Citrus Essential Oils Market To Reach US$ 7,641.0 Mn By 2023

According to a new market report published by Credence Research Inc., “Citrus Essential Oils Market (By Product Type (Orange Oil, Lemon Oil, Lime Oil, Mandarin Oil, Grapefruit Oil and Bergamot Oil), By Application (Food & Beverages, Cosmetics & Toiletries, Spa & Relaxation, Cleaning & Home, Medical and Others)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the worldwide citrus essential oils market was valued at US$ 3,163.5 Mn in 2015. In terms of volume the global market stood at 74.98 kilo tons in 2015.

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Market Insights

Rising consumer awareness regarding the benefits of citrus essential oils is the major factor escalating the overall market growth. Moreover, inclination of consumers towards using products made of natural ingredients as compared to their artificial counterparts is also driving the usage of citrus essential oils. Availability of products on various distribution channels and wide retail shelf space is another factor contributing towards the market growth.

Citrus essential oils especially, cold pressed has the shortest life span of all essential oils due to presence of components know as terpenes in high quantity which are more prone to oxidisation. For that reason extra care is required to store them safely away from different sources of heat.

Asia Pacific regions provide huge market potential for citrus essential oils owing to rising disposable income, changing lifestyle and growing number of spas and massage parlors. Furthermore, increasing applications of citrus essential oils and wide acceptability is also projected to spur their demand.

Competitive Insights:

The citrus essential oils market is very difficult to enter due to presence of large multinationals, but there is always opportunity for small players. The market is also difficult to enter because once end users have developed a product using specific citrus oil they don’t tend to change the supplier or that oil as they may fear compromise in quality. Small players can enter the market targeting small industries such as chewing gums and aromatherapy among others. Some of the key players present in this market are Young Living Essential Oils, doTerra, Farotti Essenze and Plant Therapy Essential Oils among others.

Key Trends:

  • Focus on targeting new application area for citrus essential oil
  • Asia Pacific regions provides huge market potential
  • Enhancing new distribution channels