc., Cook Flavoring Company, LorAnn Oils, Nature's Sunshine Products, Inc., Nielsen-Massey Vanillas, Inc., etc.
Orange Extract Market: Segmentation
The subsequent sections analyze the global orange extract market on the basis of form, nature, end user, distribution channel, and region, and presents a forecast for the period 2018–2028. The market is segmented as follows:
Orange Extract Market by Form
Orange Extract Market by Nature
Orange Extract Market by End User
- Food and Beverages
- Cosmetics & Personal Care
Orange Extract Market by Distribution Channel
- Business to Business
- Specialty Stores
- Other Retail Formats
Orange Extract Market by Region
- North America
- Latin America
- Rest of LATAM
- Rest of Europe
- Asia Pacific except Japan
- Australia & New Zealand
- Rest of APAC
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA