The global citrus oil market is projected to reach USD 10.03 billion, by 2025. Moreover, the market is expected to grow at a CAGR of 6.8% during the forecast period, 2019 to 2025. The increasing demand for natural ingredients products and rising inclination towards a healthy lifestyle. This is expected to drive the demand for the market. Moreover, continuous product innovation and new launches of products by the manufacturers is projected to drive the market growth over the next few years.
The growing number of restaurants and hotel chains in developing countries like India and China account for strong government policies intended to improve the city infrastructure is anticipated to boost the utility of natural oils. Additionally, changing inclination of consumers who fall in the middle-class income groups in several countries including UAE and Saudi Arabia to prefer going out for dinner during the weekends is anticipated to create new opportunities for the foodservice industry in the coming years.
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COVID-19 Impact Insights
The citrus oil market has been negatively impacted by the COVID-19 outbreak, owing to shortage of raw materials and reduction in the demand for bakery & confectionery products. The citrus oil is widely used in various applications such as non-carbonated and carbonated beverages and home care products for fragrance purposes. Further, the demand for these products has reduced significantly, due to the lockdown imposed by the government across the globe. As a result it is directly affecting the citrus oil demand during the pandemic. However, as the lockdown will ease, the demand for these products is expected to rise, owing to the opening of restaurants, hotels and bakery shops.This is expected to drive the market.
The primary source of citrus oil is citric fruit and vegetables such as orange, grapefruit and lemon, and these products are easily available across the globe. Moreover, rising accessibility and availability of the product is anticipated to support market growth. Furthermore, changing eating habits and raising awareness for natural ingredients product is the key driving factor for the market growth. Additionally, increasing investments in research and development activities by the key manufacturers and growing application of the product in the food & beverage industry is anticipated to significantly contribute to the growth of the market
Lemon oil segment is expected to grow with a significant CAGR during, 2019 to 2025, owing to the growing use of ingredients in teeth whiteners and detergents. Moreover, lemon oil contains d-limonene constituents which are used in cancer treatment. Additionally, the growing application of product in personal care, cosmetic and pharmaceutical industry is projected to drive the segment growth in forthcoming years.
Growing numbers of health centers and hospitals are driving the demand for a natural herbal product is projected to boost the citrus oil market in forthcoming years. Moreover, increasing use of citrus oil in massaging, diffusers, bathing, shower and other products is projected to fuel the segment growth. Furthermore, rising demand for herbal and medicinal oils has created a wide opportunity for the segment. Additionally, growing product awareness among urban consumers are expected to significantly contribute to the growth of the segment.
Europe market held the largest market share, in 2018, owing to rising demand for natural products and growing product awareness regarding its health benefits. Moreover, growing demand for cosmetic, pharmaceutical and beauty products in the regions are the key driving factors for the market growth. Additionally, growing demand for plant-based products in food & beverage, pharmaceutical, cosmetic and personal care industry are expected to create a huge opportunity for the market in coming years.
Further key findings from the report suggest:
• In 2018, the personal care segment held the largest market share, owing to the growing use of orange, grapefruit and lemon oil in personal care products.
• Lemon oil segment is expected to grow with a significant CAGR during, 2019 to 2025, owing to growing use of citrus oil ingredients in teeth whiteners and detergents.
• Asia Pacific market is expected to grow with the fastest CAGR during the forecast period from 2019 to 2025, owing to changing consumer preferences and rising spending on recreation and leisure activities.
Global Citrus Oil Market: Key Players
Plant Therapy Essential Oils, TERRA Holdings, LLC, Bontoux S.A.S.; Symrise AG; Mountain Rose Herbs and Young Living Essential Oils.
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