The global essential oil market is expected to reach USD 11.67 billion by 2022, according to a new report by Grand View Research, Inc. Growing consumer awareness regarding heath benefits associated with natural and organic personal care products is expected to remain a key driving factor for global essential oil market over the forecast period. Growth of organic product industry has prompted major manufacturers to shift their focus from synthetic to natural additives. Growing use of essential oil in the preparation of natural flavors and fragrances on account of their increasing demand across key end-use industries is also expected to fuel the market growth.
These fragrances provide stimulation in aromatherapy, massages, and other relaxation techniques. In addition, numerous health benefits associated with essential oils are anticipated to drive the product demand in medical and pharmaceutical applications. The product also has no detrimental side effects unlike most conventional drugs and medicines which has helped in penetrating the market further. Limited availability of key raw material and lack of awareness regarding benefits of essential oil particularly in under developed regions is expected to remain a key challenge for market participants.
U.S. essential oil market revenue by product, 2012-2022, (USD Million)
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Further key findings from the report suggest:
- Global essential oil market demand was 165.0 kilo tons in 2014 and is expected to grow at a CAGR of 8.6% from 2015 to 2022.
- Orange oil was the leading product segment and accounted for 29.1% of total market volume in 2014. Environmental friendly characteristics associated with orange oil makes it suitable for use in perfumes, household cleaners. Orange oil is also used as a biological pest control agent. Orange oil is also expected to witness the highest growth of 9.7% from 2015 to 2022.
- Food & beverages emerged as the most dominant application segment with demand share estimated over 30% in 2014. Growth of food & beverages industry particularly in Asia Pacific is expected to drive this segment over the forecast period. Spa & relaxation is also expected to witness significant gain in its market size on account of growth spa industry in South East Asia and South Asian countries.
- Europe was the leading regional market demand share exceeding 40% in 2014. Aware consumers regarding health benefits offered by organic products can be attributed to region’s leading position in the global market. Asia Pacific is expected to witness the highest growth of 9.2% from 2015 to 2022.
- Some major companies operating in the global essential oil market includes Biolandes, Sydney Essential Oils, HRF, The Leburmuth Company, Young Living Essential Oils, DoTerra, Essential Oils of New Zealand, Sydella Laboratoire, Farotti Essenze, Moksha Lifestyle Products, West India Spices Inc., Falcon and Ungerger Limited among others.
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