Essential Oil Market – Overview
Due to the increasing demand of pure essential oil in the market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Essential Oil Market Research Report- Forecast to 2023 that the essential oil market will demonstrate an exceptional CAGR while achieving.
Essential oil is used as a vital ingredient in many industries especially in fragrance and flavour, cosmetics, personal care, pharmaceuticals and aromatherapy. Increasing demand for high quality fragrances and flavor is supporting the demand of high quality essential oils. Increasing application of essential oil in pharmaceutical industry is boosting the demand of essential oils from last few years. The EU and Japan do not apply tariffs to essential oils from SADC or from other developing countries and neither does NAFTA nor the US. There are no quota restrictions on imports of essential oils into the EU. The only issue though is that the shipment must be accompanied by the requisite certificate of origin.
Each and every type of essential oil contents unique functional properties which provides numerous health benefits to human body. Due to increasing health awareness among consumers about health benefits of essential oil, the demand for essential oil especially for pharmaceutical application is boosting the essential oil market. The increasing use of e-commerce portal to buy essential oil products along with the rising number of box stores like Wal-Mart, pharmacies stores, grocery stores, convenience stores across the globe has strengthen the distribution network for various essential oil product manufacturers.
Latest Industry Updates
- May 2016 dōTERRA Increases North American Footprint, Expands into Canada with Two New Distribution Centers. The company also opened in new distillery in Bulgaria
- Nov 2016 France based essential oil companyBiolandes acquires Golgemma which is a also a French company and known for production of produces vanilla, black, white and pink pepper.
- Jan 2016 Sydney Essential Oil Co. (SEOC) expanded the production capacity of essential oil plant in Sydeney to capture more market share in Asia Pacific region especially in Australia and New Zealand
- Nov 2017 Organic Aromas, maker of premium aromatherapy products for the home and professional-use markets, has announced to further launch several unique and premium new products due to increasing demand of high quality essential oil in aromatherapy.
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Essential Oil Market – Competitive Analysis
In 2017, Young Living Essential Oils Acquires Life Matters whereas in 2016, the young essential oil launched Ledum essential oil which is produced through steam distillation of the flowering tops of the plant and has a high concentration of limonene. It has traditionally been used to support the liver and kidneys. In the same year, Biolandes acquires Golgemma to increase its presence in Europe.
The leading market players in the Global Essential oil market primarily are Young Living (U.S.), doTerra (U.S.), Biolandes (France), The Lebermuth Co., Inc.(U.S.), Sydney Essential Oils (Australia), Shiv Sales Corporation (India) and Shaanxi Guanjie Technology Co., Ltd (India)
Essential Oil Market – Segments
The global Essential Oil market has been divided into type, ingredients, application and region.
- On The Basis Of Type: Pure essential oil, Compound essential oil and others
- On The Basis Of Ingredients: Orange, Corn mint, Cedarwood, Eucalyptus, Chamomile, Lavender, Clary sage, Citronella, Litsea cubeba, Citrodora, Peppermint, Basil, Clove Leaf and Others
- On The Basis Of Application: Fragrance & Flavor, Aromatherapy, Pharmaceutical, Cosmetics and Other
- On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Essential Oil Market – Regional Analysis
U.S., China and India are the major producers, consumer and exporter of Essential Oil in the world. Essential oil market in India will witness higher growth rate during the forecasting period 2017 to 2023. Essential Oil market in U.S. is growing at CAGR of 6.08% backed by advancement in processing technology of essential oil by manufacturers. China and Indonesia are one of the fastest growing essential oil producing countries in the world. The top five emerging countries in Essential Oil are India, China, Indonesia, U.S. and Canada. The world demand for essential oil is growing rapidly especially in developing countries like India and China due to rising awareness about health benefits of essential oil and improving economic condition.
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