Citrus oil is an essential oil, which is found within the rind of citrus fruit wall. It is extracted from the peels of citrus fruits such as orange, lemon, sweet lime, among others, and has various health benefits. For instance, citrus oil has antioxidant properties, which help in relieving stress and boosts immunity. Furthermore, citrus oil helps in removing impurities and toxins from skin cells and aids in healing of various skin issues such as warts, corns, and bunions. Moreover, citrus oil is widely used to provide flavor in food and beverages. Thus, wide applicability of citrus oil is one of the major factors for growth of the global citrus oil market.
Steadily growing demand for plant extracts in food and beverages industry such as colorants and flavorants, and to enhance nutritional content of food products is propelling growth of the market. Increasing awareness related to benefits associated with consumption of functional food is another reason for rising demand of citrus oil in the market. For instance, according to American Botanical Council, the total retail sales of herbal supplements in the U.S. was US$ 6.9 billion in 2015, which increased to US$ 7.4 billion in 2016. Thus, growing demand for organic food ingredient over synthetic chemicals is propelling growth of the market.
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Furthermore, citrus oil has high penetration in the cosmetic industry for application in perfumes and skin care and hair care products. Rising trend of using cosmetics with natural extracts is expected to support growth of the citrus oil market during the forecast period. For instance, according to U.S. Government Export Association, consumer spending on natural cosmetics in 2016, in Germany — the largest market in Europe — was US$ 13.5 billion and increased by 9.2% in 2016.
In terms of revenue, Europe dominated the global citrus oil market in 2017, and accounted for 31.62% share in the global market. Rising demand for natural ingredients in the rapidly growing food and beverages industry is majorly contributing to the growth of the citrus oil market in this region. For instance, according to the data provided by European Commission, food and beverage industry was valued at US$ 1,342.22 billion in 2015.
Growing cosmetic and personal care industry in Europe is supporting growth of the market. According to Cosmetic Europe, cosmetics and personal care industry in Europe was valued at US$ 94.13 billion in 2015, with Germany (US$ 15.89 billion) positioned as the largest market, followed by the U.K. (US$ 14.06 billion), France (US$ 13.94 billion), and Italy (US$ 12.10 billion).
Asia Pacific region is expected to record the fastest growth during the forecast period, with the highest CAGR among all the regions. This is majorly attributed to increasing demand for natural ingredients in cosmetics, pharmaceutical, and food & beverages industries in the region. For instance, according to Australian Trade and Investment Commission (AUSTRADE), health food market in China, which includes dietary supplements, vitamins, herbal extracts and traditional Chinese medicine (TCM), was valued at US$ 30 billion in 2017, and is expected to grow 10% every year until 2025. According to Indian Brand Equity Foundation (IBEF), pharmaceutical industry is the third-largest industry in India in terms of volume and accounted about 20% of the global pharmaceutical industry in 2017.
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Moreover, according to Australian Trade and Investment Commission, Japan is the third-largest cosmetic market in the world and was valued at US$ 2.63 billion in 2014. Thus, the steadily growing pharmaceutical and cosmetic industries in the region, is expected to propel growth of the citrus oil market during the forecast period, as citrus oil is widely used in cosmetics and medicines.
Based on application, food and beverages segment dominated the global citrus oil market in 2017, owing to rising awareness regarding the health benefits of consuming natural ingredients among the consumers worldwide. Steadily growing food and beverages sector is supporting the growth of this segment. For instance, according to FoodDrink Europe, the total turnover of the European food and beverages sector in 2014 was US$ 1,338.55 billion which increased to US$ 1,342.22 billion in 2015. The exponential growth in the European food and beverages industry is highly responsible for the growth of the plant extracts market in the region.
Further, citrus plant extracts find application in the nutraceuticals including, functional food, dietary supplements, and functional beverages, as it has high content of phenolic compounds and dietary fiber. Rising demand for nutraceuticals is also fuelling the growth of this segment worldwide.
Key Players operating in the global citrus oil market include Lionel Hitchen Ltd., Citrus and Allied Essences Ltd., doTERRA International LLC., Citromax Flavors Inc., Symrise AG, Bontoux S.A.S., Young Living Essential Oils LC, Mountain Rose Inc., and The Lebermuth Co. Inc. among others.
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