In the updated market analysis, calculations estimate that the citrus oil market will be valued at US$ 4,272.820 million in 2024. Reflecting emerging trends, the market is expected to grow, potentially reaching a valuation of US$ 6,594.550 million by 2034. This represents a moderate CAGR of 4.40% from 2024 to 2034.
The increasing demand for citrus oil is driven by a shift in consumer behavior towards organic products as awareness grows. Citrus fruits, the primary source for manufacturing citrus peel oil, are widely available, supporting production and helping to keep prices in check.
However, citrus essential oil is more expensive than traditional oils, limiting its accessibility to a broader customer base. Additionally, a lack of consumer awareness about the benefits of tangerine oil hampers industry growth.
Despite these challenges, the adoption of citrus oil is rising in both developed and developing countries. This growth is attributed to the rapid modernization of technology, increased demand for cosmetic and personal care products, and the expansion of spas and massage facilities.
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The expansion of the citrus oil market is driven by the increasing demand for plant extracts and natural ingredients in food and beverage products, where they are used as pigments, flavorings, and preservatives. The growth in revenue for citrus oil is further accelerated by rising consumer awareness of its importance as a food component.
In a notable development, FRUU Cosmetics launched the first vegan lip balm collection made from recycled fruit extracts.
The growing demand for vegan extracts in the food and drink, cosmetics, and pharmaceutical sectors is propelling the expansion of the citrus essential oil market. Additionally, increasing consumer awareness of the benefits of lactarian goods positively impacts the demand for citrus oil.
However, the growth of the citrus oil market faces challenges due to the rising use of pesticides and fertilizers on farms to increase productivity. These chemicals are not only used in agriculture but are also applied to fruits during transportation to extend shelf life and reduce spoilage.
Regional Outlook
North America leads the global organic oil market, driven by the growing demand for organic products and heightened awareness of the health benefits of citrus oil.
In the Asia Pacific region, the increasing demand in the food and beverage industry and the growing popularity of aromatherapy are bolstering the market growth for citrus oils. Rising disposable incomes and changing lifestyles are also contributing to the development of the essential oil market in the Asia Pacific.
“The citrus essential oil market is set to experience sustained growth because of the surging demand for natural components. Stimulus like customer choices for organic goods and broadening implementation in the field of food, beverage, and cosmetics usher the citrus oil market growth.” – Nandini Roy Choudhury, Client Partner at Future Market Insights
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Key Takeaways
- The oranges source category to enjoy a share of 27.50% in 2024.
- In the food and beverages end use industry to enthral a share of 23.60% in 2024.
- From 2024 to 2034, India citrus essential oil market equates at a CAGR of 6.40%.
- China citrus oil market exhibit upsurge at CAGR of 5.30% between 2024 and 2034.
- Between 2024 and 2034, Japan citrus oil industry imply growth at a CAGR of 5.10%.
- Germany citrus essential oil market reflects expansion between 2024 and 2034 at a CAGR of 2.80%.
- The United States citrus oil market indicates a CAGR of 2.10% through 2034.
Competitive Landscape
The citrus oil manufacturers envision an amplification in the demand owing to the medicinal benefits. This trend indicates citrus oil producers to sanction long-drawn-out agreements with food and beverage and cosmetic and personal care firms to seize a broader customer base to increase the market share. The citrus oil vendors concentrate on partnerships and acquisitions to swell their product portfolio, catering to the strengthening demand.
Pivotal Tangerine Oil Manufacturers
- Ultra-International B.V.
- Phoenix Aromas and Essential Oils, LLC
- Firmenich SA
- Givaudan
- Symrise AG
- Citrus Oleo
- Lionel Hitchen (Essential Oils) Ltd
- Bontoux S.A.S.
- Citrus and Allied Essences Ltd.
- Mountain Rose Herbs, Inc.
- Citromax S.A.C.I.
- doTERRA International, LLC
- Young Living Essential Oils LC
- Citrosuco
Noteworthy Strategies
- In order to expand the retail chain, Plant Therapy Essential Oils Corporate set up new stores across the United States in Arlington, Murray, and Idaho to impart customers better experience in 2021 with novel layout.
- Mountain Rose Herbs made ownership changes CEO Shawn Donnille acquired his partner Julie Bailey’s some shares, making it a joint ownership from both of them.
- Ziegler Group was acquired by Archer Daniels Midland Company (ADM) in March 2019 to expand the product portfolio for citrus oils in the market.
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