The global citrus solvents market is anticipated to reach US$ 1.5 billion in 2022. The appeal of natural products is the main factor driving the market. With a CAGR of 5.5% from 2023 to 2033, it is anticipated to have produced US$ 2.70 billion by 2033.
The substance is used in a variety of industrial fields, primarily as a degreaser, paint thinner, scent, as well as insect repellant. These are also common components in many products for home care. Home cleansers with citrus solvents are being introduced by a number of market participants, which is anticipated to boost company sales.
In place of artificial solvents, citrus solvents are also employed in personal care products. It provides certain qualities like antioxidants and scent, which raises the product’s worth. Additionally, they are employed as cleaning agents in a variety of sectors. For instance, the coating and paint industry uses it as a thinner.
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These items are biodegradable and include solvents that are found in nature. Its primary constituent is citrus oil. It possesses distinctive chemical characteristics and pleasant citrus aromas that are employed in a variety of chemical applications. They are principally employed in the production of secondary cooling fluids as well as solid paints.
Key Takeaways from the Market Study
- The sales of citrus solvents increased at a CAGR of 3.9% between 2018 and 2022.
- In terms of market share in 2023, the organic nature category is anticipated to command a 39.2% share.
- In 2023, industrial and household cleaners are anticipated to hold a 31.2% value market share.
- In 2023, direct sales will have a 58.2% market share when compared to other sales channels.
- The United States market share in North America is predicted to be 89.6% in 2023 and to increase to 91.2% in 2033.
- In 2023, Brazil is anticipated to have a 42.1% value market share.
“Many customers are seeking organic and non-toxic goods since skin and hair are essential components of every person and as a result, the market is expected to grow rapidly throughout the forecast period.” remarks an FMI analyst.
Competitive Landscape
Mergers and acquisitions, as well as the introduction of new products, are among the primary techniques used by market participants to achieve convergence and enhance their offers. Cost reduction and increased market presence in specialized applications are the main objectives of major industry participants.
Prominent players in the citrus solvents market are:
- 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.
Some key developments of the leading companies in this market are:
- The primary business of Lemon Concentrate is the distribution and marketing of all varieties of fruit juice concentrations to the food and beverage processing sector on a global scale.
- The business started as a joint venture involving two extremely specialized businesses that produced processed tropical, citric fruits as well as fruit concentrates. Lemon Concentrate is a reputable supplier of lemon, orange, and clementine goods with more than 50 years of expertise in the food processor along with fruit concentrates industries.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global citrus solvents market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the citrus solvents market, the market is segmented on the basis of citrus solvents by nature type (organic, conventional), application (paints and coatings, skin and hair care, printing ink), sales channel (direct sales, modern trade, speciality store) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Key Segments Profiled in the Global Citrus Solvents Market
By Nature:
- Organic
- Conventional
By Application:
- Insecticides
- Industrial & Domestic Cleaners
- Paints and Coatings
- Skin and Hair Care
- Printing Ink
- Others
By Sales Channel:
- Direct Sales
- Modern Trade
- Specialty Store
- Mono Brand Store
- Online Retailers
- Other Sales Channel
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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