The citrus oils market is expected to be worth US$3.9 billion in 2022. According to Future Market Insights (FMI), the global market value is estimated to reach US$ 5.8 billion by 2032, expanding at a CAGR of 4% between 2022 and 2032. The following factors can be linked to this expansion:
The citrus oils market is expanding rapidly as a result of rising demand for natural and healthy flavours and aromas in a variety of industries. Citrus oils are extracted from orange, lemon, and lime fruits and are widely utilised in aromatherapy, cosmetics, and food and beverage production. The market is expected to expand more as customer preferences for natural products grow.
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Due to growing consumer demand for goods made from plants and other natural ingredients, the global market for citrus oil is rapidly growing. Additionally, organic citrus oils are likely to have better profit margins because they are more expensive than comparable conventional options.
- As per the International Trade Centre (ITC) publications, organic bergamot orange oil (cold-pressed and sourced from Italy) was over 2.6X costlier than conventional bergamot oil (2014–2015).
Since the past ten years, organic and natural formulations have been steadily rising, and the trend is anticipated to continue over the projected period. According to the USDA, more than 75% of supermarkets carried organic goods in 2013.
The methods utilised in the production of important ingredients, such as citrus oils, influence the organic status of food and beverage goods as well as medicinal oils. Citrus fruits, for example, are deemed inorganic if fertilisers and insecticides were employed during production.
Factors Fueling the Global Citrus Oil Market Growth
Production of citrus oil requires a lot of labour because only little amounts of oil can be produced from large volumes of fruit and fruit peel. This is a significant issue because the costs associated with flavouring agents, like citrus oils, have an impact on the final product prices. As a result, the low labour costs and favourable climate that emerging countries offer for production are a key factor in the market’s expansion.
The importance and scale of imports from developing regions can be gauged by the fact that the New Zealand Institute for Crop and Food research has considered the low cost of production in developing regions as a major threat to the growth of the domestic market.
Due to such production advantages and high presence of oil in the glands of citrus fruits, citrus oils are relatively cheaper than other essential oils. Moreover, in the view of their widespread availability and ease of cultivation, lemon and orange oils are particularly cheaper.
Owing to the long shelf life of citrus oils, small product size (usually available in small 10/15 ml vials) and the fragmented nature of the market, online platforms are a particularly strong distribution channel for citrus oils. These, especially offer significant benefits to small-scale manufacturers, who might face various challenges such as exorbitant marketing costs. Online platforms reduce distribution costs considerable, and are highly effective in garnering consumer attention.
This study by FMI offers insights into the Citrus Oil market for the forecast period 2019 and 2028. The citrus oil market is projected to record a CAGR of ~ 4% between 2019 and 2028.
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Market Segments Covered in Citrus Oils Industry Analysis
By Source:
- Oranges
- Tangerines/Mandarins
- Grapefruit
- Lemon and Lime
By Extraction Method:
- Steam Distilled Method
- Cold Pressed Method
- Hydro-Distillation Method
By Fold Type:
- 2-4 Folded
- 5-7 Folded
- 8-10 Folded
- Above 10 Folded
By Grade Type:
- Deterpenated Oil
- Terpenless Oil
- Concentrated Oil
- Terpene Oil
By End-Use Industry:
- Food & Beverage
- Personal Care & Beauty Products
- Home Care Products
- Aromatherapy
- Health Care Products
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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