Citrus oil is an essential oil, and it is found inside the rind of the citrus fruit wall. It can be extracted from the peels of citrus fruits such as orange, lemon, sweet lime, among others, and has various health benefits. For instance, citrus oil has antioxidant properties, which help in relieving stress and boosts immunity. Furthermore, citrus oil helps in removing impurities and toxins from skin cells and promote healing of various skin issues such as warts, corns, and bunions. Moreover, citrus oil is also used as a flavor in food and beverages.
Steadily growing demand for plant extracts in the food and beverage industry such as colorants and flavorings, and to enhance the nutritional content of food products is the prime factor fueling the market growth. Increasing awareness regarding the health benefits associated with the consumption of functional food is another major factor fueling the demand for citrus oil in the market. For instance, according to the American Botanical Council, the total retail sales of herbal supplements in the U.S. was US$ 6.9 billion in 2015, which increased to US$ 7.4 billion in 2016. Thus, the growing demand for organic food ingredients over synthetic chemicals is propelling the growth of the market.
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Furthermore, rising usage of citrus oil in the cosmetic industry for application in perfumes and skincare and hair care products is also expected to boost the market growth over the forecast period. For instance, according to the U.S. Government Export Association, consumer spending on natural cosmetics in 2016, in Germany — the largest market in Europe — was US$ 13.5 billion and increased by 9.2% in 2016.
In terms of revenue, Europe dominated the global citrus oil market in 2017 and accounted for 31.62% share in the global market and this can be attributed to rising demand for natural ingredients in the rapidly growing food and beverages industry is majorly contributing to the growth of the citrus oil market in this region. For instance, according to the data provided by the European Commission, the food and beverage industry was valued at US$ 1,342.22 billion in 2015.
The growing cosmetic and personal care industry in Europe is also expected to promote the growth of the market. According to Cosmetic Europe, cosmetics and personal care industry in Europe was valued at US$ 94.13 billion in 2015, with Germany (US$ 15.89 billion) positioned as the largest market, followed by the U.K. (US$ 14.06 billion), France (US$ 13.94 billion), and Italy (US$ 12.10 billion).
Asia Pacific region is expected to record the fastest growth during the forecast period, with the highest CAGR among all the regions. This is majorly attributed to the growing demand for natural ingredients in cosmetics, pharmaceutical, and food & beverage industries in the region. For instance, according to Australian Trade and Investment Commission (AUSTRADE), a health food market in China, which includes dietary supplements, vitamins, herbal extracts and traditional Chinese medicine (TCM), was valued at US$ 30 billion in 2017 and is expected to grow 10% every year until 2025. According to the Indian Brand Equity Foundation (IBEF), the pharmaceutical industry is the third-largest industry in India in terms of volume and accounted for about 20% of the global pharmaceutical industry in 2017.
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Moreover, according to the Australian Trade and Investment Commission, Japan is the third-largest cosmetic market in the world and was valued at US$ 2.63 billion in 2014. Thus, the steadily growing pharmaceutical and cosmetic industries in the region are expected to propel the growth of the citrus oil market during the forecast period, as citrus oil is widely used in cosmetics and medicines.
Based on the application, the food and beverage segment dominated the global citrus oil market in 2017, and this can be attributed to growing awareness regarding the health benefits of consuming natural ingredients among consumers worldwide. Therefore, the steadily growing food and beverage sector is supporting the growth of this segment. For instance, according to FoodDrink Europe, the total turnover of the European food and beverage sector in 2014 was US$ 1,338.55 billion which increased to US$ 1,342.22 billion in 2015. The exponential growth in the European food and beverage industry is highly responsible for the growth of the plant extracts market in the region.
Further, citrus plant extracts find application in the nutraceuticals including, functional food, dietary supplements, and functional beverages, as it has a high content of phenolic compounds and dietary fiber. Rising demand for nutraceuticals is also fuelling the growth of this segment worldwide.
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Key Players operating in the global citrus oil market include Lionel Hitchen Ltd., Citrus and Allied Essences Ltd., doTERRA International LLC., Citromax Flavors Inc., Symrise AG, Bontoux S.A.S., Young Living Essential Oils LC, Mountain Rose Inc., and The Lebermuth Co. Inc. among others.
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