“We have produced a new premium report Essential Oils Market. The report covers the analysis of global as well as regional markets of Essential Oils. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. The report also deep dives into the sub-segments of Essential Oils Market by product type (clove leaf, citronella, corn mint, eucalyptus, lemon, lime, spearmint), application (aromatherapy, cosmetics, toiletries, cleaning, home, food, beverages, SPA, relaxation, massage oil, personal care) through main geographies in the global market such as North America, Europe, Asia-Pacific and RoW. According to report the global essential oils market is projected to grow at a CAGR of 9.3% over the forecast period of 2018-2024.
The report covers market changing dynamics including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the Essential Oils Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Essential Oils Market are Biolandes SAS, H.Reynaude & Fils, Farotti S.R.L., Essential Oils of New Zealand Ltd., Young Living Essential Oils, The Lebermuth Company, Inc., Symrise, Robertet SA, doTerra International and Rocky Mountain Oils LLC.”
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Increase in preference of consumers for natural essential oil is driving the demand for essential oils market over the forecast period
Essential oils are special natural plant product with different biological properties. Essential oils are primarily used in cosmetics & toiletries, food items and beverages. Essential oils are also known as volatile oil. Essential oil is obtained from various herbs and plants, such as orange, eucalyptus, corn mint, peppermint, citronella, lemon, lime cloverleaf, and spearmint, using distillation methods such as steam and water distillation. Rising standard of living and rise in per capita income leading to increased spending in spa and relaxation industries are the major factors driving the growth of the essential oils market. Additionally, rapid expansion of food and beverage industries are expected to contribute major demand for fragrance and flavors produced using essential oils. However, availability of synthetic substitutes and limited availability of raw materials available for manufacturing are the factors restraining the growth of the market. On the other hand, lack of awareness regarding usage of essential oils and its benefits among consumers in the developing countries is hampering the growth of the essential oils market. Moreover, government support and favorable laws and regulations are likely to provide huge growth opportunities for the key players in the essential oils market. Some of the companies engaged in the development and expansion of this industry include H. Reynaud & Fils, The Lebermuth Company, and DoTerra. High entry barriers owing to advancement in technology and cost of capital are likely to maintain low competition among industrial participants.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
Among the geographies, Asia pacific is expected to be the fastest growing region in terms of revenue. Owing to the increasing medical applications and awareness regarding health benefits of essential oils are expected to witness high growth in this region. Europe is anticipated to account for the largest market in the terms of food and beverages and personal care products in the European region. North America, which closely follows the European market, is predicted to record a stable increase in its market share over the upcoming years.