Citrus Oils Market to reach US$ 4,353 Mn by 2026
Added: (Fri Nov 23 2018)
The recent report published by Research Report Insights (RRI) reveals that the global citrus oils market will surpass US$ 4,353 Million by 2026-end, expanding at under 5% CAGR during the forecast period.
Growing usage of citrus oils in preparing therapeutic massage ointments is to register for a substantial contribution to the growth of citrus oils market globally. On the basis of application, therapeutic massage oils is projected to emerge as the largest segment of the market, exceeding a market valuation of US$ 1,276 Million over 2026.
“Increasing popularity of aromatherapy is considered as a crucial factor positively influencing the global market for citrus oils. Aromatherapy helps is physical and mental relaxation, rejuvenation and cure minor health disorders. Increasing consumption of aromatic oils is primarily due to growing demand for harmless, natural, and convenient alternatives over traditional allopathic solutions. Thereby, escalating consumer interest in aromatherapy is resulting in higher sales of citrus oil products.” – RRI
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Key Segment Analysis
By oil types, the orange oil segment will retain its pole position over the forecast period and is expected to exceed a market valuation of US$ 2,649 Million over 2026. Whereas, the lemon oil segment is set to command for around 11% value share during the assessment period, riding on a healthy CAGR. The incessant supply of affordable citrus oils from emerging countries is expected to boost the global market for citrus oils over the next couple of years. In addition, robust demand for citrus flavors and essence from F&B sector in recent times is significantly driving the overall growth of the market.
Market Restraints
- Citrus oils have a wide application base in the food and beverage industry, however, concerns over quick perishable nature of citrus oil and preservation issues may limit their widespread adoption.
- In order to preserve citrus oil products, manufacturers use synthetic chemicals extensively, moreover, risk of citrus greening disease from impure citrus products in expected to pose challenges to the market.
- Lack of awareness in developing countries is most likely to negatively impact the market over the forecast period.
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Based on Regional analysis, the Markets in Latin America and APAC Set to Witness Fastest Growth
Asia Pacific commanded for 14.1% market share in 2015 and is projected to gain 60 BPS to capture 14.6% market share by the end of 2026. Further the region is projected witness a robust CAGR in terms of volume over the forecast period. North America will maintain its dominance throughout the assessment period, while the markets in Latin America will also exhibit exponential gains over the same period. Latin America is anticipated to hold around of 9.0% market over 2026.
Vendor News
The global citrus oils market comprises of players competing fiercely, some of them include Lionel Hitchen (Essential Oils) Ltd, Citrus and Allied Essences Ltd., Citrus Oleo, doTERRA International, LLC., Citromax S.A.C.I., Symrise AG, Bontoux S.A.S., Young Living Essential Oils LC, Mountain Rose Herbs, Inc., and Citrosuco Paulista SA.
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