Lime Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Lime Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The lime market is projected to register a CAGR of 3.4% during the forecast period (2022-2027). The outbreak of COVID-19 has affected the global production and supply of lime. The global pandemic has shown an impact on the proper functioning of various industries across the world. Overall, with the closure of restaurants, catering, and hospitality in most parts of the world, the foodservice industry has fallen abruptly. 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, and as a result, the growing interest in health benefits and cleaning applications will be a major force driving the market. India is one of the largest producers of lime, which accounts for 3.7 million metric tons in 2020, the area harvested under limes in India was 3,05,000 hectares and 3,17,000 hectares in 2019 and 2020, respectively. Although India is one of the top producers of limes in the world, it has a negligible presence in the processing market. Most parts of the produced limes in the country are consumed as fruits. However, some parts of the production go into food, cosmetics, and pharmaceuticals production. Both the flavor and fragrances processing industries have a demand for lime in India.

Mexico accounts for 13.48 % of the global lime production, where lime yields an average of 13,706 pounds per acre. The major regions producing almost 80.0% of limes in Mexico are Colima, Guerrero, Michoacan, and Oaxaca. On the other hand, Veracruz accounts for about 61.0% of the production of Persian lime and lemons, which are mostly concentrated in the Yucatán Peninsula. Lime production is also impacted by the effect of drug cartels in Mexico. When lime prices soar, the extortion of lime farmers by drug cartel members is common. There have been reports of armed cartel members robbing trucks of limes headed to United States.

India dominated the global lime production with the production of 3.71 million metric tons in 2020. This was followed by Mexico, China, Argentina, and Brazil. Acid lime or key lime is one of the top commercially important citrus fruits grown in India, among other citrus species which are grown commercially. The production of lime in India is continuously increasing due to the growing demand for foods that include lime as an ingredient (including juice, jams, bakery, and confectionery) in India.​ Some local varieties of limes in India are Punjab Baramasi, Eureka, Punjab Galgal, PAU Baramasi, Rasraj, Lisbon lime, Lucknow seedless, Pant Lemon, Assam Lemon, Italian Lemon, and Malta lemon. There is an increasing interest and awareness among the lime growers for the adoption of the latest technologies for commercial cultivation. Thus, the aforementioned factors are anticipated to enhance the production of limes in India during the forecast period. ​

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support