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Citrus Oil Market Size, Growth, 2019-2025 | Industry Analysis Report

Citrus Oil Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17615024  |  Published: April 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Consumer Goods  |  Publisher: Grand View Research

Industry Insights

The global citrus oil market size was valued at USD 6.31 billion, in 2018 and it is projected to grow with a CAGR of 6.8%, during the forecasted period, 2019 to 2025. Citrus oil is projected to see a high growth, owing to the increasing demand for natural ingredients products and rising inclination towards a healthy lifestyle. This is expected to drive the demand for the market. Moreover, continuous product innovation and new launches of products by the manufacturers is projected to drive the market growth in the coming years. 

The primary source of citrus oil is citric fruit and vegetables such as orange, grapefruit and lemon, and these products are easily available across the globe. Moreover, rising accessibility and availability of the product is anticipated to support the market growth. Furthermore, changing eating habits and raising awareness for natural ingredients product is the key driving factor for the market growth.

North America Citrus oil Market

Growing issues over the destructive effects including the high threat of brain stroke, type 2 diabetes, and coronary heart disease, owing to the high consumption of vegetable oil is anticipated to fuel demand of the citrus oil market. Citrus oil commendable attributes are the key reason behind its global market's success. Moreover, increasing investments in research and development activities by the key manufacturers and growing application of the product in the food & beverage industry is anticipated to significantly contribute to the growth of the market.

Product Type Insights

Based on product, the market is segmented into orange oil, lemon oil, lime oil, grapefruit oil and others. Orange oil has accounted for the highest market share, in 2018, owing to rising demand for skincare and cosmetic products. Orange oil contains anti-inflammatory and antibacterial properties, which makes citrus oil a crucial ingredient for the personal care industry. Moreover, research finds that citrus oil ingredients improve blood circulation, vitamin C absorption and the production of protein, all of these factors are necessary for slowing down the age and also improves the hair, nail and skin health. Additionally, increasing awareness regarding product benefits is anticipated to fuel the segment growth.

Lemon oil segment is expected to grow with a significant CAGR during, 2019 to 2025, owing to the growing use of ingredients in teeth whiteners and detergents. Moreover, lemon oil contains d-limonene constituents which are used in cancer treatment. Additionally, the growing application of product in personal care, cosmetic and pharmaceutical industry is projected to drive the segment growth in the forthcoming years. 

Application Insights

Based on the application, the market has been bifurcated into personal care, food & beverages pharmaceuticals and aromatherapy. In 2018, the personal care segment held the largest market share, owing to the growing use of orange, grapefruit and lemon oil in personal care products. These products contain anti-inflammatory and antibacterial properties, which makes citrus oil a crucial ingredient for the personal care industry. Due to all these factors, it is anticipated to augment the segment growth in forthcoming years.

Global Citrus Oil Market

Personal care segment is anticipated to see the fastest growth with a CAGR of 7.0% during the foreseen period, 2019 to 2025, owing to rising demand for natural ingredients and cosmetic products. Moreover, an increasing number of skin issues, which include rash, irritation, and acne due rise in pollution is a key factor driving the citrus oils market growth. Additionally, changing lifestyle and rising use of makeup product which include citrus oil as a key ingredient is another important factor driving the market. For instance, Youngevity has launched two new product lines known as Hemp FX™ and Mineral Man, in 2018, which offers citrus oil-based skin care and hair care products.

Increasing application of citrus oil in massaging, diffusers, bathing, shower and other products is projected to fuel the segment growth. Furthermore, rising demand for herbal and medicinal oils has created a wide opportunity for the segment. Additionally, growing product awareness among urban consumers is expected to significantly contribute to the growth of the segment. 

Regional Insights

Based on the region, the market is divided into North America, Asia Pacific, Europe, Middle East and Africa and Central and South America. The Asia Pacific regions are anticipated to see the fastest growth over the forecast period, due to rising population, disposable income and growing product awareness in developing countries, like Hong Kong India and China.

Europe market held the largest market share, in 2018, owing to rising demand for natural products and growing product awareness regarding its health benefits. Moreover, growing demand for cosmetic, pharmaceutical and beauty products in the regions are the key driving factors for the market growth. Additionally, in terms of product use, Germany is anticipated to remain the major market led by the UK.

Asia Pacific market is expected to grow with the fastest CAGR during the forecast period from 2019 to 2025, owing to changing consumer preferences and rising spending on recreation and leisure activities. Moreover, the rising number of massage centers, spas and relaxations centers, especially in the developing countries like India, Malaysia, Thailand and China are expected to significantly contribute to the market growth. Additionally, growing demand for plant-based products in food & beverage, pharmaceutical, cosmetic and personal care industry are expected to create huge opportunity for the market in coming years.

COVID-19 Impact Insights

The citrus oil market has been negatively impacted by the COVID-19 outbreak, owing to shortage of raw materials and reduction in the demand for bakery & confectionery products. The citrus oil is widely used in various applications such as non-carbonated and carbonated beverages and home care products for fragrance purposes. Further, the demand for these products has reduced significantly, due to the lockdown imposed by the government across the globe. As a result it is directly affecting the citrus oil demand during the pandemic. However, as the lockdown will ease, the demand for these products is expected to rise, owing to the opening of restaurants, hotels and bakery shops.This is expected to drive the market.

Citrus oil Market Share Insights

The key players in this market are Plant Therapy Essential Oils, TERRA Holdings, LLC, Bontoux S.A.S.; Symrise AG; Mountain Rose Herbs and Young Living Essential Oils. These leading players are outspreading their geographical presence and trying to capture the largest market share. Rising merger & acquisitions, collaboration and partnership with the buyers to make innovative products is projected to propel the market growth in the coming years. The solid decent footing of oilseeds agriculturists within the developing nations like Indonesia India and China will play a vital while producing the product. Moreover, it will reduce the cost of the production by improving the supply chain process. 

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2018 - 2025

Market representation

Revenue in USD Billion & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Report coverage        

Revenue forecast, company share, competitive landscape, growth factors and trends

Country Scope

U.S., U.K, Germany, India, China, Brazil,

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global citrus oil market report on the basis of product, Application, and region:

• Citrus Oil Product Type Outlook (Revenue, USD Million, 2015 - 2025)
    • Orange Oil
    • Lemon Oil
    • Lime Oil
    • Grapefruit Oil
    • Others

• Citrus Oil Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Personal Care
    • Food & Beverages
    • Pharmaceuticals
    • Aromatherapy

• Citrus Oil Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • Asia Pacific
        • India
        • China
    • Central & South America
        • Brazil
    • Middle East & Africa

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