Market Research Report
Essential oils, often called as ethereal or volatile oils are very complex natural mixtures of lipophilic substances. They are aromatic oily liquids categorized by a strong odour and are extracted from various plant material as secondary metabolites. Essential oils are volatile, transparent and rarely coloured liquids, which are soluble in organic solvents, having a lower density than water. These oils are often used for their essence and therapeutic properties in an extensive range of products including medicines, foods, cosmetics etc. Moreover, they have vast applications in personal care products for enhancing skin, cleansing mouth, gums, & teeth, and other overall hygiene.
The market value of essential oils is growing steadily, propelled by the industrialization and urbanization of emerging economies coupled with new demand avenues in established markets. Additionally, novel applications, such as biofuels, are opening new possibilities for the utilization of essential oils that could turn into lucrative future businesses. 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.
The global essential oils market is estimated and forecasted in terms of revenue (USD million) generated by the global market. The global market is valued at USD 8703.00 million in 2017 and projected to grow at a CAGR of 7.68% during the forecast period 2019 to 2024. The report analyses the global essential oils market based on products, application and geography. Based on products, the market is segmented into orange, lemon, lime, peppermint, corn mint, citronella, spearmint, geranium, clove leaf, eucalyptus, jasmine, rosemary, tea tree, lavender and others. Among these products, the orange oil segment accounted for the highest market share in 2017, owing to its antidepressant, anti-inflammatory, and antispasmodic characteristics. Orange oil is mainly used in food & beverages to impart citrus flavour and freshness to the final product. As customers are becoming increasingly aware of the health benefits of essential oils, the preferences for food & beverage products with these oils as additives has augmented.
The global essential oils market finds major applications in food & beverages, personal care & cosmetics, spa & relaxation, home care, health care and others. 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. Spearmint, basil, citronella, orange, lemon, rosemary, and others are progressively being used to extract oils and improve flavor in food & beverages instead of adding herbs and spices. Rising demand for attractive color and taste in local dishes are further fuelling to market growth.
By geography, the global essential oils market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, and Rest of the world. 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 growth of the global market. This fact is shown by the growth in revenue of leading producers of flavourings. Most of these manufactures are grounded in Europe, producing flavourings for many food & beverage manufacturers in this region. Some examples comprise of Givaudan (Switzerland), Symrise (Germany) and MANE (France). In addition to this, the Asia-Pacific region is expected to grow at a lucrative growth rate during the forecast period. This growth is attributed to rapid industrialization, growing consumer disposable income, and increasing awareness regarding essential oils and natural.
Some of the major players operating in the global essential oils market include 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. Market players are involved in product launches and collaboration agreements to exploit maximum revenue potential in global essential oils market. For instance, in December 2017, Cargill introduced the lowest saturated fat, high oleic canola oil available to commercial food customers worldwide. The oil is made from a canola hybrid that contains 4.5 percent or less saturated fat, also it reduces saturated fat content 35 percent from previous canola oil generations.
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