Essential Oil Market | Industry Trend and Forecast to 2024
Market Overview
Essential Oil market is estimated to grow at 5.92% during the forecasted period 2017 to 2024. APAC region is estimated to dominate the market with more than 50% of market share followed by America in the year 2017. France, Italy and Germany are major essential oil producers in the Europe region. Increasing popularity of essential oil in aromatherapy and pharmaceuticals supporting various essential oil production in America and Europe region. U.S. and Canada are major essential oil market in the American region. Strong potential of essential oil production and rising application of essential oil in cosmetics and personal care supporting market growth among the various regions in the world.
Global essential oil market is projected to reach USD 18,956 million by 2024 with growth rate of 5.92%. Pure essential oil will grow at the CAGR of 6.16% during forecast period 2017 to 2024. Pure essential oil holds the major market share followed by compound essential oil in the year 2017. Corn mint and Orange together holds more than 57% of market share in the year 2017. Clove leaf essential oil market is projected to reach around USD 150 million by 2024 with CAGR of 6.09% and it is majorly produced in APAC region.
Essential oil extracted from orange due to its exceptional medical benefits including anti-inflammatory, antiseptic, and antidepressant. Essential oils are largely used in food and beverages as consumers are replacing herbs with essential oils to get more nutritional value in their food and beverage. Other use of essential oil are in health & wellness and in cleaning products as well since essential oil is sweet-smelling and a healthy substitutes for synthetic drugs. It is expected that due to all these the global essential oils market is expected to witness sustainable growth in coming years.
Major Key Players
The essential oils industry is developing at a very fast face. The industry is continuously involved in product innovations to meet up consumer demands. The key players are continuously putting their efforts to bring up new oils for the consumers. The research & development still remains the major focus area for the industries to differentiate their products in the competitive market. Product promotions and active social media still remains the same mode of promotional strategy for the key players currently operational in the market.
The key players profiled in Essential Oils Market report are Sydney Essential Oils (Australia), Young Living (U.S.), doTerra (U.S.), Biolandes (France), The Lebermuth Co., Inc.(U.S.), Shiv Sales Corporation (India), and Shaanxi Guanjie Technology Co., Ltd (India) among many others.
Regional Analysis:
Key players of the global essential oils market are North America, Europe and Asia Pacific. Among this Europe has the major market share followed by North America and is expected to maintain its dominant position in coming years due to the growing demand for natural cosmetic products, rising awareness and increasing adoption of innovative essential oil solutions in varied sectors where it is used. In North America high per capita income, governmental subsidies and tax benefits are encouraging the production and application of essential oils in various field. Rapid industrialization and increasing disposable consumer income are supporting the market growth in developing countries such as China and India.
Browse Complete Cooked Research Report Enabled with Respective Tables and Figures is Available @ https://www.marketresearchfuture.com/reports/essential-oils-market-2024
Industry Segments
Essential Oil Market has been divided into type, ingredients, application, and region.
On the Basis of Ingredients: Orange, Corn Mint, Chamomile, Lavender, Cedarwood, Eucalyptus, Clary Sage, Citronella, Litsea Cubeba, Citrodora, Peppermint, Basil, Clover Leaf, and Others
Based on Application: Fragrance & Flavor, Aromatherapy, Pharmaceutical, Cosmetics and Other
Based on Type: Pure Essential Oil, Compound Essential Oil, and Others
Based on Region: North America, Europe, Asia Pacific, and ROW
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.