Citrus Oil Market Size and Forecast: A Deep Dive into Expected Growth by 2033
Thursday, 12 September 2024, 08:30
Citrus Oil Market Overview
The citrus oil market was valued at USD 15.3 billion in 2023 and is poised for remarkable growth. This expansion is expected to reach USD 30.9 billion by 2033, propelled by a continuous compound annual growth rate (CAGR) of 7.3% over the forecast period from 2024 to 2033.
Market Drivers
- Rising Demand: The demand for citrus oils is increasing across various sectors including food, beverages, and pharmaceuticals.
- Health Benefits: Citrus oils are valued for their potential health benefits, elevating their usage in wellness products.
Industry Applications
Citrus oils play a vital role in numerous industries. The major applications include:
- Food and Beverage: Used as flavor enhancers and natural preservatives.
- Cosmetics and Personal Care: Sought for aromatic properties and skincare benefits.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.