Press release
Global Citrus Oils Market is Expected to Witness Significant Growth of US$ 4.3 Billion in Revenues by 2026
Citrus Oils Market
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Increasing demand for citrus oils for preparing therapeutic massage oils is projected to have a significant contribution to the overall development of citrus oils market. Based on application, the therapeutic massage oils segment is expected to account for the highest share of the market, reaching US$ 1,276.6 Million by the end of the assessment period (2016-2026). Cosmetics and personal care will continue to be the second largest segment of the market, capturing over 28% market share by the end of 2026.
“The growing prominence of aromatherapy is identified as a primary factor driving the global citrus oils market. Such therapies are applied in rejuvenating, relaxing and treating certain minor health disorders. Increasing popularity of aromatic oils and therapeutics is largely attributed to shifting preference for convenient, harmless, and natural alternatives over traditional allopathic solutions. Hence, higher consumer interest in aromatherapy is translating into great yields in citrus oils market”. – PMR
Based on oil type, the orange oil will remain as the predominant segment and is estimated to reach a market valuation of US$ 2,649.5 Million by the end of forecast period. Amongst other oil types, lemon oil is projected to witness a healthy growth, accounting for nearly 11% share of the market in term value over 2026.
The global citrus oils market growth will be majorly influenced by the growing supply of citrus oils from developing regions due to the low cost of production. Moreover, the extensive demand for citrus flavors in food and beverage products in recent years is further propelling the market growth.
Bottlenecks
As citrus oils find more application in the F&B sector, concerns over their preservation and quick perishable nature are limiting their use to a certain extent. The risk of citrus greening disease and increasing use of synthetic chemicals to preserve citrus oil products are seen as major market hindrances. In addition, low awareness in emerging countries is anticipated to further restrict the market growth during the forecast period.
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Regional analysis reveals robust growth in APAC and Latin America
While North America will continue to hold the top spot, the markets in Latin America and Asia Pacific will register exponential gains. In 2015, Asia Pacific accounted for 14.1% market share and is expected to gain 60 BPS to capture 14.6% market share by 2026. In terms of volume, Asia Pacific is expected to register a strong CAGR during the forecast period. Whereas, Latin America is expected to account for of 9.0% share of the market by end of the assessment period.
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Competitive Dashboard
The PMR report delivers key insights on some of the top players competing in the global citrus oil market. Few these players include Symrise AG, Lionel Hitchen (Essential Oils) Ltd, Bontoux S.A.S., Citrus and Allied Essences Ltd., Young Living Essential Oils LC, Citrus Oleo, Mountain Rose Herbs, Inc., doTERRA International, LLC., Citrosuco Paulista SA, and Citromax S.A.C.I.
About Us
Persistence Market Research (PMR) is a full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients business needs.
PMR stands committed to bringing more accuracy and speed to clients business decisions. From ready-to-purchase market research reports to customized research solutions, PMRs engagement models are highly flexible without compromising on its deep-seated research values.
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