ALBANY, New York, April 10, 2019 /PRNewswire/ -- Transparency Market Research (TMR) surmises that the global lemon extract market has a competitive vendor landscape, based on a detailed investigation. The key players in the global lemon extract market include McCormick & Company, Southern Flavoring Company, Inc., Lionel Hitchen Essential Oils Ltd., Red Stick Spice Company, and Nielsen-Massey Vanillas, Inc. These key players are relying on product innovations by trying new techniques of production, which is benefiting growth of the global lemon extract market.
According to TMR, the global lemon extract market is estimated to expand at a CAGR of 5.3% over the forecast period from 2018 to 2027. Based on the end user, the cosmetics and personal care segment dominated the global lemon extract market and is anticipated to remain dominant by expanding at a CAGR of 7.6% over the forecast period. This demand for lemon extract is attributable to the demand for natural anti-bacterial formulations from consumers across cosmetics and personal care industries.
Based on the region, Asia Pacific accounted for the leading share in the lemon extract market owing to higher demand from the developing countries. Additionally, the high occurrence of poor health, respiratory inconveniences, malignancy, and circulatory strain is driving the growth of the lemon extract market.
Booming Demand from Cosmetic Industry to Propel Market's Growth
The lemon extract market is gaining traction due to the high concentration of vitamin C in lemon extract than others. Vitamin C is effective in replenishing dead skin cells and enhancing overall skin health. This factor has made manufactures use the vitamin in a widespread applications involving formulation of skin care products such as face washes, moisturizers, and facial masks. Additionally, growing awareness about the use of natural ingredients such as lemon extracts is benefiting growth of the lemon extract market.
These natural ingredients are convenient, natural, and harmless as compared to synthetic formulations, which are contributing to the growth of the global lemon extract market. Further, the trend of higher retail shops is the widening the availability of lemon extracts. In addition, the growing trend of online sales is boosting demand for lemon extract market too.
Lemon extracts have a calming effect, which helps relieve anxiety and stress. Additionally, it improves the appetite, relieves pain, and contributed to the treatment of insomnia. These factors are widening the application of lemon extract across balms and homecare products, which are benefiting growth of the lemon extract market.
Boosting Demand from Food & Beverage to Offer Opportunities
It is used in the manufacturing the jam jellies to sweeten the food products and beverages including liquors. Growing demand for citrus ingredients such as lemon extract across food & beverages is boosting growth of the market. Further, the growing trend of gifting confectionaries and desserts on some occasions is also benefiting growth of the global lemon extract market.
Moreover, growing focus on the product innovations and improvement is benefitting growth of the global lemon extract market. However, limited shelf life is restricting adoption of lemon extract and is likely to restrain growth of the global lemon extract market. Nonetheless, rapidly growing technology, which is trying to overcome this challenge of the lemon extract and is expected to offer opportunities for growth over the forecast period.
This information is encompassed in the report by TMR, titled, "Lemon Extract Market (Nature - Organic, Conventional; End Use - Food & Beverages, Pharmaceuticals, Aromatherapy, Cosmetics & Personal Care, Households; Distribution Channel - B2B, Hypermarkets/Supermarkets, Specialty Retail, E-commerce, Other Retail Formats) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2027."
For the study, the lemon extract market has been segmented as follows:
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