The global essential oil market is segmented by product type into orange, corn mint, eucalyptus, citronella, pepper mint, lemon, clove leaf, lime, spearmint and others; by application into medical, food & beverages, spa & relaxation, cosmetics, cleaning & home and others and by regions. According to International Trade Administration, Australia has increased its essential oil imports by 40% in the period 2013 to 2017. The essential oil market is anticipated to witness CAGR of 8.9% during the forecast period i.e. 2018-2027.
The food & beverages application of the essential oil market is expected to be the dominating segment on the account of high application of essential oils in different food & beverages products. On the basis of product type, orange sub-segment is expected to lead during the forecast period on the account of its high use for flavor and aromas in different industries.
Europe is anticipated to dominate the essential oil market during the forecast period on the back of high demand from the cosmetic industries in this region. The rising demand from food and beverage industry is expected to drive the essential oil market during the forecast period. Additionally, the high production of essential oil in India is expected to propel the growth of the essential oil market in Asia Pacific region. North America is also expected to show substantial growth during the forecast period on the account of its rising application in personal care products.
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Steady Application in Personal Care Products
Essential oil are used for various personal care products which imparts fragrance. The rosemary is one of the major essential oil used for hair care products. Additionally, the rising demand for cosmetics and other personal care products is expected to drive the essential oils market. Moreover, high application of essential oil for aromatherapy is anticipated to propel the market growth of essential oils during the forecast period.
However, the complex technique for extraction of essential oil from specific plant species is expected to increase the price of essential oils. This is the major factor hindering the essential oil market over the forecast period.
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The report titled “Global Essential oil Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global essential oil market in terms of market segmentation by product type, by application and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global essential oil market which includes company profiling of Biolandess SAS, Sydney Essential Oil Co., Young Living Essential Oils, Frutarom, Firmnich, DoTerra, Rock Mountain Moksha Lifestyle, Flavex, Florihana, BO International. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global essential oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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