Citrus oil
is an essential oil, which is found within the rind of citrus fruit
wall. It is 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 aids in healing
of various skin issues such as warts, corns, and bunions. Moreover,
citrus oil is widely used to provide flavor in food and beverages.
Thus, wide applicability of citrus oil is one of the major factors
for growth of the global citrus oil market.
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Steadily
growing demand for plant extracts in food and beverages industry such
as colorants and flavorants, and to enhance nutritional content of
food products is propelling growth of the market. Increasing
awareness related to benefits associated with consumption of
functional food is another reason for rising demand of citrus oil in
the market. For instance, according to 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,
growing demand for organic food ingredient over synthetic chemicals
is propelling growth of the market.
Furthermore,
citrus oil has high penetration in the cosmetic industry for
application in perfumes and skin care and hair care products. Rising
trend of using cosmetics with natural extracts is expected to support
growth of the citrus oil market during the forecast period. For
instance,according to 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.
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In terms of
revenue, Europe dominated the global citrus oil market in 2017, and
accounted for 31.62% share in the global market. 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 European Commission, food and beverage industry was valued at US$
1,342.22 billion in 2015.
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