The U.S. essential oil market is projected to reach USD 7.34 billion by 2024, according to a new report by Grand View Research, Inc. The demand for natural and organic products is splurging in the United States, and so is the consumption of essential oils by the personal care and cosmetics industries.
Use of essential oils as a flavoring and aromatic agents is flourishing across distinct industries including food & beverages, medical, cleaning & home, spa & relaxation and others. Moreover, the healing properties of the essential oils and rising popularity of natural products for treating medical ailments has propelled this growth.
The U.S. holds a prominent share in the essential oils market owing to beneficial government regulations and exemptions on import duty. The cosmetic industry is growing speedily around the globe and U.S. being the hub for many of these companies, demand for the essential oils is projected to witness rapid growth in upcoming years.
The market is in a growing stage and consists of a vast number of players. However, price sensitivity is one of the significant challenges posed by the companies. Moreover, limited availability of the raw materials and strict regulations on the harvesting and cultivation are some other hindering factors.
Full research report on U.S essential oil market analysis: http://www.grandviewresearch.com/industry-analysis/us-essential-oil-market
Further Key Findings from the Study Suggest:
-
Lemon oil is projected to grow at the highest CAGR from 2016 to 2024.
-
Frankincense essential oil expected to grow at an estimated CAGR of 9.4% in terms of revenue over the forecast period
-
Sandalwood, tea tree, frankincense, clove, rosemary, etc. oils observe significant demand from aromatherapy applications
-
Aromatherapy segment is expected to account for over 25% of the revenue share by 2024 and will probably witness an estimated CAGR of 9.2% during 2014 to 2024
-
The region is characterized by rising consumer disposable incomes and fast-paced expansion of the food & beverage industries
-
The fragrance application segment holds the largest market share and is expected to grow at CAGR of 8.8% over the forecast period
-
Numerous stews, sauces, soups, salad dressings, and beverages such as juices and alcoholic cocktails are highly enhanced using essential oils as flavoring agents
-
Influential companies operating in the market include Biolandes SAS, Young Living Essential Oils, doTerra International, Ungerer Limited, etc.
View more reports of this category by Grand View Research at: http://www.grandviewresearch.com/industry/food-additives-nutricosmetics-flavors-and-fragrances
Grand View Research has segmented the U.S essential oil market on the basis of product and application:
U.S. Essential Oils Product Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2024)
-
Frankincense
-
Lavender
-
Peppermint
-
Tea Tree
-
Sandalwood
-
Clove
-
Eucalyptus
-
Lemon
-
Lemongrass
-
Cedarwood
-
Rosemary
-
Thyme
-
Basil
-
Citronella
-
Spearmint
-
Others
U.S. Essential Oils Application Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2024)
-
Flavors
-
Fragrances
-
Aromatherapy
Read Our Blog: https://www.grandviewresearch.com/blog/essential-oils-market-size-share
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: sales@grandviewresearch.com
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
Website: http://www.grandviewresearch.com/industry-analysis/us-essential-oil-market