The global citrus oil market size is expected to reach a valuation of US$ 8,756 Million by 2023 and reach a valuation of US$ 14,420 Mn by the end of 2033. The market is anticipated to exhibit growth at a CAGR of 5.1% during the assessment period through 2023-2033.
Versatility provided by citrus oil to get utilized in a wide range of applications is likely to bolster growth. Key players are striving to extract citrus oil from the skin of various fruits like sweet lime, grapefruit, orange, and lemon.
Moreover, citrus oil has immunity-boosting, antioxidant, and stress-relieving properties. Thus, they are set to be extensively used in essential oils. Some of the companies are also using it in cleaning products, apparels, fragrances, and flavorings.
Increasing use of citrus oil as a functional food ingredient is another vital factor that would propel growth. Rapid expansion of the fragrance industry in both developing and developed countries is projected to augur well for the market.
Besides, the healthcare industry is demanding citrus oil for the treatment of obesity, infections, asthma, and skin disorders. Researchers have found that citrus oil can prevent ketotifen-induced weight-gain in individuals.
As per the Centers for Disease Control and Prevention (CDC), during 2017-March 2020, prevalence of obesity was nearly 41.9% in the U.S. The projected annual medical cost of obesity in the country was around US$ 173 Billion in 2019.
On account of this, numerous renowned pharmaceutical companies are demanding for innovative citrus oils available on the market. It is expected to further bolster growth in the market.
Key Takeaways:
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According to Fact.MR, a CAGR of 5.1 % was recorded for the citrus oil market from 2023-2033
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Citrus oil market reach a valuation of US$ 14,420 Mn by the end of 2033, up from US$ 8,756 Mn in 2023.
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By 2033, China's market is likely to be worth US$ 2163 Mn, with a CAGR of 6.6% during the forecast period
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In terms of application, the food and beverage segment anticipated to hold a sizable market share with a CAGR of 4.8% during 2023-2033
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U.S. citrus oil market is anticipated to be worth US$ 3,605 Mn with a CAGR of 5.5% during 2022-2032
Growth Drivers:
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Rising popularity of citrus oils containing antibacterial, antioxidant, and antiseptic properties is expected to boost growth.
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Increasing demand for aromatherapy products like essential oils in developed countries is likely to push sales of citrus oils.
Restraints:
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Certain citrus oil can lead to irritation in some people when directly applied to the skin, which may hamper sales.
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Lemon-based essential oils can cause photosensitivity when used topically and it can thus hinder growth in the next decade.
Competitive Landscape:
Citrus oil producers prioritize obtaining quality certificates to deliver high-quality products to offer a wider consumer base on the worldwide market. To maintain a steady and regular supply, major companies in the essential oil industry are primarily concentrating on the sustainable and dependable procurement of raw materials.
For instance,
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The quality of Aos Product Pvt Ltd.'s products is guaranteed by its certifications, including ISO Certificate 9001:2015, ISO Certificate 22000:2018, GMP Certificate, HACCP Certificate, Halal Certificate, Kosher Certificate, and FSSAI License.
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To grow its network of retail shops and provide consumers with fresh experiences with its new store layout, Plant Therapy Essential Oils Corporate launched new retail stores in three different cities throughout the United States in 2021—Arlington, Murray, and Idaho.
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Mountain Rose Herbs saw a change in ownership in 2021 when CEO Shawn Donnille acquired Julie Bailey's share of the company. From 2000 until 2020, Shawn and Julie co-owned and effectively ran the business.