Mace Oil Market:
The essential oils market has grown owing to the fact that the beauty and health industries have awakened to consumers awareness of their benefits. Mace Oil is no different from oils like orange, mint, avocado, among others. This has caused a slow but steady spike in product demand due to its close relation to nutmeg oil. As a result, over the counter sales of all essential oils through retail outlets will increase almost in tandem with online sales made through various online platforms.
As a result of advanced methods of oil production, mace oil popularity has slowly climbed in regards to demand and distribution and thus will be set to exhibit balanced capacities on both fronts. The food and health industry occupies a large percentage of the market as they are known to add flavour and aroma to food and act as antioxidants. The spa and fragrance industries also saw an increase in the demand for mace oils. This is also as a result of its near relation to nutmeg oil.
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Market Key Player
India Essential Oils, Avi Naturals, Aromaaz International, Sanket Enterprises, Shiv Sales Corporation, AGRIM, Sri Venkatesh Aromas, Rakesh Sandal Industries, Misri Fumet, Blue Bell Fragrances, Kanta Group, Imperial Extracts, Ajowan Oil, A.G Industries
Mace oil saw its high integration in the health and fragrance industries and is used in massage oils in spas as a key ingredient seeing its similarity in properties with nutmeg oil. It is also now widely used in fragrances and soaps due to its sharp and spicy aroma notes which make it a preferred ingredient.
The Asia Pacific region accounted for over 10.0% in terms of value in 2018. The growth in this region is due to the large population along with various untapped markets, which therefore gives room for expansion in this region. Countries such as China have a rising urban population and projected a boost in sales of these oils. Several overall health benefits offered by these essential oils like mace are anticipated to fuel their demand in pharmaceutical and medical applications.
As of 2018, the essential oils market demand globally stood at 226.9 kilotons. In the next five years, it is projected to expand at a CAGR of 8.6%. This is a result of the steady growth of end-use industries such as food and beverage, cosmetics, and aromatherapy. Because of the overall health benefits of these oils due to their fairly low side effects, the industry has seen an incline towards the use of organic products by consumers.
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