Market Research Report
Global Lime Market - 2020-2027
|Published by||DataM Intelligence||Product code||982613|
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|Global Lime Market - 2020-2027|
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Lime is a type of citrus fruit which is used as raw material for making juice, lemonades and even in cooking and also used in production of citrus acid, lime oil and many other products. Therefore, the growing demand for the products will eventually increase the demand for lime and as a result the growing interest in health benefits and cleaning applications will be the major force driving the market. Moreover, limes contain vitamin C and flavonoids, the antioxidants that strengthen collagen. Drinking lime water can hydrate and rejuvenate skin. Vitamin C and flavonoids are also found in some topical skin care products. Global lime market is estimated to grow with a steady growth rate in the next few years owing to increased demand for lime. Further, growing citrus acid market and its consumption of lime would provide traction for the market.
Increasing demand for lime owing to its health benefits
Lime fruit is an excellent source of vitamin C. The health benefits of these fruits also rest in their fiber and phytochemicals. The lime peels are rich in limonene phytochemicals. They are also a good source of fiber, which aids in digestion. According to the World Health Organization (WHO), approximately 65 to 70 million people in North America experience digestive system problems. This, in turn, has led to an increase in the demand for digestive citrus acid-based food & beverages in the region, thus impacting the industry trend on a positive note. In addition, limes have a low glycemic index, making them the perfect food for those with diabetes. The U.S. Food and Drug Administration has approved the following nutrient content descriptors for limes: fat-free, saturated fat-free, sodium-free, cholesterol-free, low-calorie, a good source of fiber and high in vitamin C. The vitamin C and antioxidants in limes can strengthen immune system and help body fight off infections such as the cold and flu virus. It may also shorten the duration of an illness.
Raw usage segment is predicted to hold prominent share in the global lime market
The global lime market has been segmented by application into raw usage, citric acid, lime oil and lime juice among others. The raw usage segment is expected to hold the highest market share in the year 2019. Limes are widely consumed in the raw form as they provide huge health benefits. Limes have higher contents of sugars and acids than lemons do. Raw limes are 88% water, 10% carbohydrates and less than 1% each of fat and protein. Only vitamin C content at 35% of the Daily Value (DV) per 100 g serving is significant for nutrition, with other nutrients present in low DV amounts. All over the world, raw lime is widely used to make jams, pickles, sorbets, snacks, candies, confectioneries, cocktails and other beverages. According to the United States Department of Agriculture (USDA), one lime with a 2-inch diameter contains just 20 calories and provides 32 percent of an individual's recommended daily vitamin C intake. Due to the above benefits, raw usage of lime held highest market revenue share of XX% in the year 2019.
North America is expected to dominate the lime market
By geography, North America is expected to dominate the global lime market in the year 2019, growing with a CAGR of xx% during the forecast period. U.S. dominated the North America lime market and was valued at USD XX million in the year 2019. U.S. accounted for highest market revenue share of XX% in the year 2019. Consumption of citrus fruits have been increased from 23.82 pounds in 2017 to 23.95 pounds in 2018. Health benefits, nutritive value, and cosmetic uses are the main reasons for increased consumption. Most popular lime varieties in the country are Persian lime and key limes. United states primarily depend on imports to meet its consumption demand as domestic production is very low. A large proportion of Persian lime is imported from Mexico as it is one of the largest producers of Persian lime in the world.
The global lime market is highly fragmented. There is massive competition with presence of various small players in the market. Key players in the market include Limoneira, Sundance and Vanguard International among others. Key players are adopting strategies such as investing in expansion in distribution channels to stand out as strong competitors in the market. Moreover, players can enter into the processing market and gain significant profits. As majority of the United States limes are imported, there is second grade quality limes coming into the market. This implies that the companies should focus on the quality of the produce so as to gain strong foothold in the market.
COVID-19 Impact: COVID has negatively impacted the lime market
The pandemic and the temporary closure of foodservice establishments has impacted the overall lime demand. The food services channels, consisting of hotels, restaurants, catering and cafes (the HoReCa sector), which purchase at least 25% to 30% of fresh fruit and vegetables, are closed. This is expected to have a negative impact on the sales of lime in the food sector. Moreover, without significant value-added processing taking place locally/regionally, the potential for low quality or spoiled fruit rejected at the receiving point due to the current supply chain disruption is high. The result can be a negative impact on reputation and the potential for the development of consistent export markets.