Global essential oils market is expected to reach USD 16.2 Billion by 2025 at a CAGR of 9.4% during the forecast period from 2018-2025. Consumer preference towards natural products for personal care and medical treatments and increasing demand for flavors and fragrances from key end-use industries are the two factors propelling the growth of the market.
Essential oils are also known as volatile oils which are extracted from leaves, stems, flowers, bark, roots, or other parts of a plant. The essential oil is derived from various herbs and plants, such as orange, eucalyptus, corn mint, peppermint, lemon, and spearmint by using distillation methods such as steam and water distillation. An essential oil contains volatile aroma compounds and real essence of the plant from which it has been sourced out. These oils are chiefly used in cosmetics & toiletries, food items, and beverages. It is a kind of natural product obtained from a single plant species. For instance, Young Living Essential Oils expanded its essential oil’s portfolio with the launch of several products namely Northern Lights Black Spruce, Cool Azul, Light the Fire, and NEW Jade Lemon which provides a blend of oils to meet out varying consumer needs.
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- The base year for the study has been considered 2017, the historic year 2015 and 2016 and, the forecast period considered is from 2018 to 2025. The essential oils market is analyzed by value (USD Billion) and volume (K Tons).
- The report provides the key data of Production (K Tons), Consumption (K Tons), Import & Export (K Tons), Demand, Supply, and Gap Analysis to understand the present and future scenario of the market.
- The study delivers a comprehensive analysis of global essential oils market by product, application, channels of distribution and regions.
- The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2018 to 2025.
- Porter’s Five Forces model is used to recognize the competitive scenario in the essential oils market. This report incorporates the industry analysis which is focused on providing an extensive view of the essential oils market.
- The study also includes attractiveness analysis of product, application, channels of distribution and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the essential oils market and a comparative analysis based on their business overviews, industry offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Consumer inclination towards natural products for personal care and medical treatments.
- Mounting demand of flavors and fragrances from key end-use industries
- Adoption of natural & herbal treatment along with growing economic standards has increased essential oils demand.
- Increasing reliability over natural and organic ingredients in cosmetic formulations is likely to promote product demand.
- Shortage of raw materials
- Various health problems caused by essential oils
- Rising trend for clean labeling is motivating end-use industries to make use of natural ingredients in their products to meet varied customer needs.
- Lack of consumer awareness in developing markets
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region is dominating the market with the highest share of 40.40% in 2017 because of huge population along with various untapped markets which are projected to attract attention of key players to expand and establish their operational and distribution facilities in this region.
The major players ofmarketinclude Essential Oilsmarket are DoTerra; Young Living Essential Oils; Essential Oils of New Zealand; The Lebermuth Company; NOW Foods; India Essential Oils; FlavexNaturextrakte GmbH; Ungerer and Company, Inc.; and West India Spices Inc., Biolandes, Sydney Essential Oils Co. Pty Ltd, Farotti SRL, Essential Oils of New Zealand, H.Reynaude&Fils, Moksha Lifestyle Products
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