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Citrus Oil Market Projected To Reach USD 14.42 Billion By 2033, Fact.MR

06-18-2024 09:56 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Fact.MR

Citrus Oil Market Projected To Reach USD 14.42 Billion By 2033,

The global citrus oil market is expected to grow steadily, with a projected compound annual growth rate (CAGR) of 5.1%. By 2033, the market is anticipated to reach a valuation of USD 14.42 billion, up from USD 8.76 billion in 2023.

This growth is primarily driven by the rising demand for natural products worldwide, propelling the rapid expansion of the citrus oil market over the forecast period. Additionally, the versatility of citrus oils in various applications is expected to further boost their sales. The market is also experiencing significant growth due to the extensive use of citrus oils in the food and beverage industries, coupled with their numerous health benefits.

Consumer preference for plant extracts and natural ingredients in food and beverage products is expected to significantly boost the demand for citrus oil. These natural ingredients are used for flavoring, coloring, and other additives. Furthermore, the growing recognition of citrus oil as a valuable culinary component is anticipated to contribute to its sales expansion. Additionally, the increasing demand for artificial drink concentrates is likely to positively impact the global citrus oil market share.

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Citrus oils, derived from the peels of fruits like lemons, oranges, grapefruits, and sweet limes, boast a rich nutrient profile and offer a plethora of benefits, including antioxidants, stress relief, and immune support. They are widely sought after and utilized across various industries. Serving as flavor enhancers, aromatic agents for textiles and home goods, and much more, citrus oils hold a prominent place in the market.

However, despite their popularity, the citrus oil market faces challenges. The high production costs of many citrus oils and their perishable nature pose significant obstacles to market expansion in the coming years. To maintain their market position, key players are focusing on innovation and product line diversification.

The rise of aromatherapy as a preferred treatment for depression is driving further growth in the citrus oil industry. Manufacturers are tapping into this trend by incorporating citrus oils into a range of aromatherapy products, meeting the growing consumer demand for rejuvenating scents. Additionally, the addition of citrus oil to various food and beverage products for flavor enhancement continues to drive demand, particularly in the food and beverage manufacturing sector, which is expected to remain a lucrative market segment for citrus oils.

Key Companies Profiled
• 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
• Farotti Srl.

Rising Consumer Consciousness Fuels Surge in Citrus Oil Sales

The surge in demand for citrus oil finds its roots in a notable shift in consumer preferences towards organic products, propelled by an increasing awareness among consumers. Citrus fruits like lemons, grapefruits, and oranges serve as primary sources for citrus oil production, readily available and pivotal in augmenting production capacities while driving down costs.

With heightened manufacturing volumes and consequent cost reductions, citrus oil is poised to become more accessible to a broader market segment. In comparison to conventional alternatives such as palm oil, sunflower oil, and coconut oil, citrus oil has traditionally been perceived as expensive, limiting its accessibility to a substantial portion of consumers. Moreover, a lack of consumer awareness regarding the benefits of citrus oil has hindered its market expansion.

However, consumption of citrus oil is on the ascent both in developed and emerging economies, buoyed by rapid technological advancements, increasing disposable incomes, surging demand for cosmetic and personal care products, and a proliferation of spas and massage establishments.

Competitive Analysis:
Producers of citrus oil prioritize securing quality certifications to ensure the delivery of high-caliber products, aiming to cater to a broader global consumer base. To sustain a consistent supply chain, leading companies within the essential oil sector are focusing on the sustainable and reliable procurement of raw materials.

• Aos Product Pvt Ltd. ensures the quality of its offerings through a range of certifications, including ISO 9001:2015, ISO 22000:2018, GMP, HACCP, Halal, Kosher, and FSSAI licenses.
• In a bid to expand its retail presence and offer enhanced consumer experiences through innovative store layouts, Plant Therapy Essential Oils Corporate launched new retail outlets in three distinct cities across the United States in 2021: Arlington, Murray, and Idaho.
• Mountain Rose Herbs underwent a change in ownership in 2021, with CEO Shawn Donnille acquiring Julie Bailey's stake in the company. Shawn and Julie had jointly owned and efficiently managed the business from 2000 to 2020.

Key Segments in Citrus Oil Industry Research
• By Product Type:
o Orange Oil
o Lemon Lime Oil
o Others

• By Extraction Method:
o Distillation
o Solvent extraction
o Cold Pressing
o Other Extraction Method

• By Application:
o Personal care
o Cosmetic
o Food and beverage
o Pharmaceutical
o Aromatherapy
o Industrial
o Other Application

• By Sales channel:
o Specialty store
o Modern Trade
o Drug Stores
o Online Store
o Other Sales Channel

• By Region:
o North America
o Europe
o Latin America
o East Asia
o South Asia and ASEAN
o Oceania
o The Middle East and Africa

Read More:

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United States
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About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

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