Everything You Want to Know About the Global Citrus Oil Market

Global Citrus Oil Market: Overview 

The demand within the global market for citrus oil has been rising on account of the broad application portfolio of this oil. The commendable properties of citrus oil have been the primary reason behind the growth of this global market, and research and development initiatives to find more uses of this oil are underway. Hence, it is safe to prognosticate that the global citrus oil market would tread along a lucrative growth path as the usefulness of these oils become popular across various sectors and industries. Citric fruits and vegetables such as lemon, orange, and grapefruit are the key source of citrus oil, and all of these sources are abundantly available across the world. Hence, the easy availability and useful properties of citrus oil cumulatively result in the creation of commendable growth opportunities within the global citrus oil market. Moreover, advancements in the food and beverages industry have played a pivotal role in taking the demand for citrus oil to skyrocketing heights over the past decade.

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The global market for citrus oil may be segmented based on the following parameters: oil type, application, and region. In order to delve into the global market for citrus oil, it is essential to get a peek into the aforementioned segments. 

A report added by Transparency Market Research (TMR) on the global market for citrus oil finds the key drivers of demand within the global market for citrus oil. Furthermore, the report also explains how various forces in the food industry have played a role in the growth of market for citrus oil across world. 

Global Citrus Oil Market: Trends and Opportunities 

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 flavouring 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 citrus oil market. 

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. 

Global Citrus Oil Market: Regional Segments 

On the basis of geography, the demand within the market for citrus oil in North America has been rising at a boisterous rate due to the presence of advanced food, cosmetics, and pharmaceutical industries in the US and Canada. Moreover, the research development activities to find new uses of citrus oil have also offset in the US which has furthered the growth of the regional market. 

Global Citrus Oil Market: Competitive Landscape 

Some of the key players in the global citrus oil market are Citrus and Allied Essences Ltd., Lionel Hitchen Ltd., Citromax Flavors Inc., and doTERRA International LLC.

Global Citrus Oils Market Expected to Reach US$ 4.3 Billion in Revenues by 2026

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.