According to a new study by FMI, sales of citrus oil is expected to reach ~ US$ 3500 Mn in 2019. Growing prevalence of aromatherapy has led to an upsurge in personal care products for both men and women in recent years. Aromatherapy is the use of aromatic substances for relaxation, rejuvenation, and in the treatment of certain minor physical conditions. Practitioners of this method consider that the aroma of natural, organic, and therapeutic oils can have several beneficial effects on the body. Citrus oils can be used in various ways such as in massage, bathing, shower, inhalation, perfume, and others. A recently published report reveals that the global market of citrus oil is projected to reflect a steady CAGR growth over the predicted period, 2019 – 2028.
The citrus oil market will witness a promising growth in the foreseeable future, as consumer awareness regarding the functional properties of citrus oils continue to gain momentum, according to the FMI analyst. In addition, high adoption of natural ingredients in the food and homecare industries is expected to boost the demand for citrus oils in the years ahead.
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Increasing consumer preference for plant-derived and natural products is a significant driver for the growth of the global citrus oil market. In addition, organic citrus oils are likely to offer better profit margins, as they are priced higher when compared to conventional variants.
- As per the International Trade Centre (ITC) publications, organic bergamot orange oil (cold-pressed and sourced from Italy) was over 2.6X costlier than conventional bergamot oil (2014–2015).
Organic and natural formulations have been on a consistently increasing trend since the past decade, and the trend is expected to continue over the forecast period. As per the USDA, over 75% of the grocery stores carried organic products in the year 2013.
The organic character of food and beverage products and therapeutic oils depends on the way key ingredients such as citrus oils are cultivated. For instance, citrus fruits are considered inorganic if fertilizers and pesticides have been used during cultivation.
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Factors Fueling the Global Citrus Oil Market Growth
Citrus oil production is a labor-intensive process as sizeable amount of raw materials (fruit/fruit peel) are required to produce minute quantities of oil. This is a major concern as the expenses involved with flavouring agents such as citrus oils, affect the end-product prices. Therefore, the production advantages offered in developing regions, in terms of low costs and favorable climate, are an important driver for the growth of the market.
The importance and scale of imports from developing regions can be gauged by the fact that the New Zealand Institute for Crop and Food research has considered the low cost of production in developing regions as a major threat to the growth of the domestic market.
Due to such production advantages and high presence of oil in the glands of citrus fruits, citrus oils are relatively cheaper than other essential oils. Moreover, in the view of their widespread availability and ease of cultivation, lemon and orange oils are particularly cheaper.
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Owing to the long shelf life of citrus oils, small product size (usually available in small 10/15 ml vials) and the fragmented nature of the market, online platforms are a particularly strong distribution channel for citrus oils. These, especially offer significant benefits to small-scale manufacturers, who might face various challenges such as exorbitant marketing costs. Online platforms reduce distribution costs considerable, and are highly effective in garnering consumer attention.
This study by FMI offers insights into the Citrus Oil market for the forecast period 2019 and 2028. The citrus oil market is projected to record a CAGR of ~ 4% between 2019 and 2028.
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