Market Overview
Market Research Future (MRFR) studied the essential oils market 2020 along the analysis period till 2023. Between 2017 and 2023, the essential oils market can rise at 5.92% CAGR. By 2023, the essential oil market can generate revenue of USD 12.74 Bn. The availability of effective technologies and equipment for the extraction of essential oils from different sources, such as orange, peppermint, lemon, corn mint, spearmint, citronella, eucalyptus, and clove leaf, can benefit the essential oil market. The food and beverages applications of essential oils as aromatic agents can boost their sales. The increase in demand for luxury food and rise in number of hostels and restaurants can influence market. Personal care and cosmetics utility of essential oils due to their antibacterial, healing, antifungal, anti-inflammatory, and antiseptic properties can benefit the market. Moreover, the spreading awareness about their medical benefits can add to the market surge. The inclination of people towards aromatherapy is boosting sales of aromatizers that can further catalyze the market expansion. Industrialization and urbanization are other major cause that are creating traction for aromatics and flavors, thus can promote the essential oil market.
Market Segmentation
The segment study of the global essential oils market is done by type, and application.
The type-based segments of the global essential oils market are orange oil, peppermint oil, lemon oil, corn mint oil, spearmint oil, citronella oil, clove leaf oil, and eucalyptus oil among others.
The application-based segments of the global essential oils market are aromatherapy, personal care, food & beverages, and air care among others. The aromatherapy segment can rise at high pace, while personal care segment can earn considerable revenue in the years to come.
Regional Analysis
The regional analysis of the Essential Oils Market is studied for North America, Asia Pacific, and Europe. Asia Pacific essential oil market can experience high CAGR, following North America; suggests MRFR analysis. The essential oil market in Asia Pacific can dominate the global market in the years to come. The gradual rise in demand for different natural cosmetic products and increase in awareness about innovative essential oil solutions can promote expansion of the regional market. MRFR study reveals that Asia Pacific market can register decent CAGR in the forecast tenure. The introduction of various essential oils processors that can cater high essential oil demand is another cause that can promote the market in the analysis period. The upscaling demand of essential oils as an ingredient in different cuisine and beverages can benefit the regional market. The expansion of food processing industries and surge in demand for natural fragrance ingredients in the cosmetic and personal care industry can further drive the market expansion.
In North America, the per capita surge in income and relaxation of governmental tax and subsidies benefits for encouraging production and usage of essential oils in numerous fields can support expansion of the regional market. Other causes, such as; rapid expansion of industry and hike in disposable consumer income can support the essential oil market in North America.
Europe essential oils market can garner high revenue in the study period. The existence of a large number of cosmetic producers in the region can favor the regional essential oil market upsurge. In addition, the change in consumer trends towards organic cosmetic and less toxic personal care products can boost EU essential oils market. In addition, the widespread application of aromatherapy is likely to further catalyze the regional market expansion in the near future.
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Competitive Analysis
MRFR studied key players in the essential oil market to gain insights on the competitive landscape of the market. Young Living (U.S.), Shiva sales corporation (India), Sydney Essential Oils (Australia), dōTERRA (U.S.), Biolandes (France), Shaanxi Guanjie Technology Co., Ltd (China), and The Lebermuth Company (U.S.) among others are some of the reputed companies that are functioning in the essential oil market. The increase in production of essential oil due to their growing demand owing to their aromatic richness and medical benefits are creating scope for investors to introduce effective solutions. Mergers among players and partnerships among existing and new players are resulting in funding the development of essential oils with unique characteristics that requires significant capital investment and advanced machines. Multinational corporations are dedicated to launch new products that offer enhanced consumer experience. The integration of modern technologies to research, manufacture, market, and maintain value chain at high affordability can aid key players, add momentum to the market.
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