Essential Oils Market Expected to Reach USD 14.1 Billion by 2026
According to the report, The global Essential Oils market in 2019 was approximately USD 7 Billion. The market is expected to grow at a CAGR of 9.3% and is anticipated to reach around USD 14.1 Billion by 2026.
The essential oils are liquids extracted from the stems, leaves, seeds, roots, or flowers of the specific plant. Some of the common essential oil sources include tea tree, lavender, orange, lemon, peppermint, and others. The essential oils are considered to possess antibacterial, antifungal, antiviral, and antimicrobial properties. Furthermore, the ability of essential oils to by-pass the digestive system has increased its use in improving digestion. It is also used in infants to help swallow capsules or tablets and also for improving the oxygenation in some individuals.
The growth of the essential oils market is basically due to the rising utilization of essential oils in myriad applications such as aromatherapies, flavor & fragrance, etc. Additionally, the healing properties of essential oils are likely to further help propel the growth of the global Essential Oils market during the forecast period. The growing acceptance of essential oils in commercial, residential, and industrial application helps expand the market. The surging demand for natural preservatives is anticipated to increase the sales of essential oils, as well as provide new opportunities, during the forecast period. However, the high costs of essential oils are one of the key factors predicted to hamper the Essential Oils market.
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Market Segment Dominance:
Orange is expected to lead the global Essential Oils market
The orange category is anticipated to dominate the global Essential Oils market due to the non-greasy and eco-friendly extraction processes. Furthermore, its suitable application in the pest controls, household cleaners, and therapeutic products further help surge the market growth. Apart from this, the increasing sales of orange essential oil in the fragrance industry are projected to bolster market expansion.
Food and Beverage category accounts for the majority of the market share of the global Essential Oils market during the forecast period
The food and beverage category is dominating the global Essential Oils market owing to the stringent government regulations concerning the limited use of synthetic flavors or essence foodstuffs and food safety. In addition, the growing demand for natural ingredients while preparing food is one of the key drivers of the market. The rise in the adoption of essential oil as a natural ingredient in the preparation of food acts as the major driving factor.
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North America is expected to hold the majority of the market share during the forecast period
North America is expected to hold the majority of the market share during the forecast period owing to the increasing application of essential oil in the food & beverages and pharmaceutical sector. The growth of the market in North America is attributed to the growing awareness about the advantages of essential oil and the increasing investments being made in aromatherapy and body massages. Furthermore, Asia Pacific is expected to exhibit the highest growth rate due to the rising consumer base and extensive application in the Asia Pacific region.
Some of the ley players of the global Essential Oils market include H.Reynaude & Fils, Sydney Essential Oils Co. Pty Ltd., Biolandes, Farotti SRL, The Lebermuth Company, Moksha Lifestyle Products, Young Living Essential Oils, doTERRA International, West India Species, Inc., and Essential Oils of New Zealand.
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