According to a recent report by Future Market Insights, a market research and competitive intelligence provider, the citrus oil market is estimated to reach a value of USD 5.8 Bn by 2032, surging at 4% CAGR through the decade.
As a result of rising health consciousness and consumer demand for natural ingredient products, the citrus oil market is rapidly expanding. The growing popularity of organic products is fueling industry growth. Other factors such as rising demand for cosmetic and personal care products, rising disposable incomes, and rapid technological advancements will all significantly contribute to market growth.
Furthermore, citrus fruits and vegetables like orange, lemon, and grapefruit, which are the main sources of citrus oil, are abundant in nature. As a result, the widespread availability of citric fruits and vegetables has been critical in increasing citrus oil production.
Growing investments in research and development activities to find new uses for citrus oil are expected to boost the global citrus oil market’s growth over the forecast period.
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Key Takeaways from Market Study
- The Chinese citrus oil market is expected to reach USD 540 million by 2032, growing at a CAGR of 9%.
- France is expected to have a 15% market share. France is expected to be the largest market in terms of the value of citrus oils during the forecast period, as consumers’ preferences for sophistication and demand for natural beauty care products, fragrances, and medicines rise.
- The Citrus Oil Market in Germany is expected to grow at a CAGR of 3.8% between 2022 and 2032.
- The Spanish citrus oil market is expected to grow at a CAGR of 3.5%. Apart from the food and beverage industries, citrus oil is expected to be in high demand in the healthcare industry in Spain for the treatment of infections, skin disorders, obesity, and asthma.
- The Russian citrus oil market is expected to expand at a 4.5 percent CAGR. Orange oil is in high demand among Russian citrus oil market participants.
“Citrus oil is gaining popularity not only as a flavor enhancer but also for its medicinal properties. Citrus oil demand has increased in recent years due to an increase in demand for protected and value-added foods,” says a lead analyst at Future Market Insights.
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Who is winning?
The market’s essence is sharply divided. Increased use of nutraceutical, functional, and dairy supplements due to their high phenolic content is expected to create growth opportunities for market participants. During the forecast period, the nutraceutical industry will expand significantly, and product demand will rise.
- For example, Archer Daniels Midland Company (ADM) acquired Ziegler Group, a European citrus oil manufacturer, in March 2019 in an effort to expand their citrus oil offerings in the market.
Mountain Rose Herbs, Young Living Essential Oils, Farotti Essenze, Moksha Lifestyle Products, LLC, TERRA Holdings, Plant Therapy Essential Oils, and others are among the market’s major players.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the citrus oil presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the citrus oil based on source (Oranges, Tangerines/Mandarins, Lemon and Lime, Grapefruit) extraction method (Steam Distilled, Cold-Pressed, Hydro-Distillation) fold (2-4 Folded, 5-7 Folded, 8-10 Folded, Above 10 Folded) grade (Deterpenated Oil, Terpenless Oil, Concentrated Oil, Terpene Oil) application (Food & Beverage, Personal Care & Beauty Products, Home Care Products, Aromatherapy, Health Care Products) channel (Direct Sales, Modern Trade, Specialty Store, Mono Brand Store, Online Retailers, Other Sales Channels) region (North America, Latin America, Europe, Japan, APEJ, MEA).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Citrus Oil Market is expected to observe a CAGR of 4% over 2022-2032 | FMI appeared first on Future Market Insights.
