Flavanones are amongst the major group of flavonoids that are widely obtained from citrus plants. The global flavanones market is expected to garner a revenue of USD 140 Million by 2024 and register a CAGR of 3% during the forecast period of 2019 to 2024. Manufacturers of flavanones are expected to witness lucrative opportunities during the forecast period owing to the high consumption of flavanones as flavoring agents and dietary supplements. Surging demand for functional food ingredients and flavanones food products is expected to render profitable opportunities to the vendors active in the global flavanones market. Advancements in flavanones production technology such as the use of co-cultures to produce microbial-based flavanones is expected to offer growth opportunities to the players active in the global flavanones market.
Based on type, the global flavanones market has been divided into hesperidin, naringenin, and others. The hesperidin segment is expected to gain the largest revenue share and exhibit the highest growth rate during the forecast period. This can be attributed to hesperidin’s potential biological effects such as antibacterial, antiviral, antifungal, inhibitory, anti-inflammatory, antioxidant, and anticarcinogenic. Additionally, it exhibits antiadipogenic activity, cardioprotective effects, and is beneficial in the treatment of Alzheimer's.
By application, the global flavanones market has been classified as functional food & beverages, pharmaceuticals and nutraceuticals, animal feed, and others. The pharmaceuticals and nutraceuticals segment is expected to garner the largest market share throughout the review period owing to the high consumption of flavanones in nutraceutical supplements. However, the functional food & beverages segment is expected to register the highest growth rate during the forecast period due to the increasing health awareness and consumption of functional food & beverages among the consumers.
Regional Analysis
The global flavanones market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is projected to dominate the global flavanones market owing to the growing health concerns among consumers, who are switching to safer food alternatives. In addition, increasing health issues in the region such as cardiovascular diseases, obesity, and diabetes is also driving the growth of the North American flavanones market. The growing number of health-conscious consumers and a rise in inclination for food having functional properties are expected to drive the growth of the market in Asia-Pacific, which is expected to register the highest CAGR during the forecast period.
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