Market Scenario:
The global essential oil market is predicted to expand at a 5.92% CAGR over the forecast period (2017-2023) owing to the growing application of essential oil in cosmetics and personal care, asserts Market Research Future (MRFR). Essential oil is also referred to as volatile/ethereal/aetherolea oils and is derived from roots, stems, bark, flowers, leaves, or other parts of a plant. Essential oils are used extensively in food items, toiletries and cosmetics, and beverages.
Drivers and Constraints Impacting the Market
With the rising application in aromatherapy along with growing demand for fragrances and flavors in personal care and food and beverages is predicted to drive the market growth for essential oil over the forecast period. The growing consumer disposable income coupled with the rapid expansion of food and beverage industries are predicted to contribute to the market growth over the assessment period. Various health benefits related to essential oils are also anticipated to drive the market over the review period. For instance, the scents offer stimulation in massage, aromatherapy, and other relaxation techniques and have no detrimental side effects.
On the flip side, the availability of synthetic substitutes, high price of essential oils, and limited availability of raw materials are restraining the market growth during the forecast period. Moreover, lack of awareness among the consumers can hamper the market growth in the coming years.
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Industry News:
Dingchuan tang, a formula of nine herbs, has been used to treat respiratory inflammatory diseases for more than 400 years in the People’s Republic of China. The mechanisms underlying the anti-inflammatory action of dingchuan tang is not fully understood. This study aims to investigate the effects of Dingchuan tang essential oil on inflammatory mediators and the underlying mechanism of action.
Competitive Analysis:
The key players operating the global essential oils market are Sydney Essential Oils (Australia), The Lebermuth Co. Inc. (U.S.), Biolandes (France), Young Living (U.S.), doTerra (U.S.), Shaanxi Guanjie Technology Co. Ltd (India), Shiv Sales Corporation (India), and more.
Segmental Analysis:
The global essential oil market has been segmented on the basis of ingredients, type, application, and region.
By mode of type, the orange oil is predicted to be the fastest and the most significant segment owing to the increasing demand for orange oils as a raw material in cleaning agent and personal care industry. The mounting consumption of orange oils by the aging population has stimulated the development of therapeutic application. Due to the rising demand for aromas and flavors in medicine, food and beverages, and spa & relaxation, the demand is expected to grow over the forecast period.
Corn mint oil segment is considered to be the second largest and the fastest growing segment. High menthol leaves in the product have stimulated the growth in household products and cleaning agents. The antibacterial and antioxidant properties present in the corn mint oil is extensively used in medical applications in treating toothache, indigestion, rheumatic pain, neuralgia, and laryngitis. This is likely to foster the market growth.
By mode of application, the food and beverage segment is likely to be the leading segment owing to the growing consumer income across developing countries. Also, high demand for premium cuisine is expected to foster the market growth. Rosemary, coriander, anise, citronella, basil, orange, asafetida, spearmint, lemon, and others are extensively used to extract oil and improve flavor in food and beverages.
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Regional Insights:
Geographically, the Essential Oil Market spans across regions namely, America, Europe, Asia Pacific, and Rest-of-the-World.
Among all the regions, Asia Pacific holds the major market share closely followed by America. The Asia Pacific region is predicted to maintain its dominance over the assessment period owing to the increasing demand for natural cosmetic products, growing adoption of innovative essential oil, and rising awareness in several application sectors.
America is anticipated to witness a significant growth owing to the high per capita income, tax benefits, and government subsidies encouraging the application and production of essential oils in several fields.
The growing disposable consumer income coupled with rapid urbanization are supporting the market growth in countries such as India and China in the Asia Pacific region.
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