Global Essential Oils Market: Overview
Growing consumer preference and adoption of alternative medical treatments like aromatherapy over conventional pharmaceutical drugs is likely to drive the global essential oils market. Rapid growth of end-use industries such as aromatherapy, personal care & cosmetics, and food & beverage has changed into an upswing in the demand for essential oils. The global essential oils market is expected to garner momentum during the forecast period, 2018-2028.
An essential oil refers to a natural product that is extracted from a single plant species. Not all plants can produce essential oils. The in the essential oil producing plants, the essential oil may be found in the fruits, leaves, roots, flowers, and stems. Plants themselves also utilize essential oils. Naturally occurring essential oils in plants assist in the control of infection, wound healing, control of hormonal effects, humidity and attract or repel animals, birds, and insects.
The global market for essential oils has been segmented on the basis of the following parameters: product, application, and region.
Global Essential Oils Market: Notable Developments
The market dynamics of the global essential oils market have become better recently. Some of the prominent developments relating to the competitive landscape of global essential oils market are:
- US-based essential soil seller Young Living together with CNN Philippines has announced a six part docuseries that tells the story of essential oil production.
- In October 2016, Biolandes group expanded their footprint in Madagascar by acquired French company Golgemma. Golgemma is a supplier of certified organic essential oils and has more than 300 items in their catalog. They also have strong connections to raw materials in Madagascar.
Some of the most prominent competitors operating in the competitive landscape of global essential oils market include –
- Young Living
- Rock Mountain Oils
- Moksha Lifestyle
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Global Essential Oils Market: Growth Drivers
- Numerous Health Benefits to Escalate Demand for Essential Oils
Growing dependence over organic and natural ingredients in cosmetic formulations is predicted to promote the demand of the essential oils. These oils have wide range of applications in hair care, skin care, and perfumes. It is used for natural preservation, fragrance, and therapeutic qualities. Therapeutic qualities comprise dandruff and hair fall control, anti-aging, and skin rejuvenating. Shifting consumer preference towards sustainable natural ingredients with multifunctional qualities is expected to escalate demand for essential oils globally.
Essential oils also find its application in the making of pharmaceutical drugs due to their virucidal, antiparasitic, fungicidal, insecticidal, and bactericidal effects. As such, essential oil is used to treat respiratory problems, dental issues, and skin disease.
Global Essential Oils Market: Regional Outlook
Europe led by countries like Germany, Italy, France, and the UK may witness strong gains, in between 2019 to 2027. Presence of numerous cosmetic making companies in the European region is likely to drive regional growth of the industry. Consumers’ inclination towards natural ingredients in cosmetic products together with environmental sustainability of these materials is likely to surge demand of essential oils regionally.
Asia Pacific led by China, South Korea, India, and Japan is poised for impressive growth by 2027. Growing implementation of supportive agriculture techniques particularly in China and India resulted in augmented production of particularly plants like clove, peppermint, lemon, and orange are expected to fuel market growth.
In addition to that, emerging trend of spa & relaxation coupled with rising consumer spending on wellness may fuel growth of the Asia Pacific essential oil market.
The global essential oils market is segmented as:
On the basis of product
- Orange oil
- Lemon oil
- Eucalyptus oil
- Clove oil
- Peppermint oil
- Jasmine oil
- Rosemary oil
- Corn Mint oil
- Citronella oil
- Geranium oil
- Spearmint oil
- Lavender oil
- Tea Tree oil
On the basis of application
- Food & Beverages
- Cosmetics & Toiletries
- Animal feed
- Cleaning & Homecare
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