Citrus Oil Market Projected to Augment at a Notable CAGR during the Forecast Period until 2022
According to a recently compiled report by Fact.MR, the global citrus oil market is projected to register a CAGR of 5.4% over the forecast period, 2017-2022.
[UKPRwire, Sat Apr 13 2019] Citrus oil market continues to witness significant growth, driven primarily by adoption in the food and beverages industry attributed to various health benefits. Growing demand for artificial drink concentrates is expected to contribute toward growth of the global citrus oil market positively. Manufacturers prefer blending citrus oil in range of food and beverage products in order to enhance the flavor. Bound to such factors, food and beverage industry will remain a lucrative end-use vertical in the citrus oil market.
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According to a recently published report, the global citrus oil market is expected to represent a value of over US$ 8,600 Mn by the end of 2022.
Citrus Oil Market: Healthcare Industry to be a Lucrative Vertical
Besides, food and beverages industry, citrus oil is likely to witness considerable demand in the healthcare industry for treatment of infections, skin disorders, obesity, and asthma. Equipped with a potent array of anti-carcinogenic properties, citrus oil continues to witness significant demand in the healthcare industry for the treatment of cancer. Citrus oil market will further be driven by key attributes of this essential oil such as high content of antioxidants, neutralizing the free radicals, boosting the immune system, and relieving stress.
Significant Demand for Aromatherapy
Citrus oil market growth also remains underpinned by the advent of aromatherapy as the most preferred treatment of depression. Increasing demand for refreshing, and uplifting aroma among customers has led manufacturers to use citrus oil in range of aromatherapy products. Bound to these factors, growth of the citrus oil market is likely to rev up during the forecast period.
Cosmetic Industry to Fuel Citrus Oil Market Growth
Citrus oil market is also expected to witness significant expansion with adoption in the cosmetic industry, attributed to brightening, cleaning, and antibacterial features of citrus oil. Citrus oil adoption in cosmetic and personal products will remain robust, as it helps in clearing the dead skin, excess oil, and by breaking down the dirt. Known as a natural toner, consumption of citrus oil continues to rev up in the cosmetic and personal care industry.
Sensitiveness to the ultravoilet rays has reduced the application of scope of citrus oil, as it leads to deep sunburns. On the other hand, inhalation and application of several aromatherapy products containing citrus oil could lead to allergic reactions. Moreover, when applied on the skin, several aromatherapy products containing citrus oil could lead to allergies that causes redness, irritation, and asthma.
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Orange Oil to Remain a Lucrative Citrus Oil Variant
With growing adoption of citrus oil in the food and beverages, and aroma industry, citrus oil market participants are witnessing high demand for orange oil. Orange oil is expected to witness the highest revenue growth in citrus oil market, accounting for a value of over US$ 1,200 Mn by the end of 2022. Orange oil as compared to other products is expected to register the highest CAGR in the citrus oil market throughout 2022.
Distillation as compared to other extraction methods is expected to generate significant revenues, recording a value of over US$ 700 Mn by the end of 2017. The distillation segment is expected to register the highest CAGR in the citrus oil market throughout 2022.
Food and Beverage industry in terms of citrus oil end users is expected to witness the highest revenue growth, representing a value of over US$ 700 Mn by the end of 2022. The personal care and cosmetic as compared to other end users is expected to register the highest CAGR in the citrus oil market throughout 2022.
Sales of citrus oil through specialty stores is expected to generate significant revenues, accounting for a value of over US$ 700 Mn by the end of 2017. Modern trade as compared to other sales channel is expected to register the highest CAGR in the citrus oil market throughout 2022.
Leading players operating in the citrus oil market include Biolandes Sa, Citrus and Allied Essences Ltd., Symrise AG, Young Living Essentials Oils LC, Givaudan SA, International Flavors & Fragrances Inc., DoTERRA International LLC, The Lebermuth Co., Inc., Citrosuco Gmbh, and Farotti Srl.
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