Essential Oil Market is expected to grow at the CAGR of 5.92%. Increasing application of essential oils in aromatherapy along with rising demand for fragrances especially in perfumers and soaps is driving the growth of essential oil market. Growing demand for flavors in food and beverages and high quality organic personal care products is boosting sales of various essential oils. Rising consumer awareness regarding health benefits associated essential oil due to its antidepressant, diuretic, anti-inflammatory, aphrodisiac and antiseptic properties is supporting the market growth in various application sector.
Globally, the essential oil market is projected to reach USD 18,956 million by 2023 with CAGR of 5.92%. APAC holds major market share followed by America in the year 2017. Essential oil market in APAC region will witness higher growth rate compare to other region during the forecast period. 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.
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Corn mint holds major market share of followed by orange essential oil due to increasing production of corn mint in APAC region especially in India and China. Corn mint and Orange together holds more than 57% of market share in the year 2017. Clove leaf essential oil market is projected to reach around USD 150 million by 2023 with CAGR of 6.09% and it is majorly produced in APAC region.
Numerous health benefits associated with essential oils are expected to drive the product demand in pharmaceutical and medical applications as it has no harmful side effects unlike most conventional drugs and medicines. This factor is influencing demand for pure essential oil for pharmaceutical application. Rising popularity of natural cosmetics and perfumes will change the dynamics of essential oil market in upcoming years. Food manufacturers have started replacing artificial colors and flavors with natural ingredients, which resulted in the increased demand for essential oils and other natural ingredients.
Major Key Players:
This report includes a study of strategies such as mergers and acquisitions, product launches by the major Essential Oil market players present in world. It further includes product portfolios, developments of leading major players which includes.
- Shiva sales corporation (India)
- Young Living (U.S.)
- Sydney Essential Oils (Australia)
- Biolandes (France)
- dōTERRA (U.S.)
- The Lebermuth Company (U.S.)
- Shaanxi Guanjie Technology Co., Ltd (China)
- Cosmetics/personal care industry
- Pharmaceutical Industry
- Retailers and wholesalers
- Traders, importers and exporters
- Essential oil Manufacturers
- Food and beverage Industry
- Agriculture Industry
- Fragrance/ Aromatherapy industry
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- Globally, application of Essential oil in aromatherapy is growing at higher rate of 6.19%
- Globally, corn mint and orange essential oil holds more than 57% of market share in the year 2017
The Global Essential oil market is projected to reach USD 18,956 million by 2023 with growth rate of 5.92%
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