Citral Market, By Type (Natural Citral and Synthetic Citral), By Application (Lemon Essence, Vitamin, Menthol, and Others), By End User (Cosmetics & Personal Care, Household Care, Pharmaceuticals, Food & Beverages, and Others ) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 3.19 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 7% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Citral Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
To curb the spread of the virus, governments worldwide mandated temporary shutdowns of manufacturing facilities, thus impacting the production of citral.
The pandemic has led to changes in consumer behavior, thereby accelerating the adoption of online shopping and affecting the types of products consumers prioritize. For example, there was a shift towards products perceived as healthy or immunity-boosting, where citral applications could play a role.
The economic uncertainty and supply chain disruptions induced price volatility in the citral market, with producers and buyers facing challenges in forecasting and managing costs.
With the pandemic's strain on governmental agencies, there were delays in processing regulatory approvals, certifications, and meeting compliance requirements, thus affecting new product launches and market entries involving citral.
Link: https://www.coherentmarketinsights.com/market-insight/citral-market-4436
Citral Market – Key Developments
In June 2022, Givaudan and Manus Bio worked together to create BioNootkatone, a clean-label, natural, and sustainable citrus flavoring component. Several different dishes and beverages can be made with BioNootkatone. BioNootkatone from Givaudan smells citrusy and woodsy. For BioNootkatone, Manus Bio owns complete production rights, while Givaudan has exclusive global commercialization rights. Similarly, in April 2021, the largest privately held fragrance and taste company in the world, Firmenich, unveiled FreshSlice, a special assortment of citrus oils made entirely from natural ingredients for future flavors. Unmatched freshness, juiciness, and fruit-like flavor are all provided by FreshSlice at a reasonable price.
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Citral Market Market, By Type (Natural Citral and Synthetic Citral), By Application (Lemon Essence, Vitamin, Menthol, and Others), By End User (Cosmetics & Personal Care, Household Care, Pharmaceuticals, Food & Beverages, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Takeaways of the Citral Market Market :
- The citral market market is expected to exhibit a CAGR 7% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the citral market.
- Among region, Europe is expected to be dominant in the citral market, owing to the presence of major players such as BASF SE, Beijing Lys Chemicals Co. Ltd., Indukern SA, Industrial and other key market player contributing to the growth in this region
- Major players operating in the 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.
