The global limonene market was valued at USD 312.14 million in 2022 and it is predicted to surpass around USD 562.17 million by 2032 with a CAGR of 6.06% from 2023 to 2032.
Key Pointers
Report Scope of the Limonene Market
| Report Coverage | Details |
| Market Size in 2022 | USD 312.14 million |
| Revenue Forecast by 2032 | USD 562.17 million |
| Growth rate from 2023 to 2032 | CAGR of 6.06% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Lemonconcentrate S.L.U.; Florida Chemical Company (acquired by ADM); Banner Chemicals Limited; Citrus Oleo; Sucorrico; Belize Ltd.; Spectrum Chemical; Citrosuco |
The growth is majorly driven by the increasing demand for natural and eco-friendly products, the growing popularity of citrus flavors and fragrances, and the expanding applications of the product in various industries. The food and beverage industry is expected to be the largest market for the market, as it is widely used as a flavoring agent in a variety of food and beverage product, including soft drinks, juices, and alcoholic beverages. The cosmetics and cleaning industries are also significant consumers as it is widely used as a fragrance and cleaning agent in various personal care and cleaning products.
Companies in the market are investing in research and development to develop new and innovative products, expanding their geographic reach, increasing their production capacity, and adopting a forward integration strategy to remain competitive in the market. For instance, Firmenich has developed a range of limonene-based natural flavors and fragrances, while Givaudan has developed natural and sustainable flavors and fragrances. Citrosuco is one of the largest producers of orange juice and orange peel products in the world, offering a wide range of products, including orange oil and orange peel extract.
In addition, the increasing popularity of aromatherapy and essential oils is expected to create new opportunities for the market. It is widely used in aromatherapy as a natural mood enhancer, stress reliever, and immune system booster. The rising popularity of aromatherapy and the growing awareness of the benefits of essential oils are expected to drive the demand for the product in the future.
Moreover, technological advancements in the production are expected to improve efficiency and reduce costs, therefore enabling more affordable and accessible market to consumers. Furthermore, the expanding applications in the pharmaceutical and agriculture industries are expected to offer new growth opportunities for companies operating in the market. For instance, some companies are using innovative techniques such as enzyme-mediated extraction and microwave-assisted extraction to extract limonene from citrus fruits, which is more efficient and cost-effective than traditional extraction methods.
Source Insights
Lemon source segment dominated the market with the highest revenue share of 33.84% in 2022. This can be attributed as limonene is a primary component of lemon oil. Lemon oil is one of the most significant sources of limonene, making up around 50-70% of the total composition of the oil. Additionally, the concentrated lemon extract contains a substantial amount of alcohol, which prolongs its shelf life.
Limonene extracted from lemon is called as D-limonene and is used across several industries such as personal care, pharmaceuticals, cosmetics, and cleaning products. In addition, D-limonene, which is found in lemon oils is used to treat cancer. This factor is anticipated to boost the product demand in the pharmaceutical industry as a result, driving its overall growth in the forecast period.
Mandarin oranges are another significant source of limonene and are growing significantly. As the demand for limonene-based products continues to increase, the demand for mandarin oranges is also expected to rise. Mandarin oranges are widely cultivated in countries such as China, Spain, and U.S., and are commonly used in the production of essential oils, which are rich in limonene. Mandarin essential oil is commonly used in the fragrance industry, as it has a pleasant, sweet scent and is an excellent alternative to synthetic fragrances.
End-use Insights
Pharmaceutical end-use segment dominated the market with the highest revenue share of 34.92% in 2022. This can be attributed due to its health benefits which help in reducing obesity, cancer, bronchitis, and other diseases. Pharmaceutical companies include limonene in creams and ointments with medicinal ingredients that penetrate the skin. It also has various health benefits. Numerous studies on the medicinal properties of limonene have demonstrated its anti-inflammatory, antioxidant, antinociceptive, anticancer, antidiabetic, antihyperalgesic, antiviral, and gastroprotective properties, among other health-promoting benefits. Thus the wide use of limonene in the pharmaceutical industry is boosting the market growth.
Moreover, with proven health benefits and high demand for organic and natural personal care products, the demand for the product in personal care products has been growing significantly over the last few years. The nutritive compounds in limonene-based personal care items aid in skin smoothing and dermis protection. Furthermore, it ensures protection against inflammation and restores the smoothness of hair and skin. It is also suitable for anti-aging, after-sun, and moisturizing skincare, and haircare products. Thus, the rising demand for organic personal care products would boost market development.
Additionally, the product is used in cleaning products used for electrical and electronic devices. It is recognized as a safe product, and works as a replacement for chlorinated solvents, chlorinated hydrocarbons, chlorofluorocarbons, and other solvents. Electrical and electronic device cleaning agents are simple to use without surfactants that decrease the need for extra cleaning procedures while efficiently removing both polar and non-polar contaminants from a variety of electrical and mechanical parts. The increasing demand for limonene in cleaning products for electrical and electronic equipment is boosting the market demand.
Regional Insights
North America dominated the market with the highest revenue share of 29.07% in 2022.This growth is attributed as the demand for the product is rising due to consumer preferences for biodegradable products, increasing demand for natural ingredients, and increasing purchases power and preference of consumers toward citrus products in North America. According to Forbes, the U.S. accounted for approximately 20% share of the global cosmetics market revenue in 2021. Furthermore, the skincare business segment accounted for more than 23% of the total the U.S. beauty and cosmetics market.
U.S. is one of the largest producers of citrus fruit in the world. The market for natural and organic flavoring and fragrance agents in sports & energy drinks, carbonated soft drinks, various food items, fruit beverages, and confectionary items in the U.S. and Canada is rising due to the growing health enthusiast population. Therefore, the market for natural products is anticipated to expand considerably over the forecast period. According to an article in Confectionary Production Magazine, the U.S. confectionery market, valued at USD 35 billion is the biggest in the world with Mars and Hershey as the leading players.
Europe is estimated to grow at a CAGR of 6.65% by 2032. The market in Europe is growing due to the high growth in personal care & cosmetics market along with a surge in the adoption of natural fragrances in various applications such as flavor and fragrance additives, soaps & detergents, and beverages. Europe is one of the significant producers of limonene in the world. Astra Chemicals and Mentha & Allied Products Private Limited are some of the producers of limonene in Europe.
Germany has emerged as a key contributor for the European fragrance market and is expected to dominate the region over the forecast period due to large utilization of moisturizers, perfumes, and colognes in personal care & cosmetic products. It is used in personal care and cosmetics because it is a colorless liquid with a lemon like pleasant odor that can be found in the rind of citrus fruits. Owing to the penetration of social media, the local players in cosmetics market are getting a platform to reach the global audience. Some cosmetic brands have become widespread on social media and have also been taken over by established market players in Europe.
Limonene Market Segmentations:
By Source
By End-use
By Regional
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers