In 2022, it was estimated that the global market for citrus solvents would to USD 1.5 billion. The industry is primarily being driven by the rise in popularity of natural goods. By 2033, it is expected to have generated USD 2.70 billion, with a CAGR of 5.5% from 2023 to 2033. As of 2023, a valuation of USD 1.58 billion is expected for the market.
One of the upcoming uses of citrus solvents is as a thinner in the paints and coatings industry, which is leading to a rise in demand for citrus solvents products. The raw materials for citrus solvents are fairly easy to obtain as citrus fruits are easily available. Citrus solvents are made up of 90-98% citrus oil and water, therefore they are considered to be an effective cleaner.
Rising demand from the skin and hair care segment for citrus solvents is propelling the growth of the market. Skin and hair care has become a crucial part for every individual, thus, consumers are looking for organic and nontoxic products which are effective. The citrus solvents market is expected to gain traction in the forecast period between 2023 and 2033.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 1.5 billion |
| Expected Market Value (2023) | USD 1.58 billion |
| Projected Forecast Value (2033) | USD 2.70 billion |
| Anticipated Growth Rate (2023 to 2033) | 5.5% CAGR |
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Citrus solvents are naturally occurring and biodegradable solvents, with citrus peel oil as their main ingredient. Citrus solvents' unique chemical properties and good citrus scent have resulted in increasing use in a wide range of chemical applications.
The use of citrus solvents has increased over the last 10 years. They are primarily used as a secondary cooling fluid and also used to make paint solids, as well as cleaners with good fragrance. The use of citrus solvents in cleaning products and also in the ink and paint industry has seen the most development.
According to FMI's analysis, citrus solvents sales have grown at a 3.9% CAGR between 2018 and 2022. Citrus solvents have a long shelf life, a limited package size, and a fragmented market, so online channels are an especially strong distribution channel for them. These online platforms carry goods for a specific target audience or with a specific set of applications because of the low storage and delivery costs involved.
Many online retailers often sell organic, natural, and true-label items that are difficult to find in traditional brick-and-mortar stores. Small-scale producers, who can face numerous entry barriers, such as high marketing costs, may also benefit from the online platform.
Online channels also aid in dramatically lowering delivery costs and more effectively capturing customer interest. These factors will help in the growth of the citrus solvents market during the forecast period. FMI has projected the global citrus solvents market to grow at a 5.5% CAGR through 2033.
Preference of Consumers for Organic Formulations Expand the Use of Citrus Solvents
The preference for natural products and plant-derived products from consumers is a major driver of global citrus solvents market. This is because as organic products have better profit margins than traditional citrus solvents because they are priced higher. Organic and natural formulations have been steadily growing since the last decade, and this trend is expected to continue over the forecast period. The organic nature of food and beverage products and therapeutic oils, is determined by how key ingredients like citrus fruits are grown.
Natural Home Care Product Demand is Impacting Sales of Citrus Solvents
Citrus solvents are considered to be effective disinfectants and floor cleaners for home. It makes it a natural product for home care thus its demand for household is gaining traction as citrus being the main component in citrus solvent. Their status as a protected dissolvable and aroma of citrus add to the fragrance aspect which consumers look for in their home care products.
Solvents are substances that can disintegrate different substances without any problem. This property makes citrus solvents ideal for use as surfactants and as cleaners in houses and industries. The expanding interest in citrus-based cleaners is attached to expanding customer inclination for cleaner and safer cleaning solutions. The critical component of citrus solvents is limonene, which grants some of the helpful properties related to citrus solvents.
Principal Consultant
Sales in Emerging Nations are Restricted by a Lack of Awareness
The market for citrus solvents is directly linked to the demand for the finished product.
The therapeutic and antioxidant properties of citrus solvents are not well recognized in many developing countries, aside from the notion of taste and fragrance. This lack of knowledge is preventing emerging markets of developing countries from realizing their full potential.
Access to the product and market is another critical part of product awareness. Manufacturers' marketing resources are limited due to the fragmented nature of the industry.
A significant portion of the population is unaware of the different goods currently available on the market since much of the retail infrastructure in developing countries is restricted to metropolitan areas. This could negatively affect prospects for citrus solvents market.
Organic Citrus Solvents will Gain Immense Traction from 2023 to 2033
Citrus solvents of an organic nature are gaining traction. The organic nature segment is expected to hold a 39.2% market share in terms of value in 2023. Rising demand for ingredients sourced for natural resources will aid the expansion in this category.
Citrus Solvents are majorly being used in the Industrial and Domestic Cleaners Market
Citrus solvents are mostly used in industrial & domestic cleaners. Industrial & domestic cleaners are expected to hold a 31.2% market share in terms of value in 2023.
Citrus solvents are used as a thinner by the paint industry and as an insect repellent and degreaser by other industries. People want their homes to be safer and cleaner, and citrus solvents can be used as a home cleaner, so this increases the demand for citrus solvents.
