According to Coherent Market Insights' Citral Market Report, by Type (Natural Citral and Synthetic Citral), Application (Lemon Essence, Vitamin, Menthol, and Others), End-use Industry (Cosmetics & Personal Care, Household Care, Pharmaceuticals, Food & Beverages, and Others), and Region (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa), the global citral market was valued at US$ 1,091.9 million in 2019
The worldwide citral market is estimated to exceed US$ 1,724.5 million by 2027, with a CAGR of 7.1 percent over the forecast period (2020-2027). This is due to increased demand for vitamin A, as citral is largely utilized in vitamin A manufacturing. Furthermore, leading vitamin A makers are focused on tactics such as partnerships and growth, which are projected to enhance citral demand throughout the projection period. For example, in 2018, BASF S.E. began expanding its vitamin A production in Ludwigshafen, Germany. The expansion will raise BASF's annual capacity of vitamin A by 1,500 metric tons and is slated to be finished by the end of 2020.
Because of the therapeutic advantages associated with the usage of citral, the worldwide citral market is likely to rise shortly. For example, a study published in September 2020 by the International Journal of Pharmaceutical Sciences and Research suggested that inhaling essential oils containing extracts of substances such as citral might work as an adjuvant therapy approach against the COVID-19 virus. These factors, together with ongoing R&D initiatives for the development of vaccines and immunity booster drugs, are expected to raise citral demand shortly.
In 2019, the cosmetic and personal care business accounted for a sizable market share of the end-use industry. Growing consumer knowledge about the advantages of essential oils and associated herbal items, as well as the growing popularity of aromatherapy, are important drivers driving the market growth for essential oils.