The demand within the global market for citrus oil has been rising on account of the broad application portfolio of this oil. The commendable properties of citrus oil have been the primary reason behind the growth of this global market, and research and development initiatives to find more uses of this oil are underway. Hence, it is safe to prognosticate that the global citrus oil market would tread along a lucrative growth path as the usefulness of these oils become popular across various sectors and industries.
Citric fruits and vegetables such as lemon, orange, and grapefruit are the key source of citrus oil, and all of these sources are abundantly available across the world. Hence, the easy availability and useful properties of citrus oil cumulatively result in the creation of commendable growth opportunities within the global citrus oil market. Moreover, advancements in the food and beverages industry have played a pivotal role in taking the demand for citrus oil to skyrocketing heights over the past decade.
The global market for citrus oil may be segmented based on the following parameters: oil type, application, and region. In order to delve into the global market for citrus oil, it is essential to get a peek into the aforementioned segments.
A report added by Transparency Market Research (TMR) on the global market for citrus oil finds the key drivers of demand within the global market for citrus oil. Furthermore, the report also explains how various forces in the food industry have played a role in the growth of market for citrus oil across world.
The demand within the global market for citrus oil has been rising on account of the medical benefits served by these oils. Moreover, the use of citrus oils in the food and beverages industry has also played an integral role in the growth of this market because citrus oil is used as a flavouring agent and taste-enhancer in several food products. It is safe to expect that the discovery of new uses and applications of citrus oil would further propel demand within the global market for citrus oil.
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Besides all this, the cosmetics industry has also emerged as a prominent consumer in the global market for citrus oil in recent times. The effect of citric products on human skin is believed to be a source of replenishment which is a key driver within the global market for citrus oil. Furthermore, the pharmaceutical industry is another key consumer in the global citrus oil market which shall in turn drive market demand in the years to come.
On the basis of geography, the demand within the market for citrus oil in North America has been rising at a boisterous rate due to the presence of advanced food, cosmetics, and pharmaceutical industries in the US and Canada. Moreover, the research development activities to find new uses of citrus oil have also offset in the US which has furthered the growth of the regional market.
Some of the key players in the global citrus oil market are Citrus and Allied Essences Ltd., Lionel Hitchen Ltd., Citromax Flavors Inc., and doTERRA International LLC.