We are monitoring the impact of COVID-19 on Citrus Oil Market Get in touch with us for detailed analysis Know More
Pulished Date February, 2020
ID: 8888
Share on
Share on

Citrus Oil Market by Product (Orange Oil, Lemon Oil), By Application (Personal Care, Food & Beverages, Aromatherapy) By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Size, Share, Growth, Trends, and Competitive Analysis Forecasts Report 2020-2025

Pulished: February, 2020
ID: 8888
Pages: 175

Citrus Oil Market Growth Rate Analysis:

Citrus Oil Market was worth USD 6.31 billion in 2019, and it is estimated to reach a valuation of USD 8.5 billion by the end of 2025, expanding at a CAGR of about 7% during the forecast period.

Citrus oil is widely used as a food flavor enhancer. Additionally, citrus oils are also used in food masking applications to alleviate the taste of spicy foods. As the millennial generation consumer base favors products made from natural materials, manufacturers aim to explore untapped potential, especially in the F&B industry. Citrus oils are mainly used to improve the taste and aroma of foods, including beverages, bakery and confectionery products. Furthermore, in addition to gaining momentum as a flavor enhancer, citrus oil is obtaining popularity due to its functional properties. In recent years, the demand for protected and value-added foods has increased, positively affecting the demand for citrus oil. Taking into account the characteristics of the product, manufacturers continue to focus on identifying and exploiting gaps when applying the product. Additionally, citrus oil has consistently advanced in-home care products and has become an ideal substitute for synthetic solvents.

Recent Developments 

  1. In September 2019, BASF SE announced the acquisition of Isobionics and partnered with Conagen. This allows the company to expand its business in the natural flavor market.
  2. In January 2019, the Archer Daniels Midland Company announced the acquisition of the Florida Chemical Company. This acquisition will help the company strengthen it in the citrus flavor market.
  3. On March 18, Hempfield Botanicals of Lancaster PA, a manufacturer of hemp-based cannabidiol (CBD) products, launched a family of oral and facial terpene oils.

Market Growth

Consumer trends and preferences have played a decisive role in the development of various industries, including food and beverage, cosmetics and perfumes, and household products. Depending on the evolving consumer environment, the citrus oil market has gained considerable popularity in recent years, especially in the food and beverage industry.

Drivers 

Growth in the global citrus oil market is expected to accelerate as demand for natural products increases to raise the nutritional value of food and beverages. Full product availability and easy accessibility are expected to drive demand further. With growing consumer awareness of the benefits of citrus oil, the increased application is likely to contribute to market growth. The need for citrus oil is supposed to increase due to factors such as changes in consumer lifestyles, increased spending on leisure and relaxation, especially the number of spa and massage centers in developing countries such as the Asia Pacific and the Middle East and Africa. 

Citrus oil market growth is assumed to accelerate during the outlook period due to increased demand for plant extracts of food and beverages, cosmetics and pharmaceuticals. The increasing application of baths, massages, diffusers, showers and other products is expected to drive growth in the segment. As the demand for aromatic and therapeutic oils increased, the market continued to grow. The high demand for therapeutic oils in various eastern countries is anticipated to adjust well to the general market. Demand increases as awareness of the benefits of these products increases among urban populations. As awareness of the benefits of plant-based products rises, it is foreseen to have a positive impact on demand in the near future. As the number of wellness centers and clinics increases and the preference for natural medicines increases, the citrus market is expected to grow in the coming years. When applied to personal care and cosmetics, it can further promote growth. 

Due to the high preference for natural products, as the use of products such as aromatherapy massage oils increases, it is suspected to be of great help to overall growth. The world market demand for citrus oil is increasing due to the broad portfolio of applications of this oil. The excellent properties of citrus oil have contributed significantly to the growth of this global market, and research and development initiatives are underway to find more attractive use of this oil. Therefore, as the utility of citrus oil becomes popular in various sectors and industries, the forecast is specific that the global citrus oil market will follow a path of profitable growth. Citric acid fruits and vegetables, such as lemon, orange, and grapefruit, are the primary sources of citrus oil, which are abundant worldwide. Therefore, the ease of use and useful properties of citrus oil accumulate to create significant growth opportunities in the global citrus oil market. Furthermore, the development of the food and beverage industry has played a crucial role in the rapid increase in demand for citrus oil in the last decade.

Restraints

Among F&B companies, the use of synthetic antimicrobial preservatives and agents is widespread, and the risk of chronic diseases caused by commonly used artificial preservatives continues to challenge the international market.

Citrus Oil Market Regional Analysis:

According to geography, as the demand for citrus oil and citrus oil products increases, the growth of the European citrus oil market will benefit. In 2018, as consumer awareness and demand for natural cosmetics, beauty products and pharmaceuticals increased, Europe held the largest market share of 39.5%. Germany is anticipated to remain a significant market in terms of product consumption, and the growing demand for citrus oil in the cosmetics and beauty industry will help grow the citrus oil market in the region. 

The market demand for citrus oil in North America is increasing enormously due to the presence of high-end food, cosmetic and pharmaceutical industries in the United States and Canada. North America is expected to be the second-largest market due to high consumer awareness and the availability of a wide range of high-end products. The United States is one of the world's largest importers of products as demand for natural ingredients in cosmetics, food and beverages increases. 

