Global Citrus Oil Market - 2020-2027
発行: DataM Intelligence
当レポートでは、世界の柑橘油 (シトラスオイル) の市場について分析し、市場の基本構造および最新情勢、全体的な市場動向の見通し (今後8年間分)、原料別・用途別および地域別の詳細動向、主な市場促進・抑制要因、市場競争構造、主要企業のプロファイル・事業戦略などについて調査しております。
The Global Citrus Oil Market is expected to grow at a CAGR during the forecasting period ( 2020-2027).
DataM analyses the complete scenario of the global Citrus Oil market segmentation, geography analysis, companies, trends and opportunities in the market. The market is segmented by source ( orange oil, lemon oil, grape fruit oil, lime oil, others (mandarin oil)), by application (food and beverages, pharmaceuticals, personal care, chemicals, others (home care products)) and by region (North America, South America, Asia Pacific, Europe and Middle East and Africa).
Citrus oils are usually extracted from fruits such as oranges, limes, lemons, grapes and other citrus fruits. Owing to their benefits, they are used in a wide range of applications. In end-user industries, citrus oils are used as a flavoring agent, fragrance, cleaner (solvent), and as ingredients in sanitizers. In addition, the therapeutic and aromatic properties of these oils is also leading to their usage in foods and traditional medicines as natural alternatives to traditional medications.
Increasing adoption of natural ingredients and green chemicals and health benefits associated with citrus fruit oils are the key factors driving the global citrus oil market.
The most prominent oil being d-limonene is used in a plethora of applications. As limonene is a plant-based derived solvent, it has minimal adverse impacts and thus will be witness a high upsurge in its demand in the foreseeable future. In addition, the therapeutic and aromatic properties of citrus oils is also leading to its usage in food and traditional medicines as natural alternatives to traditional medications. The growing food demand due to the increasing population of the world is expected to spur the demand for natural food ingredients owing to their health benefits. Citrus oils help in losing weight, prevention of cancer, treat cancer and treat bronchitis. It is also used as flavor and fragrance substance in various food applications and are recognized as safe in food application by the Food and Drug Administration (FDA). According to the Food and Agricultural Organization (FAO) global per capita food consumption is expected to grow by approximately 4% from 2015 to 2030. This is expected to serve as a major boosting factor for citrus oil food products.
However, the growth of the global citrus oil market is impacted by factors such as fluctuating raw material prices and global supply-demand imbalances of raw materials.
According to the statistics published by the United States Department of Agriculture, the global orange production for 2018/19 is forecast to expand 4.2 million metric tons (tons) from the previous year to 51.8 million as favourable weather leads to larger crops in Brazil and the United States. China's production is projected down slightly to 7.2 million on un favorable weather, resulting in a smaller crop in Jiangxi province. Along with only a small increase in imports, consumption is lower on overall reduced supplies. South Africa and Egypt are the top two suppliers, accounting for 60 percent of imports. Orange production in Florida has been declining for years due to citrus greening, which has decimated groves and increased costs for crop maintenance. However, last year, the industry also suffered from damages caused by Hurricane Irma. The global fresh orange production decreased from 48,773 metric tons in 2014/2015 to 47,077 metric tons in 2015/2016 and increased to 53,838 metric tons in 2016/2017. This figure observed a sharp decline in 2017/2018 decreasing to 47,596 million tons. Due to these trade imbalances, the raw material cost is bound to fluctuate which might hamper the supply chain costs of manufacturers and is expected to pose as a critical factor impeding the market.
Market Segment Analysis
Based on the end user, the market is segmented as food and beverages, pharmaceuticals, personal care, chemicals and others (home care products).
Citrus oils are used as flavouring agents in food and beverages. According to the World Health Organization, Food is the principal source of exposure to citrus oils. The food and beverages segment of the global citrus oils market is anticipated to witness healthy growth rates in the future owing to the continuously increasing demand for food and beverages across the world.
According to the statistics by the World Bank, the World population increased from 7.46 billion in 2016 to 7.55 billion in 2017 reaching 7.63 billion in 2017. Consequently, the production of processed and flavored foods is also bound to rise to meet the demand of the growing population. The food grade and quality of beverage products are of paramount importance to consumers, which is a significant deciding factor before purchasing of finished goods. Increasing adoption of citrus oils as a natural ingredient and green chemicals and health benefits associated with it is one of the key primary factors boosting the food and beverages segment of the global citrus oils market.
Market Geographical Analysis
The Global Citrus Oil Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa.
The Asia Pacific region is further segmented into the countries such as China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific. APAC is expected to witness robust growth in the coming future. On the other hand, with increasing awareness among customers, it is expected that the demand for citrus oils is expected to grow over the forecast period.
With the increase in demand for personal care products due to rise in urbanization and increase in disposable income, it is expected that demand for citrus oils will increase during the forecast period.
Aggressive marketing by the industry players and numerous brand improvement efforts by local manufacturers is attracting more consumers towards citrus oils and other citrus oil products. Introduction of the different variants of citrus oil products and numerous health benefits associated with their daily consummation, coupled with increasing popularity among geriatric population, is expected to boost the sales of the citrus oil products, thus leading to the growth of the citrus oil market over the forecast period.
In APAC, cosmetics is one of the largest application segments for limonene. In 2018, APAC was the largest and one of the fastest growing markets globally for the beauty and personal care industry. The region will be a driving force in establishing trends during the forecast period. According to a report by Loreal, a global cosmetic brand, the APAC region currently holds ~32% of the global beauty and personal care marketplace.
Vendors in the market are sensitive to local trends and competition. For example, Indonesia, representing the largest Muslim population in the world, passed a regulation in 2015 that by 2020 all cosmetics products will have to be labeled as Halal. Whereas in China and India, there is a strong interest in local ingredients and herbal traditions and the properties that these essential oils and other products can bring to personal care products and cosmetics. Asian consumers are also somewhat discerning in terms of packaging. Therefore, with advent of natural and organic personal care products among consumers in the region, citrus oils market in the region is expected to grow at a significant rate during the forecast period.
Market Competitive Analysis
New product launches, expansion of facilities, mergers and acquisitions and strategic partnerships are vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate.
For instance, in January 2019, Flotek Industries, Inc., have entered into a definitive agreement to sell Florida Chemical Company, LLC, its Consumer and Industrial Chemistry Technologies segment, to Archer Daniels Midland Company. Flotek and ADM have entered into long-term reciprocal supply of d-limonene, an essential citrus oil.
On March 18, Hempfield Botanicals, a Lancaster PA manufacturer of hemp-based cannabidiol (CBD) products introduced its line of terpene oral oils and face oils.