Global Essential Oils Market: Demand Analysis and Growth Forecast
The lucrative demand for latest aromatic products such as allergy-elevating sprays, and kid-friendly blemish ointments from the pharmaceutical industries are contributing huge revenues in the global essential market. As per the findings of a newly published market research report by IndustryARC, the essential oils market size was around $7.0 billion to $7.5 billion in 2018. This market is poised to grow at a healthy CAGR of around 8%-9% during the forecast period 2019-2025. One of the major factors escalating the growth of the essential oils market is the rising consumer preference for natural and organic products in food and beverage industries. For instance, the market size of organic food and beverages in India was valued$54.6 million in 2017, according to the global organic trade guide report. Owing to the rise in number of diseases such as diabetes, blood pressure, and obesity in the fast paced lifestyles, essential oils marketplace is primed to offer strong return of investments in the near future. This information is extracted from a business intelligence report from IndustryARC titled “Essential Oils Market: By Product (Orange, Corn Mint, Eucalyptus, Citronella, Peppermint, Lemon, Clover Leaf, Lime, Spearmint); By Application (Medical, Food & Beverage, Spa & Relaxation, Cleaning & Home) & By Region – Forecast (2019 - 2025).”
Browse 53 Market Tables, 176 Figures spread through 155 slides and an in-depth TOC “Essential Oils Market (2019 - 2025)”
Essential Oils Market: Leading Segments
Europe holds dominating share in the global essential oils market, which was accounted around 34% to 40% in 2018.This dominance is primarily due to the ever-increasing sales of personal and beauty care products in this region. According to the report of Cosmetics Europe- the personal care association, the market size of the aforementioned products was valued €77.6 billion in 2017. Besides, augmenting disposable income and amended standards of living are the other factors enhancing the growth of the essential oils market in this region.
Orange oil is the major product segment, which held a maximum share in the global essential oils market in 2018 and is projected to grow with a CAGR of around 6% to 7% over the forecast period 2019-2025. Augmented demand to reduce the risks of stress related diseases is prime reason for the demand of orange oil. Around 71% of adults in the UK had experienced stress and anxiety frequently in 2018, as per the report of Mental Health Organization. This led to increase the sales of products constituting orange oil as the key ingredient, which acts as an antidote in aromatherapy, to reduce anxiety and depression.
Essential Oils Market Trends
- Widespread adoption of aromatherapy products such as release oil, which is used for natural remedies is one of the emerging trend in the essential oils market. Release essential oil mainly helps to stimulate sense of peace in the human body by controlling stress and anxiety.
- Essential oil necklace is the latest advancement blooming the essential oil market, which is a typical aromatherapy necklace. This necklace mainly contains young living essential oil which is a hydrophobic liquid used for spreading fragrances all day long. Thus, it is specifically helpful in reducing stress and anxiety.
- Super-clear zit balm is the latest product-type in the essential oils market. This product is specially designed for kids, which is used for the curing breakouts caused due to dry skin.
Essential Oils Market: Competitive Landscape
Some of the major companies identified in the report that are currently producing hydrophobic ethereal oils and holding majority shares in the global essential oils market are: Young Living Essential Oils, doTerra, Biolandess SAS, Essential Oils of New Zealand, The Lebermuth Company, NOW Foods, India Essential Oils, Flavex Naturextrakte GmbH, Ungerer and Company, Inc., and West India Spices Inc.
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Plant Extracts Market: By Type (Phytochemicals, Essential Oils, Oleoresins, Others); By Form (Powder, Liquid, Others); By Application (Nutraceuticals, Cosmoceuticals, Functional Food & Beverage and Pharmaceuticals) & By Geography - Forecast(2018-2023)
Natural Fragrance Ingredients Market: By Type (Essential Oils, Isolates); By Application (Fabric Fresheners, Natural Perfumes and Colognes, Soap & Detergents); By Form (Liquid, Powder, Crystalline) & Geography - Forecast (2018-2023)
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