The global citral market was valued at US$ 1,091.9 million in 2019, according to Citral Market Report, by Type (Natural Citral and Synthetic Citral), by Application (Lemon Essence, Vitamin, Menthol, and Others), by End-use Industry (Cosmetics & Personal Care, Household Care, Pharmaceuticals, Food & Beverages, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global citral market is expected to surpass US$ 1,724.5 million by 2027, exhibiting a CAGR of 7.1% during the forecast period (2020-2027). This is attributed to increasing demand for vitamin A, as citral is primarily used in the production of vitamin A. Moreover, major manufacturers of vitamin A are focusing on strategies such as collaborations and expansion that is further expected to drive demand for citral over the forecast period. For instance, in 2018, BASF S.E. started expansion of its vitamin A plant based in Ludwigshafen, Germany. The expansion is expected to be completed by end of 2020 and will increase BASF’s annual capacity of vitamin A by 1,500 metric tons.
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Browse 40 market data tables* and 20 figures* on "Citral Market” - Global Forecast to 2027.
Key Trends and Analysis of the Citral Market:
- Among regions, Europe accounted for major market share in 2019. The growth of the food & beverages sector in the region is expected to drive demand for citral during the forecast period. For instance, according to FoodDrinkEurope (a Food industry confederation in the EU), the food & beverage industry in the EU was valued at US$ 1,339.2 billion in 2016, which increased to US$ 1,427.8 billion in 2017.
- Citral is also used in other applications such as manufacturing of essential oils. Essential oils are used as aromatic and flavoring agents, as they contain several organic compounds such as terpenes, phenols, alcohols, aldehydes, ketones, lactones, coumarins, esters, and ethers. Growing popularity of aromatherapy as well as increasing consumer awareness regarding the benefits of essential oils and related herbal products are major factors driving the segment growth for essential oils. According to Worldwide Market Report’s analysis, the aromatherapy market is estimated to account for US$ 5,061.9 Mn in terms of value and is expected to reach US$ 8,798.7 Mn by the end of 2027.
Key Takeaways of the Market:
- Among end-use industry, cosmetic and personal care segment accounted for a significant market share in 2019. Growing popularity of aromatherapy as well as increasing consumer awareness about the benefits of essential oils and related herbal products are major factors driving the segment growth for essential oils.
- Major 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.
Global Citral Market - Impact of Coronavirus (Covid-19) Pandemic
- The global citral market is expected to witness growth in the near future, owing to therapeutic benefits associated with the use of citral. For instance, a research paper published by the International Journal of Pharmaceutical Sciences and Research in September 2020 stated that inhalation of essential oils, containing extracts of ingredients such as citral could act as an adjuvant therapeutic strategy against the COVID-19 virus. Such factors, coupled with ongoing R&D activities for the development of vaccines and immunity booster medicines are estimated to augment demand for citral in the near future.