The demand within the global citrus fibre market is growing on account of advancements in the food industry. The wide portfolio of products in the food and beverages industry has directly impacted the growth of the global citrus fibre market. The positive growth in sales can be attributed to the changing preferences of the masses. As the demand for multiple types of food products increases, the need for flavouring agents shall rise. Therefore, the global citrus fibre market is projected to grow at a voluminous pace in the years to come. The bakery industry has emerged as a vital consumer of citrus fibre, and this is an integral perspective in gauging market growth. The revenue index of the global citrus fibre market is set to improve in the years to come.
Transparency Market Research looks into the leading drivers of demand within the global citrus fibre market. TMR assesses the citrus fibre market to grow at a steady CAGR of 4.6% over the period between 2017 and 2024, to reach a value of US$ 382.3 Mn by 2024-end.
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Advancements in Pharmaceutical Research
The growth of the pharmaceutical industry largely depends on development of improved chemical technologies. The use of citrus fibre has given an impetus to technological developments that are taking shape in the pharmaceutical industry. Henceforth, the presence of a seamless industry for medical research and pharmaceutical testing has emerged as an integral driver of market demand. Hence, the standing of the vendors in the global citrus fibre market is slated to improve in the coming years.
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Growth of Food and Confectionery Business
The unprecedented demand for ice-creams has increased in recent times, and this is a vital consideration from the perspective of market growth. It is evident that ice cream sellers have introduced new products, with a range of flavours and tastes. The use of citrus fibre in these products has given a thrust to the growth of the global citrus fibre market. Furthermore, the efforts of the market players in initiating distinct sales channels has also created a new era of growth within the market.
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The development of core research and development facilities within the field of biomedicine has played an integral role in the growth of the global market. Moreover, the cosmetics industry is also gathering momentum in recent times. The quest for organic manufacturing within the cosmetics industry has played a vital role in creating new opportunities for market growth. Therefore, the total volume of revenues within the global citrus fibre market is set to reach the apex in the coming times. Research and development initiatives taken by scientists have also generated increased market demand.
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