XploreMR, in its recent offering, studies the growth trajectory of the citrus oil market for the period between 2017 to 2027. Citrus oils are generally used to add sweet, refreshing flavor to beverages such as tea, water, or smoothies, and to improve the taste of baked goods like scones, muffins, or cookies. These oils are primarily extracted from the peel of the fruit, instead of juice. Owing to this factor, they can be easily substituted in food recipes that require lemon, orange, or tangerine zest. A few drops of citrus oil are adequate to provide the flavor of the entire fruit. On the back of the aforementioned factors, coupled with an increasing preference for natural flavors among the food & beverages segment, citrus oil is expected to attain the majority of sales through this end-use industry. According to XploreMR's study, the following F&B industry is the cosmetic & personal care segment, which is anticipated to flourish at a healthy CAGR during the forecast period. Additionally, citrus oils are also added to yogurt, dips, and salsa recipes.
Utilization in Therapuertis to Bolster Market Growth
As a result of the urban nature and historical use of therapeutic oils in eastern countries, the demand for therapeutic oils is propelling across the world, with women in urban regions being the dominant consumer demography. As a result, citrus oils are gaining remarkable adoption in the therapeutic segment, as it employs a wide variety of essential oils that contain a large portion of citrus oils. Attributed to increasing consumer interest in aromatherapy - a practice of using aromatic substances for relaxation, rejuvenation, and in the treatment of certain minor physical conditions - the segment is driving the increasing the applications of citrus oils in spas. The aroma of natural, organic, and therapeutic oils is believed to have several beneficial effects on the human body, and hence, this segment provides a lucrative revenue opportunity to the global citrus oil market.
Furthermore, the essential oils are priced are costlier as compared to other oils used as ingredients, and thus, are increasing the revenue. Moreover, citrus oils find significant applications in essential oils backed by high usage as industrial solvents, the fragrance for cleaning products, flavoring agents, aroma and therapeutic properties.
Food Preservation Remains Significant End-use Application
As the awareness among consumers burgeons regarding food safety, quality, ingredient sourcing, and traceability, citrus oil has been identified as an ideal component for food preservation. Invigorated by acceptance from the Food and Drug Association (FDA), the adoption of citrus oil in the food industry has remarkably increased in the last few years. In addition to wide usage flavor enhancers, citrus oils are also being used for food masking applications to decrease the flavor of some pungent food products.
Impact of COVID-19 on Citrus Oil Market
The COVID19 Outbreak is likely to catalyze the citrus oil market growth due to general belief among consumers regarding the antiviral and antibacterial effects of essential oils. Although it hasn't been scientifically proven, players are finding lucrative opportunities during the pandemic.