The
global essential
oil market is expected to reach USD 13.94 billion by 2024,
according to a new report by Grand View Research, Inc. Increasing awareness as
well as willingness to buy organic and natural products is expected to force
market participants to employ essential oils in the production process. The
shift of focus from synthetic to natural products is likely to trigger market
growth over the forecast period.
Increasing
demand for flavors & fragrances from various applications including
personal care, home care, food & beverages, aromatherapy, etc. has prompted
the essential oils demand as these oils are used as key ingredients in
fragrances and flavors. Numerous other advantageous product properties such as
antiseptic, aphrodisiac, anti-inflammatory, antidepressant, antispasmodic,
diuretic, and tonic are expected to boost essential oil demand in industrial,
medicinal, and domestic applications.
The
lower raw material conversion rate for essential oils production in addition to
unique processes requiring massive capital investment is expected to pose
challenges to market participants. Limited raw material availability as
different crops are grown in the various countries only to obtain high-quality
products is also anticipated to challenge the market growth.
Browse full research report on Essential Oils Market: https://www.grandviewresearch.com/industry-analysis/essential-oils-market
Further
key findings from the report suggest:
- Global
essential oil market demand was 178.8 kilo tons in 2015 and is expected to
exceed 370 kilo tons by 2024, growing at a CAGR of 8.4% from 2016 to 2024
- Orange oil
emerged as the major product and accounted for 29.4% of total market
volume in 2015. It is also expected to witness the highest growth rate
over the forecast period. Increasing orange oil demand in food & beverages,
personal care and cleaning agents is expected to foster the segment
growth.
- Food &
beverages industry was the leading consumer of essential oil and accounted
for 34.6% of total market volume in 2015. It is also expected to witness
the highest growth of 9.0% over the forecast period.
- Essential
oils demand from spa & relaxation application is expected to grow at a
CAGR of 8.7% from 2016 to 2024. Essential oils have a great soothing and
calming effect on the nervous system and are also beneficial in blood
circulation stimulation, which has triggered the essential oils demand
from spa & relaxation application segment.
- Europe was
the leading regional market and accounted for 43.5% of global demand in
2015. High demand for food & beverages and natural personal care
products has spurred the regional market growth in upcoming years.
- Asia Pacific
essential oil market is expected grow at an estimated CAGR of 9.0% from
2016 to 2024 to emerge as the fastest growing regional market. Increasing
interest and awareness regarding essential oils and natural products are
expected to foster the regional market.
- Some leading
companies operating in the global market include Biolandes, Sydney
Essential Oils, HRF, The Lebermuth Company, Young Living Essential Oils,
doTerra, Essential Oils of New Zealand, Sydella Laboratoire, Farotti
Essenze, Moksha Lifestyle Products, West India Spices Inc., Falcon and
Ungerer Limited.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/food-additives-nutricosmetics-flavors-and-fragrances
Grand
View Research has segmented the global essential oil market on the basis of
product, application and region:
Essential
Oil Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
- Orange
- Corn Mint
- Eucalyptus
- Citronella
- Pepper Mint
- Lemon
- Clove Leaf
- Lime
- Spearmint
- Others
Essential
Oil Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
- Medical
- Food &
Beverages
- Spa &
Relaxation
- Cleaning
& Home
- Others
Essential
Oil Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
- North America
- U.S.
- Europe
- Germany
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Middle East
& Africa
- Central &
South America
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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