The citrus pulp pellets market size was USD 670.1 million in 2020. The market is projected to grow from USD 689.5 million 2021 to USD 858.4 million in 2028 at a CAGR of 3.18% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Citrus Pulp Pellets Market, 2021-2028.” Factors such as rocketing livestock count and rising demand for nutritional dietary needs will increase the footprint of the market during the forecast period. Also, increasing presence of high total digestible nutrient (TDNs) and a higher rate of water absorption will boost the growth of the market.
The citrus pulp pellets research study aims to cover qualitative and quantitative insights into the market by providing all possible info on the growth factors that are accompanying the market. Additionally, the study also contains, recent industry developments and other strategies such as mergers & acquisitions. Various regulatory scenarios surrounding the market are also noted in the study in order for businesses to develop expansive ideas.
Drivers & Restraints
Rising Presence of High Total Digestible Nutrient (TDNs) to Bolster Growth
Citrus pellets have high nutritional values due to a high content of readily fermentable carbohydrates and higher rate of water absorption that will boost the citrus pulp pellets market growth during the forecast period. Also, increasing count of livestock for personal as well industrial consumption in various formats will increase the footprint of the market. Increasing human population and a high level of fiber present aiding growth, reproduction, and maintaining health will further fuel the growth of the market.
However, shorter life cycle of citrus pulp pellets due to high presence of moisture will hinder the market growth to a certain extent. Additionally, limited availability of raw materials for production will further limit the market growth.
Asia Pacific to Lead Market due to a Higher Livestock Population
Asia Pacific will occupy the largest citrus pulp pellets market share due to a considerable livestock population when compared to its counterparts and rising per capita income among consumers. Also, emerging economies, such as China, India, Indonesia, Vietnam, and the rest of the ASEAN countries, and rising awareness regarding livestock nutrition will drive the growth of the market during the forecast period.
Also, Europe will witness significant contributions to the market owing to a higher demand for dairy-based products. North America will hold a considerable market share due to rising presence of key market players in the region.
Prominent Players to Focus on Novel Product Launches to Increase Market Presence
The citrus pulp pellets sector is highly fragmented due to increasing number of dominant players in regional and local settings. These section of players are segmented among the emerging economies such as North America and Europe. The leading players in the market such as Louis Dreyfus Citrus, SAF Feed & Food, and LaBudde Group Inc. are striving to capture the maximum market share by focusing on intense R&D activities along with launching the latest products to maximize revenues.
March 2020: According to the study of UFBA – Universidade Federal da Bahia, citrus pulp can replace corn in feedlot diets to decrease metabolic problems by reducing formation of lactate ruminal.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.