Citrus Solvents Market Size Is Anticipated To Reach USD 2.07 Billion By 2028


 San Francisco, 14 Sep 2023: The 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

The global citrus solvents market size 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.

The market is majorly driven by the increasing demand for natural products. Also, the growing demand for the skin and hair care segment is propelling the market 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 drive growth.

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

Organic citrus solvents contributed to the highest share of 70% in 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 in the market in the form of hair spray which helps in cleansing the scalp. As skin and hair are an important parts 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.  

North America made the largest contribution to the global 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.

Access Research Report of Citrus Solvents Market @ https://www.grandviewresearch.com/industry-analysis/citrus-solvents-market-report

Citrus Solvents Market Report Highlights

  • Asia Pacific is expected to register the fastest growth of 5.9% CAGR from 2022 to 2028 owing to the rising demand for citrus solvents in countries like China and India
  • Organic citrus solvents contributed to the highest share of 70% in the global market revenue in 2021 owing to its increasing demand for hair and skincare products.
  • 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.
  • New product launches and partnerships are some of the strategies which are expected to be utilized by industry participants for gaining a competitive edge.

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

List of Key Players in Citrus Solvents Market

  • 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

Access Press Release of Citrus Solvents Market @ https://www.grandviewresearch.com/press-release/global-citrus-solvents-market

 

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