The market for bergamot extract worldwide is anticipated to be US$ 99.97 million in 2022 and to increase at a CAGR of 4.14% to US$ 150 million between 2022 and 2032. Growth is attributed to expansion in residential and commercial construction as well as the increasing demand for renovation projects.
Bergamot extract is a natural product obtained from the bergamot fruit, a citrus fruit native to Calabria, Italy. It is a versatile ingredient with a wide range of applications in the food and beverage, pharmaceutical, cosmetic, and nutraceutical industries.
Bergamot extract helps to maintain normal cholesterol levels and aids blood glucose metabolism. Bergamot extract has antimicrobial properties and therefore has application in the pharmaceutical industry.
It has a subtle and fresh flavor and is therefore used as a flavoring ingredient in baked products, ice-creams, etc. It also has applications in industries such as dietary supplements, beverages, nutraceutical, cosmetics, etc.
This growth is attributed to a number of factors, including:
- Increasing demand for natural and organic products
- Growing awareness of the health benefits of bergamot extract
- Expanding applications of bergamot extract in new industries
The food and beverage industry is the largest consumer of bergamot extract, accounting for over 50% of the global market share. Bergamot extract is used to flavor a variety of food and beverage products, including confectionery, bakery products, soft drinks, and alcoholic beverages.
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Increase in Sales of Dietary Supplements Likely to Enable the Growth of the Bergamot Extract Market
The increase in health and fitness trends amongst consumers may serve as one of the drivers for the increase in the market of bergamot extract. The demand for dietary supplements is increasing at a very rapid rate. More than 70% of American adults take at least one type of dietary supplement. Also, consumers prefer the use of plant-based products as there might be some side-effects due to the use of animal-based products and therefore bergamot extract can be used by the manufacturers of dietary supplement industry to develop plant-based supplements.
Statins are the drugs that are used to maintain cholesterol levels but statin is not suitable for all consumers as some might have side-effects and develop statin intolerance. Bergamot extract has “statin-like” mode of action which helps to regulate the cholesterol levels and therefore can be used by the pharmaceutical industry to develop new drugs that can be used by the consumers that have developed statin-intolerance.
Therefore, the use of bergamot extract to develop pharmaceutical drugs might help increase its demand.In recent years, due to an increase in health awareness among the consumers, they prefer not only health food but are switching towards the use of health food ingredients and therefore the trend for clean-label food products is increasing. More than 80% of the consumers understand the connection between nutrition and health and therefore prefer the use of food products that contain healthy ingredients.
Therefore the manufacturers of the food and beverage industry can use bergamot extract as a food ingredient, as it has antioxidant, antimicrobial and anti-inflammatory properties which provide various health benefits such as regulates cholesterol levels, supports cardiovascular health, etc. Bergamot extract can be used for preparing a variety of food products such as cakes, cookies, jelly, etc. Bergamot extract has a wide range of applications and is aligned with the current consumer trends and therefore the market for bergamot extract might increase.
The presence of similar products might serve as a major restraint for the bergamot extract market. There are many companies that are keeping track of the current market trends and are trying to develop plant-based products that have high nutritive value and therefore the high competition in the market can affect the growth of bergamot extract market.
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Global Bergamot Extract: Key Market Participants
The key market players are H&AD s.r.l., Jarrow Formulas, BergaMet NA, HP Ingredients, Citroglobe, Nutraceuticals International Group, etc., among others.
Global Bergamot Extract: Key Developments
In 2013, Principium & Nutraceuticals International launched a new product named SelectSIEVE Bergamot which is standardized with polyphenols and has the mode of action similar to the statins. The product contains standardized glycosylated polyphenols that are obtained from Bergamot.
Opportunities for Bergamot Extract Participants:
The development of eco-friendly and cost-effective extraction process might enable the increase in the production of bergamot extract and therefore might be lucrative for use as an ingredient in various industries. The educational marketing might also help in increasing the bergamot extract market.
Brief Approach to Research
The analysis will be done a modeling-based approach and triangulation methodology to estimate data covered in this report. A detailed Bergamot Extract understanding and assessment of the flavor, application and encapsulation process of the segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall Bergamot Extract sizes.
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Key Data Points Covered in the Report
Some of the key data points covered in our report include:
- An overview of the Bergamot Extract, including background and evolution
- Macroeconomic factors affecting the Bergamot Extract and its potential
- Market dynamics, such as drivers, challenges and trends
- Detailed value chain analysis of the Bergamot Extract
- Cost structure of the products and segments covered in the study
- In-depth pricing analysis, by key segments, regions and by major market participants
- Analysis of supply and demand, such as top producing and consuming geographies, imports/exports, and overall trade scenario
- Analysis of the Bergamot Extract structure, including a tier-wise categorization o key market participant
- Competitive landscape of the Bergamot Extract, including detailed profiles of the top players in this market
Global Bergamot Extract: Segmentation:
The market for Bergamot Extract can be segmented on the basis of nature:
- Organic
- Conventional
The market for Bergamot Extract can be segmented on the basis of end-use:
- Food and Beverage
- Perfumery
- Nutraceutical
- Dietary Supplements
- Others (e.g. Pharmaceutical, etc.)
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