The Asia Pacific is expected to expand to 8.4%, the fastest annual average growth rate of 8.4% during the projection period due to high demand in the food and cosmetics industry. An increase in the number of spa and massage centres is anticipated to have a positive impact on the local market during the prediction period.

Leading Company 

Citrus and Allied Essences Ltd. is a leading manufacturer of citrus oil, spice essential oil, peppermint oil, organic essential oil, and natural aromatic chemicals.

 

Citrus Oil Market segmentation Analysis:

Based on Product:

  • Orange Oil               
  • Lemon Oil

Based on Application:

 

  • Personal Care        
  • Food & Beverages
  • Aromatherapy     

 

In 2018, Orange oil held about 29%, which was the largest market share. The rise in demand is expected to well bode for the growth in the segment of cosmetic and skin care products for skin rejuvenation. Antiseptic and anti-inflammatory effects of Orange Oil make it the main component in skin and hair care. Research studies suggest that the regular use of these products enhances the blood circulation, the absorption of vitamin C, and the production of collagen. The user will become more conscious of these benefits for the growth of the sector.

Over the forecast period, the personal services segment is expected to hold the largest market share. Due to their antiseptic and antibacterial characteristics, the increased use of products, such as lemon and grapefruit oil in skin care products, will drive segment growth over the forecast period.

In 2018, food and drinks had a significant market share. Citrus oils are used to make smoothies, tea, packaged water and baked items like muffins and cookies. Citrus oils are also used to add flavor among other products in yoghurts and dips. The segment will witness an increase in the next few years.

Key Players in the Market:

The market's essence is strongly divided. Due to its high phenolic content, increasing application of nutraceutical, functional and dairy supplements are expected to create opportunities for market participants to grow. There will be significant growth in the nutraceutical industry and product demand will be fuel during the forecast. Some of the major players in the market are

  • Young Living Essential Oils
  • Plant Therapy Essential Oils
  • TERRA Holdings
  • LLC and Mountain Rose Herbs

Key Highlights of the Research Report:

  • This report provides a detailed quantitative analysis of the current market and estimates for the years 2019-2024, which help identify the prevailing market opportunities.
  • Important changes in market dynamics.
  • Report and evaluation of recent developments in the industry.
  • Competitive intelligence helps to understand the competitive scenario in geographical regions.
  • The key players in the market are described in detail in this report, and their strategies are analyzed in-depth to understand the competitive advantage of the market better.

 

 

 

 

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                           

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                              

                2.2 Research Phases                      

                                2.2.1 Secondary Research            

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling     

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                      

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                             

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                      

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market               

5. Market Segmentation                                              

                5.1 Product                        

                                5.1.1 Introduction           

                                5.1.2 Orange Oil               

                                5.1.3 Lemon Oil

                                5.1.4  Y-o-Y Growth Analysis, By Product               

                                5.1.5  Market Attractiveness Analysis, By Product             

                                5.1.6  Market Share Analysis, By Product               

                5.2 Application                 

                                5.2.1 Introduction           

                                5.2.2 Personal Care        

                                5.2.3 Food & Beverages

                                5.2.4 Aromatherapy      

                                5.2.5 Y-o-Y Growth Analysis, By Application         

                                5.2.6 Market Attractiveness Analysis, By Application        

                                5.2.7 Market Share Analysis, By Application         

6. Geographical Analysis                                              

                6.1 Introduction                              

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Product

                                                6.1.3.3 By Application

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Product

                                                6.1.4.3 By Application

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Product

                                                6.1.5.3 By Application

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy           

                                6.2.6 France      

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan        

                                6.3.5 Australia  

                                6.3.6 South Korea           

                6.5 Latin America                            

                                6.4.1 Introduction           

                                6.4.2 Brazil         

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America         

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa        

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental      

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services

                                7.2.5 Competitive Rivalry within the Industry      

8. Market Leaders' Analysis                                        

                8.1 Young Living Essential Oils                    

                                8.1.1 Overview

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Plant Therapy Essential Oils                 

                8.3 TERRA Holdings                        

                8.4 Mountain Rose Herbs                            

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                        

                9.3 Agreements, collaborations and Joint Ventures                          

                9.4 New Product Launches                          

10. Market Outlook and Investment Opportunities                                          

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of by Product, Application and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Citrus Oil Market By Region, From 2019-2024 ( USD Billion )
  2. Global Citrus Oil Market By Product, From 2019-2024 ( USD Billion )
  3. Global Orange Oil Market By Region, From 2019-2024 ( USD Billion )
  4. Global Lemon Oil Market By Region, From 2019-2024 ( USD Billion )
  5. Global Citrus Oil Market By Application, From 2019-2024 ( USD Billion )
  6. Global Personal Care Market By Region, From 2019-2024 ( USD Billion )
  7. Global Food & Beverages Market By Region, From 2019-2024 ( USD Billion )
  8. Global Aromatherapy Market By Region, From 2019-2024 ( USD Billion )

Please wait. . . . Your request is being processed

LICENCE TYPE

$ 1234 4255

Clients
clients
clients
clients
clients
clients
clients
Click for Request Sample