A new Fact.MR study found that the citrus fiber market grew 4.3% year-over-year, and will surpass $92 million by the end of 2018. Tier I manufacturers account for a significant revenue share, making it a moderately consolidated market.
A lead analyst at Fact.MR said, “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.” The analyst specified that it is being used as a replacement for artificial ingredients.
The trends bolstering this market include: growing use of insoluble dietary fiber in food products; citrus fiber manufacturers introducing different product portfolios to suit a variety of food applications; favorable regulatory framework; the clean label movement; and market players capturing opportunities in the pharmaceuticals industry.
The study found that the largest application of citrus fiber in the food and beverage industry is in bakery products. Bakery product manufacturers are adopting citrus fiber to replace egg or oil, as it provides natural emulsification and saves the manufacturers money.
Citrus fiber is making its way into pet food, too, due to the recent trend of humanization in pet care.
The study opines that the citrus fiber market will continue to grow at a 4.3% value CAGR throughout the forecast period 2018-2028.