Lime Market Lime Market Growth Rate By Region 2023 28
Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Lime Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Lime Market size was estimated at USD 41.44 billion in 2023, and is expected to reach USD 46.20 billion by 2028, growing at a CAGR of 2.20% during the forecast period (2023-2028).
Key Highlights
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Lime is used as an ingredient for the production of citric acid, lime oil, lime juice, and other products which are used in household food items, as well as chores. Therefore, the growing demand for the products will eventually increase the demand for lime. As a result, the growing interest in health benefits and cleaning applications will be a major force driving the market.
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India is one of the largest lime producers, accounting for 3.5 million metric tons in 2021. The area harvested under limes in India was 3,22,000 hectares and 3,27,000 hectares in 2020 and 2021, respectively.
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Although India is one of the top producers of limes in the world, it has a negligible presence in the processing market. Most of the produced limes in the country are consumed as fruits. However, some parts of the production go into food, cosmetics, and pharmaceutical production. Both the flavor and fragrance processing industries have a demand for lime in India.
Lime Market Trends
Caters to Various Industries
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Lime is one of the key raw ingredients for many food processing and other industrial applications. Certain pickles and juice processing industries procure lime consistently from lime producers. Lime is extensively used as an important ingredient in cosmetics, essential oil, and pharmaceutical industries for manufacturing products, in the cleaning and household industry, agriculture industry, and energy industry due to its oil content. Therefore, to meet the growing demand from these industries, the production of lime has increased in recent years.
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The lime-based ingredient used in drinks, food, and confectionery contains a distinct flavor from that made from lemons. It adds a tangy flavor to dishes such as ceviche, guacamole, and mojitos. This unique taste of lime makes it a majorly demanding citrus fruit and is in great demand among global beverage companies.
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Also, lime rind contains a limonene chemical compound, an essential oil widely used in the oil and cosmetics industries. Thus, global cosmetic manufacturers are widely adopting such ingredients in their cosmetic production. Thus, the demand from these industries is positively impacting the production of lime in the world. New uses for lime are constantly discovered as researchers continue to explore its potential benefits.