Pectin is a heterogeneous hydrocolloid present in the primary cell wall and middle lamella in all dicotyledonous plants, more commonly in the outer fruit coat or peel as compared to the inner matrix. Presently, citrus fruits and apple fruits are the main sources for commercial extraction of pectin, but ongoing research on pectin extraction from alternate fruit sources and fruit wastes from processing industries will be of great help in waste product reduction and enhancing the production of pectin. Pectin shows multifunctional applications including in the food industry, the health and pharmaceutical sector, and in packaging regimes. Pectin is commonly utilized in the food industry as an additive in foods such as jams, jellies, low calorie foods, stabilizing acidified milk products, thickener and emulsifier. Pectin is widely used in the pharmaceutical industry for the preparation of medicines that reduce blood cholesterol level and cure gastrointestinal disorders, as well as in cancer treatment. Pectin also finds use in numerous other industries, such as in the preparation of edible films and coatings, paper substitutes and foams. Due to these varied uses of pectin in different applications, there is a great necessity to explore other non-conventional sources or modify existing sources to obtain pectin with desired quality attributes to some extent by rational modifications of pectin with chemical and enzymatic treatments.