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The citrus oils market share is expected to increase by USD 1.00 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.76%.
This citrus oils market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers citrus oils market segmentations by application (food and beverages, pharmaceuticals and cosmetics, and others) and geography (Europe, North America, APAC, South America, and Middle East and Africa). The citrus oils market report also offers information on several market vendors, including Archer Daniels Midland Co., Aromaaz International, BONTOUX SAS, CITROMAX, Citrosuco, Citrus and Allied Essences Ltd., Citrus Oleo, Dohler GmbH, doTERRA International LLC, Edens Garden Inc., Firmenich SA, Givaudan SA, Lionel Hitchen Ltd., Mountain Rose Herbs, Plant Therapy Inc., Symrise AG, Takasago International Corp., TREATT Plc, Ultra International BV, and Young Living Essential Oils among others.
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The growing adoption of natural ingredient-based products is notably driving the citrus oils market growth, although factors such as the increase in the availability of substitute products may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the citrus oils industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Citrus Oils Market Driver
The growing adoption of natural ingredient-based products is one of the key drivers supporting the citrus oils market growth. Manufacturers of food and beverages have begun replacing flavors and other artificial ingredients with natural ones. This is spurring the demand for citrus oils. Citrus oils have antimicrobial, antioxidant, antiseptic, and other properties. Moreover, the food and beverage manufacturing industries are shifting to more natural food products. The natural food and beverage products market is still in a nascent stage. Thus, the manufacturers are focusing on offering products that are made from natural ingredients. Thus, the increasing preference among consumers for natural ingredients-based products is likely to drive the demand for citrus oils during the forecast period.
Key Citrus Oils Market Trend
Increasing demand for organic citrus oils is one of the key citrus oils market trends. Organic products are considered healthier and safer than conventional products, which contributes to the growth in their demand. This has encouraged market vendors to offer organic citrus oils. However, citrus oil products that claim to be organic must obtain certification from various governing bodies such as the United States Department of Agriculture (USDA). Regulation 7, CFR Part 205 includes all USDA organic standards, including prohibited practices and requirements. The demand for organic citrus oils with antimicrobial, antioxidant, and antiseptic properties is increasing, particularly in the pharmaceuticals segment. Thus, the growth of the global organic essential oils market is driving the adoption of organic citrus oils.
Key Citrus Oils Market Challenge
The increase in the availability of substitute products is one of the factors hindering the citrus oils market growth. For instance, eucalyptus oil has similar characteristics to citrus oils such as lime and lemon oils. It is being increasingly used because of its perceived health benefits. It has antifungal and antiseptic properties, just like citrus oils. Meanwhile, eucalyptus oil is also used in food and beverage products such as soft drinks and refreshing drinks. It is not only more cost-effective but is also more readily available than citrus oils. Due to the similar chemical properties and applications, these essential oils have become key substitutes for citrus oils. Thus, the increasing adoption of other essential oils is expected to have an adverse impact on market growth during the forecast period.
This citrus oils market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global citrus oils market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the citrus oils market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the citrus oils market encompasses successful business strategies deployed by the key vendors. The citrus oils market is fragmented and the vendors are deploying growth strategies such as product portfolio and pricing to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The citrus oils market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the citrus oils market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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30% of the market's growth will originate from Europe during the forecast period. Germany, The Netherlands, and the UK are the key markets for the citrus oils market in Europe. Market growth in this region will be faster than the growth of the market in Middle East and Africa.
The increasing awareness of the health benefits of citrus oils will facilitate the citrus oils market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In early 2020, the outbreak of COVID-19 led to a decline in the sales of citrus oils in the region, as manufacturing units and stores were temporarily closed. however, with the number of COVID-19 cases slowly decreasing in 2021 due to the initiation of mass COVID-19 vaccination drives, nationwide lockdowns were lifted, which resulted in the reopening of stores and resumption of operations by manufacturing units. These factors will drive the citrus oils market growth during the forecast period.
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The citrus oils market share growth by the food and beverages segment will be significant during the forecast period. The use of citrus oils in different types of food and beverages is increasing as more consumers are becoming health conscious and, therefore, are demanding more natural ingredients in food and beverage products. Citrus oils are known for their numerous medical and medicinal properties, and their anti-oxidant, and other characteristics are all beneficial for health. All these properties of citrus oils drive the growth of this segment. Thus, the use of citrus oils in food and beverage products is expected to register a steady growth rate during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the citrus oils market size and actionable market insights on post COVID-19 impact on each segment.
Citrus Oils Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.76% |
Market growth 2022-2026 |
$ 1.00 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.27 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 30% |
Key consumer countries |
US, China, Germany, The Netherlands, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Archer Daniels Midland Co., Aromaaz International, BONTOUX SAS, CITROMAX, Citrosuco, Citrus and Allied Essences Ltd., Citrus Oleo, Dohler GmbH, doTERRA International LLC, Edens Garden Inc., Firmenich SA, Givaudan SA, Lionel Hitchen Ltd., Mountain Rose Herbs, Plant Therapy Inc., Symrise AG, Takasago International Corp., TREATT Plc, Ultra International BV, and Young Living Essential Oils |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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