The global lime oil market is expected to post a CAGR of over 7% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global lime oil market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increased preference for natural products. The demand for natural products is increasing because of health concerns among consumers. They are interested to know about the ingredients in food and skin care products and hence, are showing an increased preference for natural products. Food and personal care product manufacturers have started replacing artificial flavors and other ingredients with natural products. This has increased the demand for lime oil.
This market research report on the global lime oil market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the focus of consumers shifting towards organic products as one of the key emerging trends in the global lime oil market:
Global lime oil market: Consumer focus shifting toward organic products
The shift in consumer focus toward organic products will have a positive impact on market growth. Compared to regular lime oil products, organic lime oil products are expensive. The high distribution and manufacturing costs is escalating the costs of organic products. Consumers are aware of the benefits of organic products and are willing to pay higher prices for these products. The additional costs along with the manufacture and transportation costs of organic products are passed by manufacturers along the value chain and eventually compensated by end-users. If the feedstock of lime oil is not procured from organic sources, it can transmit pesticides to the concentrated form of lime essential oil. Organic farming provides pure, highly effective, and residual toxin-free end products.
“There has been an increase in the number of people opting for organic products due to the rise in the production of organic plant-based products that are free of synthetic and inorganic chemicals. When compared with other segments, the medical segment is witnessing an increase in demand for organic essential oils with antimicrobial, antioxidant, and anti-inflammatory properties. This is because they act as natural medication with minimal side-effects. For example, organic lime essential oil has antiseptic, antifungal, and antiviral properties. It cures acne, cold sores, warts, and burns. It is used in vaporizers to kill germs and as a cleaning agent for the skin. It also helps in getting rid of foot odor and controls germs, bacteria, and fungi,” says a senior analyst at Technavio for research on specialty chemicals.
Global lime oil market: Segmentation analysis
This market research report segments the global lime oil market by application (food and beverage, and personal care) and geographical regions (APAC, EMEA, and the Americas).
The food and beverage segment held the largest market share in 2018, accounting for nearly 44% of the market. This application segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2018 with a market share of nearly 44%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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