The worldwide market for Citrus Oil is expected to grow with a healthy growth rate over the next five years primarily driven by adoption in the food and beverage industry attributed to various health benefits. It is one of the most used essential oil globally as it contains numerous clinical belongings like anti-cancer, anti-oxidant, diuretic, anti-bacterial, antiseptic, weight losing, uplifting, acid neutralizing, right brain stimulating, as an appetizer, anti-depressant, anti-coagulant, and immunity stimulating hence an increment can be expected in the sales volume in coming year. Increasing demand for citrus oils in the food & beverage industry is a major factor, anticipated to drive the growth of the global citrus oil market. Moreover, the market of citrus oil is also expected to witness significant expansion with adoption in the cosmetic industry, attributed to its multi-beneficial features such as brightening, cleaning, and antibacterial property.
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However, its adoption in cosmetic and personal products will remain robust, as it helps in clearing the dead skin, excess oil, by breaking down the dirt and also acts as a natural toner thus, it continues to rev up in the cosmetic and personal care industry. In addition, increasing the use of citrus oil as therapeutic massage oil and for aromatherapy due to the shift in preference for natural fragrances, are factors expected to drive the growth of the global market. Furthermore, the demand has been rising on account of its broad application portfolio and commendable properties which have been the primary reason behind the growth in the global market. In addition, and research and development initiatives are underway to enhance the product portfolio in the coming years.
Orange Oil to Remain as Lucrative Citrus Oil Variant over the forecast period
Orange oil is expected to witness the largest market share in the citrus oil market over the forecast period owing to the rise in the adoption of citrus oil in the food and beverages, and the aroma industry; citrus oil market participants are witnessing high demand for orange oil. The market is also expected to grow as the oil extracted from orange helps to slow down the growth of the cancer cells, as it possesses anti-oxidant properties hence, this property makes citrus oils ideal for use as surfactants and in industrial/household cleaners. Moreover, it used in home care products as a source of fragrance and because of their status as a safe solvent thus, increases the demand for citrus-based cleaners is closely tied to increasing consumer preference for cleaner and safer cleaning solutions.
Food and Beverage Industry to Fuel Citrus Oil Market Growth
The Asia Pacific regions have huge market potential for citrus essential oils owing to rising disposable income, changing lifestyle and a growing number of spas and massage parlors in recent years. On the other hand, Europe accounts for the largest market share in terms of revenue and is expected to maintain its dominance over the forecast period, owing to the increasing usage of citrus oil in personal care products in this region. North America is expected to hold the second-highest market share in terms of revenue in the overall market in the near future, owing to the growing popularity of aromatherapy among individuals, especially in the US and Canada. The market is also expected to witness significant growth, especially in developing countries, due to the increasing use of essential oils for medicinal purposes.
Asia Pacific Region Expected To Be the Fastest Going Region over the Forecast Period
The Asia Pacific regions have huge market potential for citrus essential oils owing to rising disposable income, changing lifestyle and a growing number of spas and massage parlors in recent years. On the other hand, Europe accounts for the largest market share in terms of revenue and is expected to maintain its dominance over the forecast period, owing to the increasing usage of citrus oil in personal care products in this region. North America is expected to hold the second-highest market share in terms of revenue in the overall market in the near future, owing to the growing popularity of aromatherapy among individuals, especially in the US and Canada. The market is also expected to witness significant growth, especially in developing countries, due to the increasing use of essential oils for medicinal purposes.
Global Citrus Oil Market: Competitive Landscape
The major companies operating in the global citrus oils market 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, Citromax S.A.C.I, among others. Key players are investing in innovation/R&D, brand building, and fostering strong relationships with customers to enhance their competitive position.
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