Essential Oils Market Share | Industry Segment by Forecast to 2024
Market Overview
Global Essential Oils Market is expected to exhibit a robust 7.5% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The report provides a comprehensive outlook on the global essential oils market’s growth trajectory, including detailed information on the major drivers and restraints affecting the market and the market’s key players. The market is expected to reach a valuation of USD 12.74 billion by 2024, according to MRFR.
Essential oils are oils extracted from certain aromatic plans and, as the name suggests, contain the essential chemicals that define the scent of the particular plant. Essential oils are the substance that give the plants their definitive aroma. As a result, essential oils have found widespread demand for flavoring purposes in a range of industries such as food and beverage, cosmetics, aromatherapy, and more. The growing demand for natural flavoring products in the food and beverage and personal care products industries is likely to be a major driver for the global essential oils market over the forecast period. The growing organic foods industry has also driven the demand from the essential oils market.
Some essential oils also exhibit properties such as antibacterial and antifungal properties, and healing and anti-inflammatory properties. This has also been a key driver for the global essential oils market, which has witnessed a growing demand from the personal care products industry in recent years. The personal care products industry has exhibited a high demand for natural products that can make personal care products more functional, including the addition of healing and anti-inflammatory properties. The growing demand for antimicrobial soaps and other personal cleaning products, added to the growing clamor for the use of natural ingredients in place of conventional synthetic chemicals, is likely to be a major driver for the essential oils market over the forecast period.
Competitive Analysis
Leading players in the Global Essential Oils Market include G Baldwin & Co., doTerra, Rocky Mountains Oil, Young Living Essential Oils, Mountain Rose Herbs, Ryohin Keikaku Co. Ltd., Khadi Natural, Edens Garden, Frontier Natural Products Co-op, Plant Therapy Essential Oils, Florihana Distillerie, Biolandes, Falcon Essential Oils, St. Botanica, and Kama Ayurveda.
In September 2019, doTerra announced the opening of a corporate office in Colombia, to cater to the demand for locally registered products. doTerra has made expansion in South America a priority in recent months, and more activities are expected in the continent from the American company.
Segmentation
Global Essential Oils Market is segmented on the basis of type, application, and region.
By type, the global essential oils market is segmented into orange, lemon, peppermint, corn mint, Citronella, spearmint, clover leaf, eucalyptus, and others.
By application, the essential oils market is segmented into food and beverages, personal care products, aromatherapy, air care, and others.
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Regional Analysis
Europe is likely to be the dominant regional market for essential oils over the forecast period. The Europe market has witnessed growing demand for natural components in food and beverage, cosmetics, and pharmaceutical products in recent years, with the growing awareness about the merits of natural components leading to growing populist support. Recognizing the growing trend, companies in the region have emphasized on manufacturing products mostly relying on natural ingredients. The growing implementation of environmental preservation laws in Europe is also likely to drive the demand from the essential oils market, as essential oils represent a safe, environmentally viable option for flavoring in a number of applications. The growing demand for naturally flavored personal care products and pharmaceuticals in Europe is likely to be a major driver for the essential oils market over the forecast period.
The North America has also witnessed growing demand for natural flavoring in food and beverage and personal care products in recent years, with the increasing environmental awareness among consumers leading to a growing demand for sustainable production, including the use of natural ingredients over synthetic chemicals.
The Asia Pacific market is expected to grow robustly over the forecast period due to the growing demand for naturally flavored personal care products in the coming years.
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