Market Size –
The citrus oil market size has grown strongly in recent years. It will grow from $7.80 billion in 2023 to $8.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rising consumer awareness of natural products, growth in the aromatherapy sector, increasing demand for natural flavoring agents in the food industry, expansion of personal care products using citrus oils, the rise of health-conscious consumer habits.
The citrus oil market size is expected to see strong growth in the next few years. It will grow to $10.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to the surge in demand for sustainable and eco-friendly products, a growing preference for plant-based ingredients, increasing interest in bio-based solvents, rising demand for premium skincare, and expanding citrus oil applications in pharmaceuticals. Major trends in the forecast period include a rising shift towards clean-label and transparency in product sourcing, increasing use in functional beverages, the growing popularity of citrus oils in holistic wellness products, increasing demand for tailored aromatherapy solutions, and innovation in multi-functional citrus oil products combining skincare, fragrance, and health benefits.
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Scope Of Citrus Oil Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Citrus Oil Market Overview
Market Drivers –
The expanding use in food and beverages is expected to propel the growth of the citrus oil market going forward. Food and beverage includes all consumable products, both solid and liquid, that are prepared and served for human consumption. The rising demand for food and beverages can be attributed to several factors, such as population growth, changing lifestyles, health consciousness, and sustainability trends. Citrus oils enhance the flavor and aroma of food and beverages, adding a refreshing zest. They also provide potential health benefits, including antioxidants and digestive support, making them favored in health-conscious products. For instance, in February 2023, according to Monster Beverage Corporation, a US-based beverage company that manufactures energy drinks, net sales for the company’s monster energy drinks rose 2.6% to $1.39 billion in the fourth quarter of 2022, up from $1.35 billion in the fourth quarter of 2021. Therefore, the expanding use in food and beverages is driving the growth of the citrus oil market.
Market Trends –
Major companies operating in the citrus oil market are focused on developing advanced products, such as antimicrobial citrus oil, to address consumer demand for natural and sustainable alternatives. Antimicrobial citrus oils can inhibit the growth of bacteria, fungi, and viruses. They are commonly used in food preservation, personal care, and cleaning products for their natural antimicrobial properties, appealing scents, and health benefits. For instance, in February 2022, Down Under Enterprises Pty. Ltd., an Australia-based company that grows and produces native Australian essential oils, launched Organic Lemon Myrtle Oil. It is certified to Organic NOP (USDA) and BioCE standards and derived from Backhousia citridora. This essential oil is known for its high phenolic compounds, making it ideal for skincare, hair care, and home care applications. It stands out as the highest natural source of citral, with a recommended safe usage at a 1% concentration. Its antimicrobial properties enable its role as a preservative and active ingredient in personal care products, while also providing antioxidant and anti-inflammatory effects. The oil boasts a sweet citrus top note that transitions into a green, floral heart, concluding with a complex base note reminiscent of citronella.
The citrus oil market covered in this report is segmented –
1) By Product: Lemon Oil, Orange Oil, Grapefruit Oil, Lime Oil, Other Products
2) By Source: Oranges, Tangerines Or Mandarins, Grapefruit, Lemon And Lime
3) By Extraction Method: Steam Distilled Method, Cold Pressed Method, Hydro-Distillation Method
4) By Distribution Channel: Offline, Online
5) By Application: Food And Beverages, Personal Care, Pharmaceuticals, Aromatherapy
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Regional Insights –
North America was the largest region in the citrus oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the citrus oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the citrus oil market are The Archer-Daniels-Midland Company, Givaudan SA, Firmenich SA, Takasago International Corporation, Young Living Essential Oils LC, dōTERRA International LLC, Robertet SA, Kalsec Inc., Citromax Group, Mountain Rose Herbs, Lebermuth Inc., Citrus and Allied Essences Ltd., Lionel Hitchen, Biolandes, K. K. Enterprise, Florachem Corp., Shiva Exports India, Sensient Essential Oils, Kanta Enterprises Private Limited, INDIA AROMA OILS AND COMPANY, Bontoux S.A.S., AG Organica Private Limited
Table of Contents
1. Executive Summary
2. Citrus Oil Market Report Structure
3. Citrus Oil Market Trends And Strategies
4. Citrus Oil Market – Macro Economic Scenario
5. Citrus Oil Market Size And Growth
…..
27. Citrus Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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