Direct Sales will be More Preferred by the Consumers
Direct sales hold a 58.2% market share in the year 2023 compared to other sales channels. Citrus solvents are a product used in households and industries. They are mostly available through direct sales channels.
Various industries buy citrus solvents in large quantities to gain the advantage of bulk buying. Direct sales are expected to exhibit a 4.7% CAGR in the forecast period. Modern trade is also increasing in terms of value.
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The Use of Citrus Solvents in Domestic Products is Bolstering Growth
According to FMI, the citrus solvents market in the the United States is set to grow at a 5.9% CAGR through 2033. In North America, the United States is expected to hold an 89.6% market share in terms of value in 2023 and is estimated to reach 91.2% in 2033.
Citrus solvents are used in home care products and as a surfactant in industrial and household cleaners. The preference for plant-derived and natural products from consumers is one of the major factors boosting the growth of the citrus solvents market in the the United States.
The Versatility of Citrus Solvents to Aid Growth from 2023 to 2033
Brazil is expected to hold a 42.1% market share in terms of value in 2023 in the Latin America market. FMI also has forecast the citrus solvents market in Brazil to grow at 3.8% CAGR through 2033. Citrus solvents serve a variety of purposes and have a wide range of applications.
The increasing focus on clean label ingredients will remain a chief growth driver in Brazil. Researches are being conducted to discover new functionalities of citrus solvents because of the versatility. These factors will aid the expansion of the citrus solvents market in the coming years in Brazil.
Health-conscious Consumers to Move towards Organic Options in their Daily Lives
According to FMI analysis, the citrus solvents market in India is set to grow at an 8.2% CAGR through 2033. Consumers are gravitating towards natural and organic goods as they have become more conscious about their own and their families’ health and well-being. Consumers are learning more about the ingredients in the cosmetics they use, medicines they take, and the food they eat to maintain a healthy life.
There has been a move towards products made with natural ingredients. Consumers' willingness to pay a higher price for natural goods has changed the nature of different markets. This also has encouraged producers to keep their ingredients list and manufacturing processes as transparent as possible.
Several manufacturers often list the raw material's source as well as the area from which it was sourced. Manufacturers are adopting plant-based products and people are choosing natural and organic goods, which can create an opportunity for the citrus solvents market in India.
Lower Costs for Raw Materials and Labor to Trigger Growth Prospects
According to FMI’s analysis, the citrus solvents market in China is set to grow at an 8.32% CAGR through 2033. The production advantages offered in developing regions like China, such as low costs of labor and raw materials and a favorable environment are key drivers of the citrus solvents market.
Citrus solvents are less expensive in China than other essential oils because of these processing advantages. The production advantages and cost-effectiveness of citrus solvents are the factors boosting the growth of the citrus solvents market in China.
Mergers and acquisitions besides launching new product, are among the key strategies adopted by the market players to achieve consolidation and refine their offerings. Primary goals of key market players are to lower costs and increase presence in niche applications.
The key players in this market include:
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.5% from 2023 to 2033 |
| Market Value in 2023 | USD 1.58 billion |
| Market Value in 2033 | USD 2.7 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Nature, Application, Sales Channel, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Japan, China, Singapore, Thailand, Indonesia, Israel, GCC countries, South Africa, Australia, New Zealand |
| Key Companies Profiled |
Lemon Concentrate S.L.; Citrosuco S.A.; Louis Dreyfus Company B.V.; Sucocitrico Cutrale Ltd.; Peace River Citrus Products; Archer Daniels Midland Company; Norkem Group; Citrus Oleo; Mentha & Allied Products Ltd.
|
| Customization & Pricing | Available on Request |
The citrus solvents market is projected to grow at a 5.5% CAGR from 2023 to 2033.
In 2022, the global Citrus Solvents Market was estimated to be worth USD 1.5 billion.
The United States is predicted to hold an 89.6% market share in North America in 2023.
The organic nature segment is anticipated to hold a 39.2% market share in 2023.
Industrial and domestic cleaners are expected to hold a 31.2% market share in 2023.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Nature 5.1. Organic 5.2. Conventional 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Insecticides 6.2. Industrial & Domestic Cleaners 6.3. Paints and Coatings 6.4. Skin and Hair Care 6.5. Printing Ink 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 7.1. Direct Sales 7.2. Modern Trade 7.3. Specialty Store 7.4. Mono Brand Store 7.5. Online Retailers 7.6. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Lemon Concentrate S.L. 16.2. Citrosuco S.A. 16.3. Louis Dreyfus Company B.V. 16.4. Sucocitrico Cutrale Ltd. 16.5. Peace River Citrus Products 16.6. Archer Daniels Midland Company 16.7. Norkem Group 16.8. Citrus Oleo 16.9. Mentha & Allied Products Ltd. 16.10. Florida Chemical Company 17. Assumptions & Acronyms Used 18. Research Methodology
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Citrus Solvents Market
