Sep, 2018: Axiom Market Research & Consulting™ added a report on global essential oils market. The global essential oil market was projected to grow at a CAGR of 7.68% for the forecast period 2019 to 2024. The global market is estimated and forecasted in terms of revenue (USD million) generated by the essential oils market.
The market was studied for products of essential oils, such as orange, lemon, lime, peppermint, corn mint, citronella, spearmint, geranium, clove leaf, eucalyptus, jasmine, rosemary, tea tree, lavender and others. Based on application, the essential oils industry is segmented into food & beverages, personal care & cosmetics, spa & relaxation, home care, health care and others. Moreover, the key regions considered for the study were North America, Europe, Asia-Pacific and Rest of the World.
Essential oils have a great comforting and calming effect on the nervous system and are also helpful in blood circulation stimulation, which has triggered the essential oils demand from spa & relaxation application segment. Moreover, rising demand for natural essential oils and growing usage of essential oil for therapeutic use are some of the opportunities which are expected to fuel the growth of this market in coming years. However, the market is hampered by depletion of natural resources coupled with limited availability of raw materials.
Orange oil dominated the essential oils market in 2017
Among various products, the orange oil segment accounted for the highest market share in 2017, owing to its antidepressant, anti-inflammatory, and antispasmodic characteristics. Orange essential oil is extensively used in the food and beverage industry as a flavoring and coloring agent, for example in fruit juices, jams, bakery products and Curacao-type liqueurs. Its pleasant smell has also led to its popularity in fragrances and cleaning agents.
In 2017, food & beverage segment held the largest share of essential oils application
In 2017, the food & beverage segment dominated the market and is anticipated to maintain its market hold over the next six years. Rising consumer income across developing nations coupled with high demand for premium cuisine is expected to contribute to the segment growth. Moreover, as consumers are becoming increasingly aware of the health benefits of essential oils, the preferences for food & beverage products with essential oils as additives has increased.
Europe is estimated to account for the largest share in 2017, followed by North America and Asia-Pacific. The European market for essential oils makes an important contribution to the global market due to growth in revenue of leading producers of flavourings.
The market is extensively studied for important countries of key regions such as North America, Europe, Asia Pacific and Rest of the World.
The leading players the global essential oils market are Cargill Inc., E.I. du Pont de Nemours and Company, Koninklijke DSM N.V., dôTERRA International LLC, Givaudan SA, Symrise, International Flavors & Fragrances Inc., Firmenich SA, Mane SA, Frutarom Industries Ltd, and Sensient Technologies Corp. Other prominent players of the essential oil market include Young Living Essential Oils, The Lebermuth Company, Inc., Rocky Mountain Oils LLC and Robertet SA among others.