Citrus Oil Market - Reporting and evaluation of recent industry developments

Therapeutic massage oils segment is anticipated to remain the leading application segment during the forecast period

By 2016 end, the therapeutic massage oils segment was estimated to be valued at more than US$ 700 Mn and is expected to expand at a CAGR of 5.0% over the forecast period, to be valued at more than US$ 1,000 Mn by the end of 2026. The segment is estimated to create absolute $ opportunity of more than US$ 20 Mn in 2016 over 2015 and incremental $ opportunity in excess of US$ 400 Mn between 2016 and 2026. The therapeutic massage oils segment is expected to retain its dominance in the global citrus oils market followed by the cosmetics and personal care segments. In terms of value, the CAGR of the therapeutic massage oils segment is the highest among all the application segments of the global citrus oils market.

Increasing prominence of aromatherapy is expected to increase the growth of the therapeutic massage oils segment

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. The globally increasing demand for therapeutic and aromatic oils is a result of the growing preference for convenient, harmless, and natural alternatives to traditional allopathic solutions. The increasing demand for therapeutic oils is also a result of the urban and sophisticated image these products carry and the historical use of therapeutic oils in several eastern countries. These products are particularly popular among women consumers in urban areas, which is creating robust development in the therapeutic massage oils segment.

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Unlike the food and beverages sector, which uses very low quantities of citrus oils, essential oils contain relatively large amounts of citrus oil. Growing consumer interest in aromatherapy directly contributes to the revenue increase in the therapeutic massage oils segment and is therefore an important driver for the growth of the global citrus oils market. The other factor is that essential oils are priced much higher than all other products in which citrus oils are included as an ingredient. This higher price is responsible for collecting huge revenues for the global citrus oils market.

Unfavorable climatic conditions is expected to reduce the production of therapeutic massage oils in MEA

Increasing consumer preference for natural products to treat common health conditions is leading to increasing revenues for citrus essential oils in North America. Demand is particularly high for massage oils due to an increase in the number of spas and rejuvenation centers in the U.S. In 2015, the segment was valued at more than US$ 200 Mn and is expected to expand at a CAGR of 5.1% over the forecast period to reach a value in excess of US$ 400 Mn by the end of 2026 in North America. In Europe, the segment was valued at more than US$ 200 Mn in 2015 and is expected to expand at a CAGR of 5.0% over the forecast period to reach close to US$ 500 Mn by the end of 2026. Increasing mergers and acquisitions among several Europe based companies is the main reason contributing to the growth of the therapeutic massage oils segment in Europe. In 2015, the segment was valued at more than US$ 90 Mn in the Asia Pacific region and is expected to expand at a CAGR of 5.1% over the forecast period to reach more than US$ 100 Mn by the end of 2026. This segment is estimated to record absolute $ opportunity of more than US$ 1 Mn in 2016 over 2015, and incremental opportunity close to US$ 25 Mn in the next ten years. In MEA however, the production of therapeutic oils is low due to unfavorable climatic conditions and relatively less arable land, which leads to a high reliance on imports.