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.
Full research report on essential oil market analysis:
http://www.grandviewresearch.com/industry-analysis/essential-oils-market
http://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.
View more reports
of this category by Grand View Research at: 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
o U.S.
·
Europe
o Germany
o France
o UK
·
Asia Pacific
o China
o India
o Japan
·
Middle East & Africa
·
Central & South America
Access Full Press Release of this
Report:
https://www.grandviewresearch.com/press-release/global-essential-oil-market
https://www.grandviewresearch.com/press-release/global-essential-oil-market
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.
For more information: https://www.grandviewresearch.com/