Citrus oil is mainly extracted from the peels of citrus fruits such as lime, orange, and lemon among others. Unlike the extraction of other essential oils, cold pressing or expression is used in the production process of citrus oil. It has wide application among various end-use industries such as food & beverages, cosmetics & personal care, and pharmaceutical. Rising demand for natural extracts in pharmaceutical, cosmetics & personal care, and food & beverages industries is one of the major factors driving growth of the market, worldwide.
Increasing cost of conventional allopathic medicines and side effects associated with its usage such as nausea, vomiting, and diarrhea are driving the growth of herbal medicines and thereby, increasing growth of the citrus oil market as well. For instance, according to the data provided by World Health Organization, the global demand for herbal medicines is expected to reach US$ 5 trillion by 2050.
Steadily growing pharmaceutical industry and increasing consumption of herbal medicines in Europe is driving growth of the citrus oil market in the region. According to the Centre for the Promotion of Imports, currently 700 plant-based medicines are available in Germany and are prescribed by about 70% of the German physicians.
Furthermore, increasing popularity of aromatherapy in Europe, is fueling growth of citrus essential oil market. For instance, according to data provided by Centre for the Promotion of Imports, in 2017, 20% of imports of essential oils were used for aromatherapy in Europe. Moreover, growing demand for essential oil in Europe is expected to support growth of citrus oil market during the forecast period. For instance, according to Coherent Market Insights, the essential oil market in Europe was estimated at US$ 2,806.2 Mn and is forecasted to reach US$ 4,702.0 Mn by 2025.
Key features of the study:
- This report provides in-depth analysis of citrus oil and provides market size (US$ Million), and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2019 – 2026), considering 2018 as the base year
It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market This study also provides key insights about market drivers, restraints, opportunities, regional outlook, and competitive strategy adopted by the leading players It profiles leading players in the global citrus oil market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding its future product launches, technology up-gradations, market expansions, and marketing tactics The global citrus oil market report caters to various stakeholders in this industry including investors, suppliers, citrus oil manufacturers, distributors and new entrants, Stakeholders would have ease in decision making through the various strategy matrices used in analyzing the global citrus oil market