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Citrus Oil Producers to Capitalize on Surging Prevalence of Ketotifen-induced Obesity Worldwide
A 10-year projection is provided in Fact.MR's recent study on the citrus oil industry. The research offers an unbiased analysis on important factors, including drivers, constraints, and opportunities propelling trends in citrus oil market. The study is divided into product type, extraction method, application, and sales channel across key regions to offer comprehensive details.
NEW YORK, Aug. 16, 2022 /PRNewswire/ -- The global citrus oil market size is expected to reach a valuation of US$ 8,600 Million by the end of 2022 . The market is anticipated to exhibit growth at a CAGR of 5.4% during the assessment period through 2022.
Versatility provided by citrus oil to get utilized in a wide range of applications is likely to bolster growth. Key players are striving to extract citrus oil from the skin of various fruits like sweet lime, grapefruit, orange, and lemon.
Moreover, citrus oil has immunity-boosting, antioxidant, and stress-relieving properties. Thus, they are set to be extensively used in essential oils. Some of the companies are also using it in cleaning products, apparels, fragrances, and flavorings.
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Increasing use of citrus oil as a functional food ingredient is another vital factor that would propel growth. Rapid expansion of the fragrance industry in both developing and developed countries is projected to augur well for the market.
Besides, the healthcare industry is demanding citrus oil for the treatment of obesity, infections, asthma, and skin disorders. Researchers have found that citrus oil can prevent ketotifen-induced weight-gain in individuals.
As per the Centers for Disease Control and Prevention (CDC) , during 2017-March 2020, prevalence of obesity was nearly 41.9% in the U.S. The projected annual medical cost of obesity in the country was around US$ 173 Billion in 2019.
On account of this, numerous renowned pharmaceutical companies are demanding for innovative citrus oils available on the market. It is expected to further bolster growth in the market.
Key Takeaways:
- By product type, the orange oil segment is expected to dominate the citrus oil market by generating a value of over US$ 1,200 Million by the end of 2022.
- Based on extraction method, the distillation category is expected to surpass a valuation of more than US$ 700 Million by 2022.
- In terms of application, the food and beverage segment is projected to be valued at US$ 700 Million by the end of 2022.
- By sales channel, the specialty stores category is estimated to generate significant revenue by the end of 2022.
Growth Drivers:
- Rising popularity of citrus oils containing antibacterial, antioxidant, and antiseptic properties is expected to boost growth.
- Increasing demand for aromatherapy products like essential oils in developed countries is likely to push sales of citrus oils.
Restraints:
- Certain citrus oil can lead to irritation in some people when directly applied to the skin, which may hamper sales.
- Lemon-based essential oils can cause photosensitivity when used topically and it can thus hinder growth in the next decade.
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Competitive Landscape:
Due to growing competition, manufacturers of citrus oil are attempting to diversify their product lines. They are also focusing on targeting specific regions with their product offerings.
Citrus oils are showcasing high demand because of their beneficial properties, which has further led producers to enter into long-term contracts with food & beverage and cosmetics & personal care firms in order to expand their customer base.
Furthermore, leading players are focusing on inorganic strategies like alliances and acquisitions to expand their product lines and cater to the rising demand for citrus oils across the globe. Key players are also collaborating with celebrities to co-develop new products in the market.
For instance,
- In July 2022 , Ashley Tisdale, an American actress and singer, unveiled Being Frenshe, her new skin care line that is available at Target. It includes five scents, including Balance & Harmony, Unwind & Rest, Joy & Bliss, Awaken & Uplift, and Soothe & Comfort. Out of these, the Awaken & Uplift perfume has orange blossom, lemon, golden musk, and citrus amber.
- In February 2022 , Down Under Enterprises Pty. Ltd. introduced its new Organic Lemon Myrtle Oil. It is certified to BioCE and Organic NOP (USDA) standards. It can be used as an antimicrobial active and a formulation preservative in personal care products.
Key Companies Profiled by Fact.MR
- Biolandes Sa
- Citrus and Allied Essences Ltd.
- Symrise AG
- Young Living Essentials Oils LC
- Givaudan SA
- International Flavors & Fragrances Inc.
- DoTERRA International LLC
- The Lebermuth Co.Inc.
- Citrosuco Gmbh
- Farotti Srl.
More Valuable Insights on Citrus Oil Market
In the latest study, Fact.MR offers a detailed study on the global citrus oil market for the forecast period of 2017 to 2022. This study also highlights key drivers promoting the sales of citrus oil through detailed segmentation as follows:
By Product Type:
- Orange Oil
- Lemon and Lime Oil
- Others
By Extraction Method:
- Distillation
- Solvent Extraction
- Cold Pressing
- Other Extraction Method
By Application:
- Personal Care and Cosmetics
- Food and Beverages
- Pharmaceutical
- Aromatherapy
- Industrial
- Other Application
By Sales Channel:
- Specialty Stores
- Modern Trade
- Drug Stores
- Online Stores
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
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Key Questions Covered in the Citrus Oil Market Report
- What was the projected value of the citrus oil market in 2021?
- At what rate will the citrus oil market grow until 2022?
- Which are the factors hampering the growth in the citrus oil market?
- Which region is expected to lead in the global citrus oil market during 2017-2022?
- Which are the factors driving the citrus oil market during the forecast period?
- What is the expected market value of the citrus oil market during the forecast period?
Explore Fact.MR's Coverage on the Food & Beverages Domain
Citrus Peel Extract Market : The global citrus peel extract market is estimated to be worth US$ 7.59 Billion by 2022. The market is expected to grow at a CAGR of 4.5% from 2022 to 2032 and reach US$ 11.84 Billion by 2032. Increasing demand for natural extracts with improved nutritional properties for use in food and beverages is set to aid growth.
Citrus Fiber Market: The global citrus fiber market is set to be valued at US$ 500 Million by 2031 and grow 1.7x in the forthcoming decade. Demand for citrus fibers is being driven by rising need for stable oil-in-water (o/w) emulsions with microscale droplet size without surfactants.
Citrus Pectin Market : The global citrus pectin market is anticipated to exhibit growth at a CAGR of more than 4% in the evaluation period. Increasing demand for clean label citrus pectin across the globe is projected to boost the market.
Citrus Essential Oil Market : Citrus Essential Oil Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028. The report provides an in-depth analysis of the citrus essential oils market considering all aspects that influence the supply & demand.
Check it Out More Reports by Fact.MR on Food & Beverage Industry
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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