In the first and second quarters of 2023, Asian countries witnessed a surge in citrus product prices, primarily due to reduced production caused by adverse weather conditions, including unseasonal rains damaging citrus crops. This limited availability negatively impacted exports and trading sentiments in the Asia Pacific region. Despite increased demand driven by rising temperatures, the decreased supply led to significant price hikes. In the US, citrus greening disease affected many trees, causing a severe shortage and a whopping 76% increase in citrus product costs, further contributing to the overall rising price trend in the citrus market.
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Definition
Citrus refers to a genus of fruit-bearing trees and shrubs in the Rutaceae family, known for their distinctive, often acidic, and fragrant fruits. Common citrus fruits include oranges, lemons, limes, and grapefruits. They are characterized by their vibrant colors, juicy flesh, and high vitamin C content. Citrus fruits typically have a tangy or sweet-tart flavor and are used in various culinary and beverage applications. Their essential oils, extracted from the peels, are also valuable in perfumes and flavorings. Citrus fruits are a rich source of antioxidants, making them nutritionally valuable and widely consumed around the world.
Key Details About the Citrus Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Citrus in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Citrus Price chart, including India Citrus price, USA Citrus price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Citrus Price Trend:
Citrus fruits serve a wide range of industrial purposes. Their high content of citric acid makes them valuable in the food and beverage industry, where they are used as flavor enhancers, preservatives, and natural acids in products like juices, soft drinks, and jams. Citrus essential oils, extracted from the peels, are pivotal in perfumery, cosmetics, and aromatherapy. Moreover, the pectin found in citrus is employed in the production of jellies and pharmaceuticals. Citrus extracts are also utilized as cleaning agents and in the formulation of natural pesticides. Their versatility extends to the manufacturing of biofuels, while citrus oil-based solvents find applications in paint and varnish removers.
Key Players:
- Nestle SA
- Coca Cola Co
- PEPSICO INC
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