Citrus Solvents Market Growth & Trends
The global citrus solvents marketsize is expected to reach USD 2.07 billion by 2028, registering a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investment in R&D by various players to develop new solvents coupled with the increasing demand of citrus solvents are likely to drive the market growth during the forecast period. Also, increasing income level plays important role in determining the purchase of the product. Moreover, rising technological advancement in developing the product is likely to drive market growth over the assessment period.
Citrus Solvents Market Segmentation
Grand View Research has segmented the global citrus solvents market based on type, application, and region:
Based on the Type Insights, the market is segmented into Organic and Conventional.
- Organic citrus solvents contributed to the highest share of around 70% of the global market revenue in 2021 owing to its increasing demand for hair and skincare products. Organic citrus solvents are basically prepared from citrus oil and used in various hair care products. For example, organic citrus solvents are available on market in the form of hair spray which helps in cleansing the scalp. As skin and hair are an important part of the body, thus consumers are looking for organic products in the market. Hence, due to this reason segment is estimated to show growth over the assessment period.
- Conventional citrus solvents will register the highest growth during the forecast period due to increasing demand. Rising demand for personal & health care products, increasing disposable incomes, and adaptation to healthy lifestyles are other factors driving the segment growth.
Based on the Application Insights, the market is segmented into Specialty Store, Online Retailers, Others.
- The specialty store segment contributed to the highest share of more than 60% in the global citrus solvents' market revenue in 2021 owing to its increasing sales. The demand for citrus solvent is growing among customers due to more sustainability offered by this specialty store than other types. Hence the segment is projected to show growth during the assessment period.
- The online channel is estimated to register the fastest growth with a CAGR of 5.5% from 2022 to 2028. Citrus solvents can be purchased at a low price via online platforms. Such channels have the ability to provide various add-on benefits such as free shipping charges, coupon benefits, and other offers. In addition to the many online citrus, solvents from the growing incidence of delivery services and app-based sellers that are significantly popular are driving the segment during the forecast period.
Citrus Solvents Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
Companies' main focus is on innovating new types of citrus solvents to meet the increasing demand. New players are entering the market owing to low market entry barriers and higher market potential. The increasing demand for citrus solvents offers an opportunity for product development in regions of high demand.
Some of the prominent players operating in the global citrus solvents market include,
- LemonConcentrate
- Citrosuco S.A.
- Louis Dreyfus Company
- Peace River Citrus Products
- Archer Daniels Midland Company
- Citrus Oleo
- Mentha & Allied Products Ltd
- Norkem Group
- Sucocitrico Cutrale Ltd
Order a free sample PDF of the Citrus Solvents Market Intelligence Study, published by Grand View Research.
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