Essential Oil Market - Booming Food and Beverages Industry to Inflate Sales of Essential Oil; Says TMR
ALBANY, New York, March 7, 2019 /PRNewswire/ -- The vendor landscape of the global essential oil market is highly fragmented in nature owing to the presence of numerous players. This is mainly because of the factors like low entry barriers, efficient manufacturing, and low capital investments associated with the oil products. These factors make the essential oil market easily accessible to local vendors. Key players are anticipated adopt a strategic approach to expand their market shares. Product proliferation, and acquisitions and mergers are a couple of such strategies implemented. Some of the key players operating in the global essential oils market are The Lebermuth Co. Inc., DoTERRA International LLC, Young Living Essential Oils, and Enio Bonchev Production Ltd.
According to Transparency Market Research, the global essential oil market is expected to rise at a splendid CAGR of 9.60% from 2017 to 2022. The market was valued at 17.36 bn in 2017 and it is projected to touch a valuation of US$27.49 bn by the end of 2022.
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On the basis of geography, Europe is anticipated to lead the global essential oils market during the forecast period. This is mainly because of the presence of key players in the region and high awareness among people regarding different applications of essential oils. Based on product, the demand for citrus oils is projected to remain highest owing their fragrance and health benefits.
Increasing Use of Essential Oils in Cosmetic and Skincare Products to Boost Growth
The global essential oil market is forecast to expand at a steady pace throughout the forecast period. This is mainly because of the increasing application of essential oil in different industries. Foods and beverage, cosmetic and skincare, and pharmaceuticals are major end users of the essential oils. The increasing demand from this industries is expected to fuel the growth of the global essential oil market. The increasing inclination of the consumers towards natural product is expected to fuel growth of the global essential oil market. Apart from this, rising concerns with regards to pollution and health hazards triggered by exposure to certain chemicals pose a positive impact for the growth of the essential oil market. In addition to this, increasing use of essential oil in aromatherapy is poised to surge the global essential oil market in the near future. The rise in disposable income will augur well for the global market. A rising use of essential oil in pharmaceuticals is also expected to create attractive opportunities for growth.
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Lack of Awareness Could Restrain Growth Opportunities
Despite several driving factors, growth in the global essential oil market may suffer in the near future. High prices of essential oils and lack of awareness among consumers regarding their key benefits prime factors hampering growth in the global essential oil market.
Nonetheless, key manufacturers are working to increase the awareness of essential oils in various natural therapies and home remedies through rigorous advertisement. This could improve growth prospects for the market in the forthcoming years. Furthermore, introduction of novel techniques for manufacturing of essential oil is predicted to create lucrative growth prospects for the essential oil market in the forecast.
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This review is based on a TMR report, titled "Essential Oil Market (Product Type - Spice Oil, Spice Seed Oil, Citrus Oil, Herb Oil, and Perfumery Oil; Extraction Method – Distillation, Solvent, and Cold Pressing; Application - Personal care and cosmetic, Food and beverage, Pharmaceuticals, Aromatherapy, and Industrial; Sales Channel - Specialty store, Modern Trade, Drug Stores, and Online Store) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022."
The report segments the global essential oil market as:
- Spice Oil
- Spice Seed Oil
- Citrus Oil
- Herb Oil
- Perfumery Oil
- Solvent Extraction
- Cold Pressing
- Personal Care and Cosmetic
- Food and Beverage
- Specialty Store
- Modern Trade
- Drug Store
- Online Store
- North America