Citral is used for formulation of many types of cosmetic and personal care products including aftershave lotions, bath products, moisturizers, perfumes & colognes, and skin care products. Growing cosmetics & personal care industry is expected to boost growth of the citral market. For instance, IBEF (India Brand Equity Foundation), a trust established by the Department of Commerce, Ministry of Commerce and Industry, in 2016 suggested that, the market size of Indias beauty, cosmetic and grooming market will reach US$ 20 billion by 2025. The global citral market is estimated to surpass US$ 1,724.5 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 7.1% during the forecast period (2020 to 2027).
The rising consumption of soaps, hand wash, and sanitizers globally, owing to rising health and hygiene awareness is expected to drive the citral market growth. For instance, Colgate-Palmolive, one of the leading personal care products manufacturers, suggested that, there is rise in the sales of the company in August 2020 owing to increased demand for liquid hand soaps globally.
Among region Europe held dominant position in the global citral market in 2019, reporting 48.0% market share in terms of revenue, followed by Asia Pacific and North America.
Figure 1. Global Citral Market Revenue Share (%), By Region, 2019
Synthetic citral to produce irritating fumes and acid when exposed to heat. Also, its nature to get decomposed and polymerized on burning may cause skin irritation. Therefore, it is advised not to expose the burning citral in an open environment.
Citral Market Report Coverage
|Base Year:||2019||Market Size in 2019:||US$ 1,091.9 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||7.1%||2027 Value Projection:||US$ 1,724.5 Mn|
BASF SE, Beijing Lys Chemicals Co. Ltd., Indukern SA, Industrial and Fine Chemicals, Kuraray Co. Ltd., Privi Specialty Chemicals Limited, Rajkeerth Aromatics and Biotech Pvt. Ltd., Symrise AG, Takasago International Corporation, Vee kay International, and Zhejiang Xinchecheng Co. Ltd.
|Restraints & Challenges:||
Health concerns due to the consumption of unhealthy and junk food among the millennial population is increasing at a rapid pace. As citral contains lemon oil possessing antimicrobial qualities, its usage in several food and beverages is gaining traction across the globe. Moreover, the development of various lime-based aerated and energy drinks is augmenting the citral demand across the food & beverage sector. For instance, in November 2020, Bubbl’R antioxidant sparkling water launched a new lime based sparkling water in the market. The new Lemon Lime Twist’r offers sweet and sour combination of lemon and lime flavour.
Figure 2. Global Citral Market – Opportunity Analysis
The rising demand for lime flavored beverages is expected to drive the citral market growth over the forecast period. There is significant demand for citral across the beverages industry owing to new product launched by major players also supports the market growth. For instance, in May 2018, Coca-Cola launched its first ever alcoholic drink in Japan. The Lemon Do drink is available in 3%, 5% and 7% alcohol, plus a salty lemon version and one flavored with honey and lemon. The preference for lemon tea has increased significantly in the recent past. This can be attributed to medical properties of lemon tea such as enhanced pain healing ability and triggering the metabolism of the body thereby easing the digestion process. Moreover, abundant presence of antioxidants in citral helps in fighting free radicals, which protects individuals from several diseases such as disease caused by Methicillin-resistant Staphylococcus aureus (MRSA) bacteria.
Figure 3. Global Citral Market Revenue Share (%), By Type, 2019
On the basis of product type, synthetic citral segment dominated the citral market in 2019accounting for 85.9% of the market share, in terms of revenue.
Global Citral Market - Impact of Coronavirus (Covid-19) Pandemic
Global citral market is expected to witness surge in growth in 2020, owing to stringent regulations by governments for sanitization of public spaces. The government across the globe is adopting numerous approaches to disinfect the public spaces including the bus/railway stations, streets, markets, hospital premises, banks, and others. Moreover, in March 2020 Indian government across various cities such as Chandigarh, Delhi among others have collaborated with fire department and used water wash pumps, fire-tenders, and others to sanitize all the streets in the cities by spraying disinfectants. However, Covid-19 pandemic has severely impacted distribution channels and consumer spending patterns. Consumer goods and chemical among others are expected to witness a declining demand due to lockdown in various countries across the globe. However, end-use industries such as pharmaceutical and water treatment are expected to grow during the forecast period.
Key players operating in the global citral market include BASF SE, Beijing Lys Chemicals Co. Ltd., Indukern SA, Industrial and Fine Chemicals, Kuraray Co. Ltd., Privi Specialty Chemicals Limited, Rajkeerth Aromatics and Biotech Pvt. Ltd., Symrise AG, Takasago International Corporation, Vee Kay International, and Zhejiang Xinchecheng Co. Ltd.
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