The increasing demand for food & beverages and cosmetics application is driving the essential oils market growth
The global essential oils market size is likely to attain over USD 19 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 9% during the forecast years 2021-2028. Essential oils are hydrophobic solutions, which contain volatile aroma compounds. These oils are extracted from plants, herbs, flowers that are amalgamated with the carrier oil to obtain the end product. The oil is used across multiple industries including food & beverages, healthcare, cosmetics and other consumer goods industry. The ongoing surge in demand for these products from developing as well as developed countries is escalating the industry growth.
Shifting focus toward healthcare and hygiene, along with improving living standard and disposable income is positively impacting the business landscape. Surge in number of depression and anxiety disorder cases which are healed through aromatherapy is further boosting the product demand. In addition, ongoing innovation activities to improve the extraction process and develop a high capability end product is expected to provide impetus to the industry outlook.
The report also emphasizes several distinctiveness of the global essential oils industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the essential oils industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
Essential Oils market, the market is categorized into food & beverages, aromatherapy, cosmetics & toiletries, healthcare, homecare, and others on the basis of end use. The healthcare segment is analyzed to grow at a CAGR of over 8% over the forecast timeframe. The growth of this segment is primarily contributed to rising focus on health and hygiene awareness is poised to catapult the segment growth.
Asia Pacific is analyzed to witness highest growth rate over the forecast timeline owing to the rising adoption of the product. Positive economic outlook along with increasing middle class income across the emerging economies including China and India is proliferating the industry growth. Rising inclination toward aromatic consumer goods coupled with rising demand for packaged food and home care is expected to supplement the business outlook in the coming years.
The major players of the global essential oils market are Essential Oils of New Zealand, doTerra, Biolandes SAS, Falcon Essential Oils, Farotti Srl, India Essential Oils, H. Reynaud & Fils, Flavex Naturextrakte GmbH, Rocky Mountain Essential Oils, and Sydney Essential Oil. The market for Essential Oils is competitive with established global players and is further witnessing the emergence of new companies. Moreover, the industry players are targeting toward enhancing their market share through implementation of merger & acquisition, collaborations growth strategies.
Key Segments of the Global Essential Oils Market
Product Type Overview, 2019-2028 (USD Million) (Thousand Tons)
- Lemon Oil
- Orange Oil
- Peppermint Oil
- Lime Oil
- Citronella Oil
- Cornmint Oil
- Spearmint Oil
- Cloveleaf Oil
- Geranium Oil
- Jasmine Oil
- Eucalyptus Oil
- Rosemary Oil
- Lavender Oil
- Tea Tree Oil
Method of Extraction Overview, 2019-2028 (USD Million) (Thousand Tons)
- Cold Press Extraction
- Carbon Dioxide Extraction
- Solvent Extraction
End User Overview, 2019-2028 (USD Million) (Thousand Tons)
- Food & Beverages
- Cosmetics & Toiletries
Regional Overview, 2019-2028 (USD Million) (Thousand Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America