The worldwide essential oils market size is anticipated to reach nearly USD 14 billion by 2024 due to consumer preference for natural products, finds Grand View Research, Inc. The market is projected to grow at a CAGR above 8% from 2016 to exceed 370 kilotons by 2024. Essential oils are derived using natural ingredients that are readily available in herbs, spices, fruits, flowers, and others. Steam distillation, enfleurage, and phytonic process are some of the methods used to extract these oils.
The increasing demand for flavors and fragrances in personal care products, foods, and beverages is expected to drive essential oil market growth over the forecast period (2014 to 2024). Increasing expendable incomes in developing countries coupled with high demand for aromatic flavors in perfumes and cosmetics are predicted to open up new avenues for growth. Benefits of essential oils in medicinal and industrial applications are predicted to augment market demand till 2024.
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U.S. essential oil market revenue by product, 2014 – 2024 (USD Million)
Technological breakthroughs have led to the application of essential oils in putty toys for kids, aromatic furniture pieces, inhalers, and sheet sprays. Lavender oils have recently found use in putting kids to sleep. ForestPlus Oils, a New Zealand based company, was recently awarded for its essential oil product made primarily from pines. The efficacy of Lantana camara oil against adult mosquitoes as well as their larvae culminated in commercialization of the oil in Burkina Faso. However, limited raw material availability and high production costs are some of the factors that can pose a challenge to market growth.
The global essential oils market is segmented by product, application, and region. By product, the market is divided into lime, orange, corn mint, eucalyptus, pepper mint, lemon, spearmint, clove leaf, citronella, and others. The orange segment was expected to grow at a robust rate during the forecast period due to its demand in personal care and food and beverages sectors. Major market applications include cleaning and home, spa and relaxation, food and beverages, medical, and others. The food and beverage application segment is anticipated to exhibit a 9% CAGR during the forecast period on account of consumer preferences of a nutritious and balanced diet.
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Regions covered in the report are divided into Central and South America (CSA), North America, Asia Pacific (APAC), Europe, and Middle East and Africa (MEA). Europe had a valuation of over USD 2.5 billion in 2015. But this estimation is expected to grow due to a steady demand for nutraceuticals, cosmetic products, and medicines in forthcoming years. North America is anticipated a good growth rate during the forecast period on account of governmental subsidies to new and developed industries, and high expendable incomes of consumers. Favorable government policies and negligible import taxes in the U.S region can further support regional growth in North America.
The APAC region is projected to grow rapidly till 2024 due to increasing consumer awareness and demand for essential oil inclusion in healthcare and aromatherapy applications. It is expected to display a 9% CAGR from 2016 to 2024. MEA is anticipated to display a steady growth rate in near future due to consumer preference for aromatic oils and perfumes. Reputed manufacturers are using agarwood in their concoctions in an attempt to appeal to more consumers. In addition, Uganda is anticipated to showcase rise in demand for cosmetic products made from natural ingredients due to consumer preference and abundance of trees such as cinnamon ginger, eucalyptus, and neem.
Prominent players in the essential oils market include Essential Oils of New Zealand, Sydney Essential Oils, Young Living Essential Oils, Biolandes, and Moksha Lifestyle Products. Technological innovations and novel product launches are the chief strategies being used by most players to sustain market hold. For instance, Young Living Essential Oils recently unveiled a new distillery plant due to the discovery of a new distilling technology. The emergence of ahilflower and algae oil applications is considered as a sign of consumer shift toward organic products. The latent ability of ahilflower to improve the immune system in humans may lead to its further research and subsequent applications in the global market.
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