Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Citrus Oil market.
Trusted Business Insights presents an updated and Latest Study on Citrus Oil Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Citrus Oil market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
p5 Industry Insights
The global citrus oil market size was estimated to be USD 6.31 billion in 2018 and is anticipated to expand at a CAGR of 6.8% from 2021 to 2026. Growing demand for natural products to increase the nutritional value of food and beverages is anticipated to drive the growth. Wide availability and easy accessibility of the product is anticipated to further fuel the demand. Growing application coupled with increasing consumer awareness regarding the benefits of citrus oils are the factors projected to contribute to the market growth.
Factors such as, changing consumer lifestyle and increasing spending on leisure and relaxation, and increased number of spas and massage centers, particularly in the developing regions like Asia Pacific and Middle East and Africa, are expected to drive the demand for citrus oils. Growing demand for plant-based extracts in food and beverages, cosmetics, and pharmaceuticals among others is projected to fuel the market growth over the forecast period. Rising awareness regarding the benefits of plant-based products is anticipated to positively influence the demand in near future.
Growing number of wellness centers and clinics and the rising preference for natural medicines is expected to drive the citrus oil market in the upcoming years. Application in personal care and cosmetic products may further fuel the growth. Rising usage of the product as a massage oil for aromatherapy due to high preference for natural products is projected to bode well for the overall growth.
Demand for citrus essential oil is higher than the supply, leading to increased prices. Asia Pacific is expected to witnessing high demand owing to the growing use of essential oils in various food and cosmetic preparations. Europe and U.S. are also expected to witness significant rise in demand. Europe citrus oil market is fueled by increasing demand for essential oil to enhance the nutritional value of food and beverages, while, the demand in U.S. is fueled by significant use of the product in aromatherapies.
Orange oil segment held the largest market share of around 29% in 2018. Rise in demand for the cosmetics and skin care products used for skin rejuvenation is anticipated to bode well for the segment growth. Orange oil has antiseptic and anti-inflammatory properties, making it the ultimate ingredient for skin and hair care. Research studies suggest that regular use of these products boosts blood circulation, absorption of vitamin C, and collagen production all of which are essential to prevent and slower the signs of aging. These products also help improve the health of skin, hair, and nails. Rising consumer awareness regarding these advantages is projected to bode well for the segment growth.
Lemon oil is anticipated to expand at the fastest CAGR of 7.6% over the forecast period. Rising use in detergents and teeth whiteners is fueling the growth. The product is also used in face washes for smoother skin and clearer complexion. Lemon oils contain d-limonene which helps treat cancer. This factor is expected to increase use of the product in pharmaceutical sector, fueling the overall growth in the forthcoming years.
Personal care segment is projected to continue holding the largest market share over the forecast period. Rising use of the products such as lemon and grapefruit oil in skin care products, owing to their antiseptic and antibacterial properties is projected to drive the growth of the segment over the forecast period.
Food and beverages held a significant market share in 2018. Citrus oils are used for adding refreshing and sweet flavor to smoothies, tea, packaged water, and to baked items such as muffins and cookies. Citrus oils is also used for adding flavor to yogurts and dips among other products. This factor is projected to drive growth of the segment in the forthcoming years.
Personal care is anticipated to expand at the fastest CAGR of around 7% over the forecast period. Increasing demand for cosmetics with natural ingredients is expected to boost the growth of the segment. Factors such as changing consumer lifestyle and increasing use of natural makeup products are anticipated to boost the growth of the segment in the upcoming years.
Rising application in bathing, massage, diffusers, shower, and others products is anticipated to fuel the segment growth. Growing demand for aromatic and therapeutic oils has also resulted in steady growth of the market. High demand for therapeutic oils from several Eastern countries is anticipated to bode well for the overall market. Growing awareness regarding the benefits of these products among urban population is also driving the demand.
Regional Insights of Citrus Oil Market
Europe held the largest market share of 39.5% in 2018 due to increasing consumer awareness and demand for natural cosmetics, beauty products, and medicines. Germany is anticipated to remain the major market in terms of product consumption followed by U.K.
North America is projected to be the second largest markets, owing to high consumer awareness and availability of a wide range of sophisticated products. U.S. is one of the largest global importers of the product, owing to the growing demand for natural ingredient in cosmetics and food and beverages.
Asia Pacific is expected to expand at the fastest CAGR of 8.4% over the forecast period, owing to high demand from food and cosmetic industries. Increasing number spas and massage centers is expected to positively influence the regional demand over the forecast period.
Market Share Insights of Citrus Oil Market
The market is highly fragmented in nature. Increasing application of the products in nutraceutical, functional food, and dairy supplements due to its high phenolic content is anticipated to create growth opportunities for the market participants. Nutraceutical industry is expected to witness significant growth, fueling the product demand over the forecast period. Some of the major market players are Young Living Essential Oils, Plant Therapy Essential Oils, TERRA Holdings, LLC, Moksha Lifestyle Products Farotti Essenze, and Mountain Rose Herbs, among others.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Citrus Oil Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, this market research report has segmented the global citrus oil market report based on product, application, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Food & Beverages
Quick Read Table of Contents of this Report @ Citrus Oil Market Size, Share & Trends, Global Market Research and Industry Forecast Report, 2025 (Includes Business Impact of COVID-19)
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