The global Citrus Oil Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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. According to a new report by Million insights, 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.
Key Players:
- The Lebermuth Co. Inc.
- Mountain Rose Inc.
- Young Living Essential Oils LC.
- Bontoux S.A.S.
- Symrise AG
- Citromax Flavors Inc..
- doTERRA International, LLC..
- Citrus and Allied Essences Ltd..
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Growth Drivers:
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.
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.
Application Outlook:
- Personal Care
- Food & Beverages
- Pharmaceuticals
- Aromatherapy
Product Type Outlook:
- Orange Oil
- Lemon Oil
- Lime Oil
- Grapefruit Oil
Regional Outlook:
The Asia Pacific regions are anticipated to see the fastest growth over the forecast period, due to rising population, disposable income and growing product awareness in developing countries, like Hong Kong India and China. Moreover, the rising number of massage centers, spas and relaxations centers, especially in the developing countries expected to significantly contribute to the market growth.
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.
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.
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