Citrus Oil Market Size is anticipated to value at US$ 4.5 billion till the forecasting year 2027 and expected to grow at a CAGR of 5.2% over the forecasting period 2019-2027. Citrus oil is a kind of vital oil used broadly in aromatherapy. Citrus oil consists of anti oxidant properties, which counteract free radicals and reduce stress. As this oil is rich in limonene, it provides several health benefits. Health benefits include enhancing mood and balancing emotional status. It does this by working on the brain chemical as well as hormones. There is an increasing demand for citrus oil in the global market as there is growing demand for citrus oil by food and beverages industries. Another important factor driving the citrus oil is increasing demand for artificial drink. There are a number of manufacturers choose to use blending citrus oil in several food and beverage products for the enhancement of the flavor. Citrus fruits like orange, lemon and grapefruit are the major sources to get citrus oil. Beneficial properties of this oil and easy availability are the prominent factors to increase the citrus oil market growth.
Citrus Oil Market Dynamics – Driving and restraining factors
Developments in food industry are majorly driving the citrus oil market. Another major driving factor is usefulness of such oils becoming famous around different industries. Increasing demand for confectionary beverages, carbonated beverages and bakery products are further anticipated to increase the demand for the citrus in beverage industry, consequently driving the market growth for citrus oil. There is growing demand for natural formulations made from plant as it provides a number of health benefits without giving any side effect and this contribute to boost the citrus oil market growth. North America is the leading region to hold the market position in the year 2018, which recorded almost 36.4% market share followed by regions such as Asia Pacific and Europe.
The demand within the global market for citrus oil has been rising on account of the medical benefits served by these oils. Moreover, the use of citrus oils in the food and beverages industry has also played an integral role in the growth of this market because citrus oil is used as a flavoring agent and taste-enhancer in several food products. It is safe to expect that the discovery of new uses and applications of citrus oil would further propel demand within the global market for citrus oil.
Besides all this, the cosmetics industry has also emerged as a prominent consumer in the global market for citrus oil in recent times. The effect of citric products on human skin is believed to be a source of replenishment which is a key driver within the global market for citrus oil. Furthermore, the pharmaceutical industry is another key consumer in the global citrus oil market which shall in turn drive market demand in the years to come.
Increasing preference towards use of fertilizer and pesticide sprays in the farm for augmenting the production yield is the major reason to limit the citrus oil market growth. Furthermore, lack of alertness about citrus oil in rising countries is anticipated to restrain the market growth. Another leading reason to hinder the citrus oil market growth is undersized infrastructure of the retail channel in several emerging countries can limit the market growth. There is lack of awareness in several emerging countries and consequently this leads to limit the adoption of citrus oil. This factor is anticipated to limit the market growth during the forecasting period.
Citrus Oil Market players
- Symrise AG
- Lionel Hitchen
- Citrus and Allied Essences Ltd
- Citrus Oleo
- Mountain Rose Herbs
The production of citrus fruit is increasing globally as there is increasing demand for citrus ingredients from different industries such as food, beverage, pharmaceutical and retail. Citrus fruits provide numerous health benefits and hence hugely used in pharmaceuticals, personal care products and cosmetics. Citrus oil is also used in bathing, perfume, inhalation, massage and several others.
Citrus Oil Market – Segmentation
Global Citrus Oil Market: By Application
- Food & Beverages
- Personal Care & Cosmetics
Global Citrus Oil Market: By Region
- North America
- Asia Pacific
- The Middle East and Africa
- Latin America
Global Citrus Oil Market: By Oil Type
- Orange Oil
- Lime Oil
- Lemon Oil