The global citrus oil market is expected to reach a valuation of $8.75 billion by 2023 and $14.4 billion by 2033.
According to a report on the citrus oil market by Fact.MR, the market is projected to grow at a CAGR of 5.1% throughout 2023-2033.
The versatility of citrus oil is also one of its key growth drivers. It's widely used in a variety of applications. Key players in the market are focused on extracting citrus oil from the skin of fruits like sweet lime, grapefruit, orange, and lemon.
Additionally, citrus oil is known for its stress-relieving, antioxidant, and immunity-boosting properties. That makes it a top contender when it comes to selecting essential oils and its use in cleaning products, fragrances and flavor products.
Another important growth factor is the increasing use of citrus oil as a food ingredient. The expansion of the fragrance industry in developed and developing countries is also expected to be a boon for the market. Further, in the healthcare industry, citrus oil is in high demand when it comes to treating obesity, infections, asthma, and other maladies.
In terms of application, the food and beverage segment is anticipated to hold a significant market share with a compound annual growth rate of 4.8% over the forecast period. Meanwhile, the United States' citrus oil market is expected to be worth $3.605 billion with a CAGR of 5.5% between 2022 and 2032.
Additional market growth could eventually be slowed by the potential for some citrus oils to cause irritation or photosensitivity when directly applied to the skin. Still, the popularity of citrus oils for their healing properties, as well as the running demand for aromatherapy products like essential oils, is projected to continue to drive sales.