Essential Oils Market is expected to foresee significant growth. Europe is expected to showcase significant growth!
- Vikas Kumar
- June 27, 2022
- CONSUMER GOODS, NEWS
- Essential Oils Market Forecast, Essential Oils Market Growth, Essential Oils Market News, Essential Oils Market Report, Essential Oils Market Share, Essential Oils Market Size, Essential Oils Market Trend
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The essential oils market is likely to grow at a CAGR of ~9% during the forecast period (2021-2027). Essential oils are liquid extracts of various potentially beneficial plants. They’re made from parts of certain plants like leaves, seeds, roots, and rinds. Essential oils usually have a stronger smell than the plants they are extracted from and contain higher levels of active ingredients. Moreover, it holds a prominent place in traditional and folk medicine around the world because they can benefit the human body in several ways. They are used in aromatherapy to manage stress and anxiety and help in curing fungal infections. Furthermore, essential oils extracted from different plants have different characteristics. For instance, Lavender oil’s relaxing fragrance helps in improving sleep quality, and tea tree oil has antimicrobial qualities. Further on, many essential oils have antioxidant properties, antioxidants help in preventing damage to cells caused by free radicals.
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Major factors driving the growth of the essential oils market include increase in demand for aromatherapy, the growing uses of essential oils in food & beverage, and cosmetic products and the usage of essential oils in various applications such as flavor & fragrance, and others. In pharmaceutical industry, essential oils are extensively used in capsules and tablets. The functional properties of essential oils make them crucial ingredients in the pharmaceutical industry for the production of capsules and tablets. Moreover, many enterprises are focusing on introducing new essential oil blends to match up with rising consumer preferences.
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Based on the type, the market is classified into orange, eucalyptus, lavender, peppermint, citronella, lemon, tea tree, clove, spearmint, and others. In 2020, orange oil accounted for a significant share of the global essential oils market. The growth of this segment can be attributed to the easy accessibility of orange essential oil, antimicrobial activity, pain relief, and anti-cancer properties. According to the National Center for Biotechnology Information of India, d-Limonene, the most abundant constituent of navel orange essential oil, has been shown to have anti-proliferative and apoptosis-inducing effects, thus it has been used as a chemopreventive and chemotherapeutic agent against multiple types of tumors.
On the basis of application, the market is categorized into an increase in demand for aromatherapy, the growing uses of essential oils in food & beverage, and cosmetic products. The food and beverages segment held the prominent revenue share in 2020 and is expected to grow at a robust CAGR during the forecast period. This can be accredited to strict government regulations regarding the safety of food and a limit on the usage of synthetic flavors and essence foodstuff. Essential oils are known for their health benefits, as they are natural ingredients that give the essence of the source they have been extracted from. They are used in food & beverages for adding flavor to the final products, and as substitutes for synthetic ingredients. As consumers are becoming aware of the health benefits of essential oils, the preferences for food & beverage products with these oils as additives has increased.
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In 2020, Europe accounted for the prominent share in the global essential oils market, and the region is expected to grow at a substantial growth rate during the forecast period. This can be attributed to the presence of developed end-use industries and rising awareness about the benefits of essential oils amongst consumers. Furthermore, continuous support from private and government organizations and their focus on creating awareness for essential oils is driving the market. For instance, the European Federation of Essential Oils (EFEO), represents producers and traders of essential oils and related products within Europe. It protects and promotes their interest and acts in defense of these products at relevant national, European, and international levels.
Some of the major players operating in the market include Cargill Inc., Firmenich SA, Rocky Mountain Oils LLC, Young Living Essential Oils LC., Sydney Essential Oil Company, Essential Oils Of New Zealand Ltd., Robertet SA, The Lebermuth Company Inc., Givaudan SA, West India Spices Inc.
Essential Oils Market Segmentation
Market Insight, by Type
Market Insight, by Method of Extraction
Market Insight, by Application
Market Insight, by Region
- North America Essential Oils Market
- Rest of North America
- Europe Essential Oils Market
- Rest of Europe
- Asia-Pacific Essential Oils Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Essential Oils Market
Top Company Profiles
- Cargill Inc.
- Firmenich SA
- Rocky Mountain Oils LLC
- Young Living Essential Oils LC.
- Sydney Essential Oil Company
- Essential Oils Of New Zealand Ltd.
- Robertet SA
- The Lebermuth Company Inc.
- Givaudan SA
- West India Spices Inc.