A
study conducted by Persistence Market Research (PMR) identifies that
the global market for citrus oils is set to reach US$ 4,353.8 Million
by the end of 2026, riding on a modest CAGR of 4.9%.
Increasing
demand for citrus oils for preparing therapeutic massage oils is
projected to have a significant contribution to the overall
development of citrus
oils market. Based on application, the therapeutic massage
oils segment is expected to account for the highest share of the
market, reaching US$ 1,276.6 Million by the end of the assessment
period (2016-2026). Cosmetics and personal care will continue to be
the second largest segment of the market, capturing over 28% market
share by the end of 2026.
“The
growing prominence of aromatherapy is identified as a primary factor
driving the global citrus oils market. Such therapies are applied in
rejuvenating, relaxing and treating certain minor health disorders.
Increasing popularity of aromatic oils and therapeutics is largely
attributed to shifting preference for convenient, harmless, and
natural alternatives over traditional allopathic solutions. Hence,
higher consumer interest in aromatherapy is translating into great
yields in citrus oils market”. – PMR
Based
on oil type, the orange oil will remain as the predominant segment
and is estimated to reach a market valuation of US$ 2,649.5 Million
by the end of forecast period. Amongst other oil types, lemon oil is
projected to witness a healthy growth, accounting for nearly 11%
share of the market in term value over 2026.
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The
global citrus oils market growth will be majorly influenced by the
growing supply of citrus oils from developing regions due to the low
cost of production. Moreover, the extensive demand for citrus flavors
in food and beverage products in recent years is further propelling
the market growth.
Bottlenecks
As
citrus oils find more application in the F&B sector, concerns
over their preservation and quick perishable nature are limiting
their use to a certain extent. The risk of citrus greening disease
and increasing use of synthetic chemicals to preserve citrus oil
products are seen as major market hindrances. In addition, low
awareness in emerging countries is anticipated to further restrict
the market growth during the forecast period.
Regional
analysis reveals robust growth in APAC and Latin America
While
North America will continue to hold the top spot, the markets in
Latin America and Asia Pacific will register exponential gains. In
2015, Asia Pacific accounted for 14.1% market share and is expected
to gain 60 BPS to capture 14.6% market share by 2026. In terms of
volume, Asia Pacific is expected to register a strong CAGR during the
forecast period. Whereas, Latin America is expected to account for of
9.0% share of the market by end of the assessment period.
Competitive
Dashboard
The
PMR report delivers key insights on some of the top players competing
in the global citrus oil market. Few these players include Symrise
AG, Lionel Hitchen (Essential Oils) Ltd, Bontoux S.A.S., Citrus and
Allied Essences Ltd., Young Living Essential Oils LC, Citrus Oleo,
Mountain Rose Herbs, Inc., doTERRA International, LLC., Citrosuco
Paulista SA, and Citromax S.A.C.I.
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