The citrus oil market has expanded significantly in recent years, rising from $7.80 billion in 2023 to $8.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. This growth has been driven by rising consumer interest in natural products, the expanding aromatherapy sector, higher demand for natural flavoring agents in food, growth in personal care products utilizing citrus oils, and increased health-conscious consumer habits.
The citrus oil market will grow to $10.68 billion by 2028, with a CAGR of 6.5%. This growth is supported by demand for sustainable and eco-friendly products, interest in plant-based ingredients, and rising use in skincare and pharmaceuticals. Trends include clean-label shifts, the growing popularity of citrus oils in wellness products, and innovation in multi-functional citrus oil applications.
Major Driver In The Citrus Oil Market
The expanding use of citrus oil in food and beverages is expected to propel the growth of the citrus oil market. Citrus oils enhance the flavor and aroma of food and beverages, providing potential health benefits like antioxidants. In February 2023, Monster Beverage Corporation reported a 2.6% increase in sales for their energy drinks. The citrus oil market is projected to reach USD 4.13 billion in 2023, USD 4.89 billion in 2024, and USD 7.65 billion by 2028.
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Citrus Oil Market Competitive Landscape
The Archer-Daniels-Midland Company, Givaudan SA, Firmenich SA, Takasago International Corporation, Young Living Essential Oils LC, doTERRA International LLC, Robertet SA, Kalsec Inc., Citromax Group, Mountain Rose Herbs, Lebermuth Inc., Citrus and Allied Essences Ltd., Lionel Hitchen, Biolandes, K. K. Enterprise, Florachem Corp., Shiva Exports India, Sensient Essential Oils, Kanta Enterprises Private Limited, INDIA AROMA OILS AND COMPANY, Bontoux S.A.S., AG Organica Private Limited
Key Citrus Oil Market Trend
Companies in the citrus oil market are focusing on developing products like antimicrobial citrus oils to meet consumer demand for natural, sustainable alternatives. These oils can inhibit bacterial, fungal, and viral growth and are used in food preservation, personal care, and cleaning products. For example, in February 2022, Down Under Enterprises Pty. Ltd., an Australian company, launched Organic Lemon Myrtle Oil, known for its high phenolic compounds and antimicrobial properties. The oil is ideal for skincare and home care applications, offering antioxidant and anti-inflammatory benefits.
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Global Citrus Oil Market Segmentation
The citrus oil market covered in this report is segmented –
1) By Product: Lemon Oil, Orange Oil, Grapefruit Oil, Lime Oil, Other Products
2) By Source: Oranges, Tangerines Or Mandarins, Grapefruit, Lemon And Lime
3) By Extraction Method: Steam Distilled Method, Cold Pressed Method, Hydro-Distillation Method
4) By Distribution Channel: Offline, Online
5) By Application: Food And Beverages, Personal Care, Pharmaceuticals, Aromatherapy
By Geography:The regions covered in the citrus oil market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the citrus oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Citrus Oil Global Market Report 2024 furnishes information about the global citrus oil market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
