Global essential oil market volume was approximate at USD 5.50 billion in 2014. Rising essential oil access in aromatherapy along with increasing requirement for smell and savour in beverage and food is estimated to stay a major driving aspect for the market.
Growing customer preference for natural product has directed to the expansion of original application in individual beauty and care products. Increasing use possibility because of rising consumer alertness regarding fitness benefits and insignificant side effects linked with essential oil is anticipated to encourage their requirement in the health industry.
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Rising requirement for aromatic essence and scent in perfumes, cosmetics, as well as application and relaxation is anticipated to augment the demand over the forecast period. Essential oil is in addition extensively used in home products & cleaning due to its higher antiseptic and antibacterial properties. Consumers are keen on specific products, as different applications need precise characteristics.
Commodities used in spa applications, medical, and food & beverage must be generally recognized as safe, which is not essential when used in former applications. Excessive quantity of plant material are necessary to make one ounce of oil and growing awareness about source reductions are anticipated to remain major challenge for the industry.
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The industry is divided into products, applications, and regions. Product wise orange oil had the highest value of more than $ 1223 million in 2014 due to the unique characters of the oil like antidepressant, aphrodisiac, diuretic, antiseptic, and anti-inflammatory and is anticipated to propel the market growth. Corn mint oil is anticipated to rise at 9.3% CAGR from 2015 to 2022 due to more menthol in it with numerous benefits related to health.
The application sector can be segmented as per their usage into flavour and aroma in food and beverages, medical, home & cleaning, spas & relaxations, and others. Food and beverage witnessed more than 30% global share by volume and is expected at 9.1% CAGR from 2015 to 2022.
Europe had the largest market with over $ 2.4 billion in 2014 but is anticipated to stay inactive being saturated. North America followed Europe. Asia Pacific is going to witness the fastest growth due to fast industrialization, increasing income of individuals, awareness & knowledge of consumers as well as rising requirement of spa & relaxation and food & beverage market.
The key players are Biolandes, West India Spices Inc., Sydney Essential Oils, Farotti Essenze, HRF, Falcon, and The Lebermuth Company.
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