Citrus Oil Market to Surpass US$ 4,712.5 Mn by 2026

Published On : Oct 10, 2018

The global Citrus Oil Market was valued at US$ 2,839.0 Mn in 2017, according to Citrus Oil Market Report, By Oil Type (Orange Oil, Lemon Oil, Lime Oil, Grapefruit Oil, and Others), By Application (Food & Beverages, Personal Care & Cosmetics, Aromatherapy, Pharmaceuticals, and Others), published by Coherent Market Insights. The citrus oil market is projected to reach US$ 4,712.5 Mn by 2026, exhibiting a CAGR of 6.67% during the forecast period.

Rising awareness regarding the health benefits of natural ingredients over synthetic chemicals is fuelling growth of the market. Citrus oil is widely used in various industries such as food & beverages, pharmaceuticals, cosmetics & personal care, and for aromatherapy. Increasing cases of skin allergies due to synthetic chemicals, is propelling demand for natural ingredients in the cosmetic & personal care products and thus, supporting the market growth.

For instance, according to Center for Disease Control and Prevention (CDC), there were about 11.6% children aged below 18 years suffering from skin allergies in 2014 in the U.S. Rising prevalence of skin diseases in the region is expected to increase the adoption of natural ingredients over synthetic chemicals such as benzophenone, butylated hydroxytoluene (BHT), and benzyl salicylate among others, in cosmetics and toiletries.

Increasing awareness regarding the harmful effects of synthetic chemicals over human health is supporting the growth of citrus oil market worldwide. For instance, butylated hydroxytoluene is responsible for irritation to the eye and skin.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/citrus-oil-market-2215

Browse 150 market data tables* and 90 figures* on "Citrus Oil” - Global forecast to 2026.

Key Trends and Analysis of the Citrus Oil Market:

  • Based on oil type, the market is segmented into orange oil, lemon oil, lime oil, grapefruit oil, and others. In 2016, orange oil dominated the global citrus oil market, owing to high production and demand of oranges, worldwide. For instance, according to data provided by the U.S. Department of Agriculture (USDA), during 2015/16, EU-28 imported approximately 964, 389 MT of oranges, which was 4% higher when compared to the previous season. South Africa and Egypt were reported as the leading suppliers of oranges to the EU-28 market during 2015/16, according to USDA.

Key Takeaways of the Market:

  • In 2017, North America accounted for significant share in the global citrus oil market. Increasing demand for functional food and beverages, and organic food has augmented growth of the citrus oil market in the region. For instance, according to the U.S. Department of Agriculture (USDA), functional food market and organic retail market in Canada was valued at US$ 3 Bn and US$ 4.3 Bn respectively in 2017.
  • Furthermore, growing pharmaceutical industry is another factor driving growth of the market, as citrus oil has wide applications in medicines as well. According to data provided by International Trade Association (ITA), total pharmaceutical sales in 2016, was pegged at US$ 333 billion in 2016.
  • Key players operating in the global citrus oil market include Lionel Hitchen Ltd., Citrus and Allied Essences Ltd., doTERRA International, LLC, Citromax Flavors Inc., Symrise AG, Bontoux S.A.S., Young Living Essential Oils LC, Mountain Rose Inc., and The Lebermuth Co. Inc.
  • Various business strategies such as mergers & acquisitions, strategic business collaboration, new product launches, and product development are adopted by key players to retain and enhance its presence in the global citrus oil market. For instance, in July 2015, Frutarom Industries Ltd. acquired Scandia Citrus LLC. Florida, USA. Scandia Citrus LLC., specializes in the manufacturing, sales, marketing, and research & development of specialty solutions in the field of citrus oil, for leading global customers in the food and beverages and flavors markets.

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