ReportCrux Market Research has published a new report titled “Essential Oils Market Segmented by Type (Lemon, Orange, Lime, Cornmint and Others); by Application (Spa & Relaxation, Food & beverage, Medical, Others); by Method of Extraction (Carbon dioxide extraction, Distillation, Solvent extraction, Cold press extraction and Others); by Distribution Channel (Direct Distribution, Retail Distribution) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027
Global essential oils Market is estimated to grow from USD 8.64 Billion in 2019 to reach USD 17.36 Billion by 2027, at a CAGR of 9.1% during the forecast period from 2020-2027.
Global essential oils market is set to grow from 1,86,321 MT in 2019 to 3,38,972 MT in 2027
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Essential oil is a liquid that is extracted from the flowers, roots, seeds, leaves and stems of the plant and are antimicrobial, antifungal, antiviral and antibacterial. The most commonly used essential oils are extracted from orange, cornmint, lavender, lemon, peppermint, tea tree and similar. Essential oils are most commonly used for aromatherapy, home care & cleaning, cosmetics, fragrance and food & beverage applications. Economic factors such as increasing disposable income among the consumers as well as the rising number of double income households are leading to the increased demand for essential oils globally.
Europe reported the highest share of 37% of the global essential oils market in 2019
European people strongly believe that natural ingredients are safer when compared to the synthetic ones. This has urged various producers in this region to produce different innovative and advanced products with the essential oil content. Along from this, higher standard of living and early developed economy are contributing to the growth of essential oils market in this region.
Major leading industry players have their presence in the European market due to the easily available feedstocks. Also, various trade policies and import activities lead to the growing market. Various leading flavor houses like Firmenich SA, Givaudan, Symrise AG, Biolandes and similar are from different European countries.
Asia Pacific is expected to grow with the fastest CAGR of 9.6% over the forecast period of 2020 to 2027. Various factors like untapped markets and presence of large population are driving the growth in this region for essential oils. Also, consumers in the developing countries are shifting their preferences from synthetic oils to essential oils with the natural ingredients. Different essential oils with flavors like spearmint and peppermint have showing growing demand in the recent years.
Apart from this, various developing countries like Indonesia, India and Brazil are becoming the largest producers of the essential oils on a global level. India is considered as the largest producer of mint oils with contributing to more than 85% of the global production. Brazil is considered to be contributing to more than 60% of the global orange oil production. Similarly, Indonesia produces more than 75% of the global clove oil.
Orange oil type contributed for the largest share of about 26% from global essential oil market in 2019
The orange oil segment generated maximum revenue and is expected to dominate the market in the near future. As orange oil is thought to tone, firm it and promote the elasticity of the skin; various cosmetic companies are using orange essential oil in their products so as to improve their product value and develop the sensory appeal.
The high share of this segment can also be attributed to its properties of being non-greasy, eco-friendly thus making it suitable for different therapeutic products, pest controls and household cleaners. Orange oil is also useful in enhancing the quality of nails, hair along with skin, thus increasing its demand in women.
Apart from this, the peppermint essential oil market is also considered one of the most potential market due o the versatile properties of this oil. Peppermint oil can be used aromatically, topically as well as internally. This oil is also used widely in the healthcare applications related to the treatment of muscle pain, sinus, cold and headaches.
By Application, Spa & Relaxation contributed for maximum share of 42% of total essential oil market in 2019
Spa & Relaxation segment dominated the market and is expected to show fastest growth of 9.6% during the forecast period. Essential oils are volatile liquids that have properties like antimicrobial and antioxidant which help in treating different stress-related diseases and depression. Changing lifestyle of the consumers globally is attracting different spa & relaxation therapies.
These essential oils are also used while doing acupuncture, topical care and massage therapies. Hence the changing lifestyle leading to depression and high stress coupled with increasing disposable income has boosted the market demand for the aromatherapy market.
Apart from this, the food & beverage application segment has also emerged as one of the major contributors to the global market. It accounted for about 39% of the global market and is expected to grow at a faster CAGR from 2020 to 2027. Essential oils have antimicrobial properties which help in preserving the food & beverage products for a much longer duration. Also, increasing demand for minimally processed, safe and natural food across the globe has substantially boosted the market growth.
Retail Selling segmented accounted for about 63% of the global essential oils market in 2019
Increasing awareness among people regarding the essential oils has boosted the overall retail market and different sub sales channel under it. High consumer awareness along with their rising demand for natural organic ingredients is expected to increase the sales of essential oils globally. Various retail companies are investing huge amounts in the essential oil-based products, thus driving the market.
Various companies like Young Living Essential Oils, doTerra and similar have started adopting different multi-level marketing strategies to enhance their sales. Also, many wholesalers and importers have started launching their own websites apart from their OTC sales channels. Due to the increasing growth rate of retail selling, various distributers are concentrating on online sales thus increasing their geographic reach.
Distillation segment from the extraction methods dominated the essential oils market in 2019
Distillation segment accounted for more than 35% of the overall essential oils market. Distillation is one of the key methods which is used for extraction of the essential oils. Various methods like steam distillation, water distillation and water & steam distillation are used for extracting the essential oils.
While doing distillation, the components of a mixture are being separated by evaporating the entire liquid and then the vapor is condensed into the liquid. While extracting the essential oils which are volatile in nature by distillation method, the water-insoluble substances are separated from the nonvolatile materials.
The report provides key player analysis along with company revenue shares in order to give a broader overview of the market players in the essential oils market.
By Type
By Application
By Method of Extraction
By Distribution Channel
By Region
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