New York, July 20, 2022 (GLOBE NEWSWIRE) -- The citrus oil market has seen significant growth in recent years, and increasing demand for citrus-based essentials is anticipated to continue during the forecast period of 2021 to 2031. The global citrus oil market is expected to top US$ 5.3 Bn by 2031, increasing at a steady value CAGR of 5%.
Aromatherapy is the use of aromatic and therapeutic components and substances for the treatment of specific physical problems to achieve relaxation and rejuvenation. Citrus oil is used in a variety of products, including perfumes, massage oils, bathing essentials, and other therapeutic items. The popularity of aromatherapy is growing around the world, and, as a result, demand for convenient and natural oils for therapeutic use is expanding.
Citrus essential oils have seen an increase in demand due to rising use of taste, odorant, and medicinal components across a variety of end-use industries. Consumer interest in aromatherapy is growing, as is consumer preference for plant-derived and natural ingredients, which is boosting citrus oil demand and contributing to revenue growth in the global essential oils market.
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Key Takeaways from Market Study
- North America holds a major market value share of 34.5% of the global citrus oil market.
- The East Asian and South Asian markets for citrus oil have the highest growth potential, and are expected to expand at CAGRs of 8.2% and 7.4%, respectively.
- Citrus oil is majorly used in therapeutic massage oils as they are considered as the best natural option for therapeutics and cosmetic products, and, as a result, holds a majority share of 29% in the global market.
- Use of citrus oil in home care products is expected to increase at a CAGR of 5.3% for the forecast period.
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“Increased demand for citrus oil in several therapeutic massage oils as well as enhanced application across the cosmetics and personal care industry, food & beverage industry, and pharmaceuticals and nutraceuticals, is propelling global market growth,” says a Persistence Market Research analyst.
Competitive Landscape
Manufacturers are working on expanding their product portfolios due to increased competition. Alongside, he companies are focusing on offering their products to particular regions.
- Firmenich S.A. formed a flavor ingredient portfolio called “TasteGEM” with reduced sugar content, where the company designed a range of technical flavor solutions to make healthier and tasty food and beverages.
- The flavor portfolio of Trilogy Ingredients Inc. ”CitraSence” is made with American and Asian citrus fruits by understanding their nuances to offer something unique to the consumer.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global citrus oil market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031. The study offers compelling insights on the basis of type (orange oil, bergamot oil, lemon oil, lime oil, mandarin oil, and grapefruit oil), nature (organic, conventional), and application (food and beverages, cosmetics & personal care, home care products, therapeutic massage oil, other industrial application) and across seven major regions of the world.
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