Citrus oil is considered as the best source of fragrance in many cleaning solvents used for home care. Solvents are easily dissolved in other substances, and thus, this property of citrus oil makes it the best surfactant in many household and industrial applications.
The demand for cleansing products, especially of the citrus flavor, has been witnessing a rise. Limonene is a key component of citrus oils, and imparts several of the beneficial properties associated with citrus oil. Limonene can be a replacement for several other solvents such as mineral spirits, toluene, acetone, and glycol ethers.
Limonene is also a direct substitute for many organic solvents. Due to these factors, the global citrus oil market is set to exhibit decent growth over the forecast period of 2020 to 2030.
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- Givaudan SA
- Symrise AG
- Takasago International Corporation
- Firmenich SA
- Archer Daniels Midland Company
- R.C. Treatt & Co. Ltd.
- Trilogy Ingredients, Inc.
- Lionel Hitchen Limited
- Citromax Flavors
- Flavor Producers, LLC
- LemonConcentrate S.L.
- Citrus and Allied Essences Ltd.
- SNN Natural Product
- Ultra International B.V.
- A G Industries
- Aos Product Pvt. Ltd.
Consumers Favoring Flavor Enhancers in Food & Beverage Products Augmenting Market Growth
Citrus oils are used in the food and beverage industry for various applications to improve flavor and other certain functional properties. Citrus oil is usually used in applications such as bakery & confectionery and carbonated & non-carbonated beverages.
The other factor which is increasing the adoption of citrus oil in food and beverage products is growing consumer preference for fortified foods or foods enriched with beneficial ingredients such as antioxidants and vitamins. Consumer preference for flavors and oils beyond traditional choices of orange and lemon has been witnessing a significant rise in recent years, globally.
This demand is leading to higher sales of less popular varieties such as mandarin orange oil and several other types of citrus oil blends, thereby aiding the growth of the citrus oil market.
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Growing Use of Citrus Oils in Ethnic Foods
Ethnic foods are defined as foods that are part of the culture and tradition of a particular ethnic group. These are mostly prepared from locally available materials, and are generally considered as healthy due to the use of natural or organic ingredients.
Since it is costly to import ingredients that are specific to particular regions, manufacturers use essential oils to mimic the flavor of the original ingredient. As these oils are also plant-derived, they are considered natural and healthy.
As a result, citrus oils are expected to witness significant increase in demand for their application in ethnic foods produced by food & beverage manufacturers in the near future, thereby boding well for the expansion of the citrus oil market size.
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Citrus Oil Market Trends
Citrus fruit production is increasing worldwide, owing to the rising demand for citrus fruits and ingredients from retail, food and beverage, and pharmaceutical industries. Citrus fruits have a number of health benefits, and can be widely used in personal care, cosmetics, and pharmaceuticals.
Leading citrus fruit producing countries such as Brazil, Argentina, Mexico, and the U.S. are witnessing an increase in production and processing of citrus fruits. On the other hand, the production of citrus oil is increasing in proportion to the increasing production of citrus fruits.
Citrus oil has various applications in cosmetics and personal care, food & beverage, and home care products. Thus, increasing application of citrus oil in various industries is boosting the growth of the global citrus oil market.
- For instance, LemonConcentrate S.L. provides citrus oil to many industries such as food and beverages, cosmetics, home care products, massage oil, and for other industrial applications.
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Regional Landscape of Global Citrus Oil Market
South Asia and East Asia are the fastest-growing regions in the world, having a maximum number of emerging economies. Countries such as China, India, Indonesia, Thailand, and Malaysia are the fastest-growing economies based on both, population and economy.
Moreover, small- and medium-sized businesses are also growing in this region. Also, the increasing number of food & beverage manufacturers is creating huge demand for citrus oil in these emerging regions.
However, North America and Europe are still dominating the global citrus oil market, owing to the huge demand for citrus oil in various applications in food & beverage and cosmetics & personal care industries.
COVID-19 Effect on Citrus Oil Market
The widespread of COVID-19 has marginally impacted citrus production across the world. The major contributing reason is that, its harvesting season starts from December through March, and from January to April. As the harvesting of citrus fruits has been affected due to the spread of COVID-19, it has had an impact on the production volume of citrus.
Further, demand is expected to rise and the ending stock of the 2019-2020 season would be used more. Manufacturers in the citrus oil market are facing challenges in the procurement of raw material as well as the shortage of manpower at their manufacturing plants. Another major concern for exporters is the delay in the opening of ports around the globe.
Delayed loadings, delayed ships, and slow port dealings would also affect the citrus fruits landscape, as well as citrus oil that has been sitting in the supply chain process. In addition, the retail sector has also been highly affected by this pandemic, and this has had an impact on the sales of citrus oil in the second quarter of 2020, which will observe a recovery in the third and fourth quarter of 2020.
The global citrus oil market is anticipated to witness substantial growth over the forecast period of 2020-2030. North America and Europe are the dominating regions in the global citrus oil market. The growing application of citrus oil across various industries such as food and beverages and cosmetics & personal care is the driving factor for the global citrus oil market. Increasing demand from emerging economies from regions such as South Asia and East Asia are also projected to boost the growth of the global citrus oil market. Market players can also look to establish themselves in these regions for additional profits.
Key Segments of Global Citrus Oil Market
PMR’s report on the global citrus oil market offers information divided into four segments - nature, type, application, and region.
Key Questions Answered in PMR’s Global Citrus Oil Market
- Which region will hold the highest market share in the global citrus oil market during the forecast period?
- Which region is experiencing the highest growth (CAGR)?
- Which factors are impacting the global citrus oil market?
- What are the global trends impacting the citrus oil market?
- What strategies must be emerging players adopt to capture opportunities in various regions in the citrus oil market?
- What is the market structure of the global citrus oil market?