Global Citral Market to Reach US$ 1,724.5 Million by 2027, Says Coherent Market Insights (CMI)
SEATTLE--(BUSINESS WIRE)--#Citral--The global citral market was valued at US$ 1,091.9 million in 2019, and is expected to exhibit a CAGR of 7.1% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Citral Market:
The global citral market has witnessed rapid growth in terms of revenue in the past few years, owing to the rising demand for detergents, soaps, and personal hygiene products across the globe. For instance, reports by the NDP Group suggests that, the in-store and online sales of prestige hand soap increased in the U.K. by 102% in March 2020, compared to the sales in March 2019. The increasing rate of urbanization, increasing disposable income, changing lifestyle patterns, and improved sanitation standards are expected to positively impact growth of the market. For instance, according to United Nations’ World Urbanization Prospects 2018, growth of the world’s population could add another 2.5 billion people to urban areas by 2050, which is expected to drive the market growth.
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Key Market Takeaways:
The global citral market is expected to exhibit a CAGR of 7.1% over the forecast period (2020-2027). This is attributed to rising consumption and demand of aromatherapy products globally. For instance, CBI, (Centrum tot Bevordering van de Import ), The Centre for the Promotion of Imports from developing countries suggested that the market for aromatherapy products in Europe was accounted for US$ 1.34 billion in 2016, and is estimated to reach US$ 2.7 billion by the year 2024. These factors are expected to drive growth of market over the forecast period.
Citral is used in the synthesis of synthetic menthol, which mainly finds application in food products, toothpaste, confectionery, desserts & sweets, creams, ice cream, cooling ointments, deodorants, and shower gels. Growth of the beauty & personal care market is expected to increase due to rising demand for menthol, which is expected to drive market growth of citral over the forecast period. For instance, the report by the International Trade Administration in 2016 suggested that Asia Pacific is the largest and high potential markets for export-led growth for the U.S. Personal Care and Cosmetics industries. Moreover, the report also suggest that, Asia Pacific region offers over 3 billion potential consumers to the U.S. personal care and cosmetics industry.
North America held a significant share in the global citral market in 2019. This is owing to, growth of the pharmaceutical market in the region driving demand for citral. For instance, according to the Patented Medicine Prices Review Board, Canada (PMPRB), from 2002 to 2017, total pharmaceutical sales in Canada have doubled to reach US$ 27.0 billion, with 87.7% sold to retail drug stores and 12.3% sold to hospitals.
Key players are focusing on adopting various strategies such as mergers, acquisitions, and new product development, among others for strengthening their position in the global market. For instance, in November 2020, Symrise AG acquired Sensient Technologies Corporation’s fragrance and chemical aroma business.
Amidst COVID-19 pandemic, the demand for detergents, soaps, and personal hygienic products has increased significantly over the pandemic period. Moreover, the need for healthy processed food has also witnessed substantial growth. Since citral finds major applications across these products, the citral market has not witnessed severe setbacks.
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Major players operating in the global citral market include BASF SE, Beijing Lys Chemicals Co. Ltd., Indukern SA, Industrial and Fine Chemicals, Kuraray Co. Ltd., Privi Specialty Chemicals Limited, Rajkeerth Aromatics and Biotech Pvt. Ltd., Symrise AG, Takasago International Corporation, Vee Kay International, and Zhejiang Xinchecheng Co. Ltd.
- Global Citral Market, By Type:
- Natural Citral
- Synthetic Citral
- By Application:
- Lemon Essence
- By End-use Industry:
- Cosmetics & Personal Care
- Household Care
- Food & Beverages
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Middle East
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.
Senior Client Partner – Business Development
Coherent Market Insights
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