The use of aromatic ingredients and substances for the treatment of specific physical conditions to attain relaxation and rejuvenation is the main focus of aromatherapy. Citrus oil has wide application in products such as perfumes, massage products, bathing essentials, and other therapeutic products. The popularity of aromatherapy is increasing across the globe, and, as such, it is also influencing the demand for convenient and natural aromatic oils for therapeutic usage. This increasing consumer interest in aromatherapy is positively influencing the demand for citrus oil, and is contributing toward revenue growth of citrus oil in the global essential oils market.
The citrus oil market has observed substantial growth across the world over the past few years, and this growth is anticipated to continue throughout the forecast period of 2020 to 2030 too. The global citrus oil market is anticipated to grow at a steady value CAGR of 5% during the forecast period.
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Key Takeaways from Citrus Oil Market Study
The orange oil segment holds the largest value share in the global citrus oil market, owing to the high usage of orange oil in various applications such as food & beverages, cosmetics & personal care, and home care products.
Citrus oil is majorly used in various therapeutic massage oils, and as a result, the therapeutic massage segment accounts for a majority share in the global citrus oil market.
Citrus oil is expected to witness significant increase in demand for its application in ethnic foods in the near future, owing to its low-cost and plant-derived nature that mimics the flavor of various aromatic ingredients.
The covid-19 pandemic has affected the cultivation of citrus fruits across the world, which will have an impact on the citrus oil market in the near term.
“The global citrus oil market is projected to expand substantially over the forecast period of 2020-2030. Increasing application of citrus oil across various industries such as the food & beverage industry and cosmetic & personal care industry, coupled with increasing demand for use in various therapeutic massage oils is boosting the growth of the global citrus oil market. However, the global COVID-19 pandemic will have a slight, negative impact on the market, as it has impacted the cultivation of citrus fruits in major regions,” says a PMR analyst.
Global Citrus Oil Market: Competitive Landscape
Key players in the global citrus oil market are focusing on acquiring ingredient manufacturing companies to increase their product portfolio, and to fulfill the demand for natural flavors and fragrances. Along with that, key manufacturers of citrus oil are entering into partnerships and collaborations with public research institutes, corporations, business ventures, universities, and to develop their business strategies accordingly.
For instance, in January 2019, Archer Daniels Midland Company announced that it had reached an agreement to acquire Florida Chemical Company (FCC), a division of Flotek Industries specializing in citrus-based flavors and fragrances, one of the world’s main providers of citrus oils and ingredients.
Many brands in the citrus oil market are focusing on penetrating emerging markets such as South Asia and East Asia by launching new products. Increasing demand for flavored food & beverage products and use of essential oils in personal care & home care products has increased the demand for citrus oil in these regions, and is creating opportunities that are more lucrative for players in the global citrus oil market.
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Explore More Valuable Insights on Global Citrus Oil Market
Persistence Market Research, in its new report, offers an impartial analysis of the global citrus oil market, presenting historical data (2015–2019) and estimation statistics for the forecast period of 2020–2030. The study offers compelling insights on the citrus oil market based on nature (organic and conventional), type (orange oil, bergamot oil, lemon oil, lime oil, mandarin oil, and grapefruit oil), and application (food and beverages, cosmetics and personal care, home care products, therapeutic massage oil, and other industrial applications), and across seven regions.
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