The global citrus water market is projected to reflect strong growth in 2020 in spite of the widespread coronavirus outbreak. While lockdown restrictions have limited demand from the food service sector, lucrative opportunities have arisen for the short-term owing to the demand for functional beverages during the crisis period.
As per Future Market Insights (FMI) analysts, demand for citrus water will remain strong through 2028. Growth will be driven by clean label and health food trends.
Consumers are displaying increased interest in natural, and clean label beverage products, even as they transition away from conventional beverages such as sweetened carbonated drinks. Concerns associated to lifestyles ailments such as diabetes and obesity are contributing to the demand for functional beverages including citrus water.
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However, growth of the industry is likely to be hindered by factors such as higher cost of citrus water in comparison with conventional drinks, competition from home made versions, and the consumer skepticism on health benefits of citrus water. Also, fluctuations in the yield and prices of citrus fruits owing to environmental factors could adversely affect the market in the years ahead.
The market report by Future Market Insights has contributed a detailed analysis of the industry, including key market influencers. Some of the top takeaways of the report are:
- The citrus water market has been estimated to be valued at 6.7 billion in 2020, with growth remaining largely unaffected by the covid-19 outbreak and relevant restrictions on the food service industry.
- Premium citrus water products will surpass economic alternatives during the forecast period, owing to improvements in ingredient quality, coupled with higher disposable incomes.
- Tins are gaining attention from manufacturers as an increasingly popular packaging format for citrus water. However, conventional plastic bottles will remain dominant through 2028 supported by costs and logistical benefits.
- North America is currently a frontrunner in the global market, aided by the presence of leading market players, and higher consumer awareness. However, Europe, is expected to surpass North America by the end of the projection period, supported by robust retail distribution channels, and demand for functional beverages.
“The global market for citrus water is projected to reflect steep growth between the years of forecast from 2020 to 2028, driven by growing awareness about health benefits from consumption of these drinks. Also, efforts by manufacturers to bolster and promote formulations of functional beverages with better nutritional profiles will aid the global market for the foreseeable future,” said a lead analyst at FMI.
Covid-19 Effect on Citrus Water Market
The citrus water market is expected to continue an upwards trajectory, albeit slower through 2020, despite the threat of the ongoing coronavirus outbreak, reflecting a growth rate of 15.2% in 2020. The lockdown restrictions on the food service industry has been a major challenge for manufacturers, affecting demand in the short term.
On the other hand, the market has also witnessed some lucrative growth opportunities, as consumers seek to stockpile on food, beverages, and other essentials, with higher focus on functional foods and drinks to bolster immunity function during the crisis.
The market is likely to display higher growth towards 2021 as citrus water manufacturers are investing in new processing and packaging technologies, in line with sustainability initiatives, and changes in consumer preference towards natural and clean label products.
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Who is Winning?
In a new report, Future Market Insights has made an in-depth scrutiny of business strategies being used by leading producers in the citrus water market. Leading manufacturers in the industry are emphasizing on product development and launch strategies, aimed towards the development of a larger flavor portfolio to appeal to wider consumer demographic.
Some of the top citrus water market players include Danone S.A., Nestle S.A., The Coca Cola Company, PepsiCo Inc., Suntory Beverages & Food Ltd., Super bock Bebidas, and Icelandic Water Holdings ehf among others.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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