Global Citrus Oil Market Set For 6.5% Growth, Reaching $10.68 Billion By 2028

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Amid an upswing in natural wellness trends, the global citrus oil market is in a robust growth phase. The value of the citrus oil market is set to rise from $7.80 billion in 2023 to $8.29 billion in 2024, reflecting a compound annual growth rate CAGR of 6.4%. This expansion is a testament to increasing consumer awareness of natural products, a surge in the aromatherapy sector, heightened demand for natural flavoring agents in the food industry, the expansion of personal care products featuring citrus oils, and a shift toward health-conscious consumer habits.

What Is the Projected Market Size of the Global Citrus Oil Market and Its Growth Rate?

In the years ahead, the global citrus oil market is expected to maintain strong growth, reaching $10.68 billion by 2028, at a CAGR of 6.5%. This future growth can be attributed to several factors including a surge in demand for sustainable and eco-friendly products, expanding interest in plant-based ingredients, the rise in bio-based solvents, increasing demand for premium skincare, and broadening applications of citrus oil in the pharmaceutical sector. Expect major trends in the forecast period to revolve around a shift towards clean-label and transparency in product sourcing, increased use in functional beverages, the growing popularity of citrus oils in holistic wellness products, heightened demand for customized aromatherapy solutions and innovations in multi-functional citrus oil products integrating skincare, fragrance, and health benefits.

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What are the Key Drivers Fueling Growth in the Citrus Oil Market?

The personal care industry’s surging demand for citrus oil will be a key growth driver for the citrus seed market moving forward. The personal care industry, which includes the production and sale of personal hygiene, grooming, skincare, cosmetics, and wellness products, is witnessing substantial growth due to increasing consumer awareness of health, wellness, and self-care, as well as an uptick in demand for natural and sustainable products. Citrus seed, rich in antioxidants, essential oils, and vitamins, offers moisturizing, anti-aging, and antimicrobial properties making it highly sought-after for skincare and haircare formulas. A Bureau of Labor Statistics report from December 2023 revealed an increase in spending on personal care products and services from $771 in 2021 to $866 in 2022 – an uplift of 12.3%. Hence, the growing demand from the personal care industry will stimulate the growth of the citrus seed market in the coming years.

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What Are The Emerging Trends Shaping The Growth Of The Citrus Oil Market?

Several big players in the citrus oil market are focusing on creating advanced products like antimicrobial citrus oil, addressing consumer demand for natural and sustainable options. Antimicrobial citrus oils, capable of inhibiting bacterial, fungal and viral growth, are extensively used in personal care and cleaning products due to their natural antimicrobial properties, appealing scents, and health benefits.

What Are the Segments of the Global Citrus Oil Market?

The citrus oil market logically segments as follows:
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.

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