GVR Report cover Citrus Solvents Market Size, Share & Trend Report

Citrus Solvents Market Size, Share & Trend Analysis Report By Type (Organic, Conventional), By Application (Specialty Store, Online Retailers), By Region, And Segment Forecasts, 2022 - 2028

  • Report ID: GVR-4-68039-934-0
  • Number of Pages: 84
  • Format: Electronic (PDF)

Report Overview

The global citrus solvents market size was valued at USD 1.44 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2028. The market is majorly driven by the increasing demand for natural products. Also, the growing demand for skin and hair care segment is propelling the industry growth during the forecast period. As hair and skin are vital parts of every individual, thus various consumers are looking for non-toxic and organic products. Owing to this reason market is anticipated to propel during the forecast timeline.

U.S. citrus solvents market size, By Type, 2019 - 2028 (USD Million)

The product has its application in multiple industrial sectors mainly as an insect repellent, degreaser, fragrance, and paint thinner. These are also used as a key ingredient in many home care products. Various players in the market are introducing home cleaners that contain citrus solvents which are likely to push business sales. 

Citrus solvents are also used in personal care products as a replacement of synthetic solvents. It offers certain properties such as antioxidant and fragrance which in turn increases the value of the product. Further, these are also used in various industries as cleaning agents. For example, it is used as thinner in the coating and paint industry.

These products are biodegradable and naturally occurring solvents. Citrus oil is its main ingredient. It has unique chemical properties and good citrus scents which are used in a wide range of chemical applications. They are primarily used to make solid paints and secondary cooling fluids.

Increasing investment in R&D by various players to develop new solvents coupled with the increasing demand for 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 citrus solvents. Moreover, rising technological advancement in developing the product is likely to drive market growth over the assessment period.

The COVID-19 pandemic has also affected the market in various regions. As lockdown was imposed, the supply chain was disturbed. Various businesses and industries were closed down which adversely affected the business. This pandemic has also impacted logistics suppliers and farmworkers. Due to the nationwide lockdown, all the shops and industries were closed. This adversely affected the sales of citrus solvents. 

Type Insights

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. 

Application Insights

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.

Global citrus solvents market share, By Application, 2021, (%)

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. 

Regional Insights

North America made the largest contribution to the global citrus solvents market with over 35% share in 2021 due to high demand in the U.S., and Canada. Also, the increasing purchasing power of the consumers towards citrus solvent products in this region will drive the segment growth. As the region presents various opportunities for the consumer goods sector, the market is projected to showcase significant growth. 

Asia Pacific is expected to witness a CAGR of 5.9% from 2022 to 2028. This can be credited to the increasing demand for citrus solvents in this region. An increase in disposable income in countries like China, and India is further driving the segment growth. In addition, increasing demand for citrus solvents products due to the high population is also responsible for market growth during the forecast period.

Key Companies & 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 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

Citrus Solvents Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 1.51 billion

Revenue forecast in 2028

USD 2.07 billion

Growth rate

CAGR of 5.3% from 2022 to 2028

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2028

Quantitative units

Revenue in USD Million/Billion and CAGR from 2022 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Brazil; Germany; U.K.; France; China; Japan; South Africa

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global citrus solvents market on the basis of type, application, and region:

  • Type Outlook (Revenue, USD Million, 2017 - 2028)

    • Organic

    • Conventional

  • Application Outlook (Revenue, USD Million, 2017 - 2028)

    • Specialty Store

    • Online Retailers

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

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