(I-BusinessNews.Com, May 28, 2021 ) Lemon Extract Market size was estimated at $840 million in 2019, projected to grow at a CAGR of 4.5% during the forecast period 2020-2025. Lemon extract is carefully extracted from perfectly ripe lemons, it is combination of lemon peel oil and alcohol. It is used as flavoring agent in desserts, cakes, muffins, frostings, pies, fish and chicken marinades. Its acts as a natural cleanser, prevents cancer, improves digestion, relieve stress, helps in weight loss and more. Lemon extract is known for their nutritional health and some other health benefits like as protection from gastrointestinal damage and treatment of urinary tract infections. These advantages have supported the market for drugs from end-use industries such as pharmaceuticals. The extract is commonly used in food and beverage industry as it is used in making various mocktalis, lemonades and more. It is also widely using in the cosmetic industry as it removes dead skin cells, it is majorly used in facewashes, face masks, moisturizers and other skin care products. The lemon extract market is witnessing exponential growth owing to the need for natural food ingredients and citrus flavours. In addition, the rising number of food processing industries for citrus flavours, is driving the markets growth. However, there are some constraints which is set to impede overall markets growth such as unavailability of fresh goods owing to short shelf life are likely to hinder the markets growth.
Lemon Extract Market Segment Analysis – By Product Type
The product type segment of Lemon Extract Market is segmented into Organic Lemon Extract and Conventional Lemon Extract. Convectional Lemon Extract accounts for the largest market share in 2019. This is owing to its cost-effectiveness and easy preparation which helps in reaching the global demand for the preparation of lemonades, mocktalis, bakery items and more. The Organic Lemon Extract is set to be the fastest growing with a CAGR of 5.12% during the forecast period 2020-2025. This is owing to the growing health consciousness on the organic food products among the people which is a main reason for its rapid growth in the market.
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Lemon Extract Market Segment Analysis – By Application
The Application segment of Lemon Extract Market is segmented into Food & Beverages, Pharmaceuticals and Cosmetic Industry. Food & Beverages accounted for the largest market share in 2019 owing to increasing demand for the citrus ingredients in different food and beverage products. However, Cosmetic Industry is predicted to be the fastest growing segment in the market owing to the wide range of applications of Lemon Extract in most of the beauty products as it possesses lightening & brightening properties.
Lemon Extract Market Segment Analysis – By Geography
Based on Geography the global Lemon Extract Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America dominated the market share with 32.3% in the year 2019 owing to the increasing demand for the lemon extracts in food & beverages in this region. Europe is anticipated to be the fastest growing region during the forecast period 2020-2025. This is owing to increasing demand for the lemon extracts in the preparation of traditional medicines is rapidly increasing in the developed countries such as Germany, the U.K and France.
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Lemon Extract Market Drivers
Increasing Demand for Citrus as Natural Food Flavours
The growing health awareness and increasing demand for herbal products in consumers is making them prefer the natural food flavours over chemical based artificial flavours in their foods which is increasing the usage of lemon extract in various food & beverages which is set to drive the markets growth 2020-2025.
Lemon Extract Market Challenges
High Price of Raw Materials
The major constraint effecting the markets growth is the high price of raw materials and unavailability of fresh goods owing to their short shelf-life is likely to hinder the market. The cost of the organic lemons is huge as they are grown with no pesticides or with minimal use of pesticides that are approved by the government which has huge demand as well as cost in the market which is likely to hamper the markets growth.
Lemon Extract Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Lemon Extract Market. In 2019, Lemon Extract Market share is fragmented by the top ten players present in the market. Lemon Extract Market top 10 companies are Dohler GmbH, Nielsen-Massey Vanillas, Inc., Archer Daniels Midland, McCormick & Company, The Spice Hunter, Red Stick Spice Company, Star Kay White Inc, Lionel Hitchen Essential Oils Ltd., Watkins Incorporated and Kerry Inc.
Acquisitions / Product Launches:
In March 2019, Archer Daniels Midland (ADM) announced the acquisition of Ziegler Group, a European supplier of natural citrus flavorings. With this acquisition ADM will be positioned as global leader in natural citrus ingredients with a wide range of creative citrus products.
Key Takeaways
Geographically, North America Lemon Extract Market accounted for highest revenue share in 2019 owing to the high demand for Lemon Extract in this region.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Lemon Extract Market.
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