The “Global Essential Oil Market“ is expected to reach USD 13.94 billion by 2024, according to a new report by Hexa Reports. Increasing awareness as well as willingness to buy organic and natural products is expected to force market participants to employ essential oils in the production process. The shift of focus from synthetic to natural products is likely to trigger market growth over the forecast period.
Increasing demand for flavors & fragrances from various applications including personal care, home care, food & beverages, aromatherapy, etc. has prompted the essential oils demand as these oils are used as key ingredients in fragrances and flavors. Numerous other advantageous product properties such as antiseptic, aphrodisiac, anti-inflammatory, antidepressant, antispasmodic, diuretic, and tonic are expected to boost essential oil demand in industrial, medicinal, and domestic applications.
The lower raw material conversion rate for essential oils production in addition to unique processes requiring massive capital investment is expected to pose challenges to market participants. Limited raw material availability as different crops are grown in the various countries only to obtain high-quality products is also anticipated to challenge the market growth.
Further key findings from the report suggest:
Orange oil emerged as the major product and accounted for 29.4% of total market volume in 2015. It is also expected to witness the highest growth rate over the forecast period. Increasing orange oil demand in food & beverages, personal care and cleaning agents is expected to foster the segment growth.
Browse Detail Report With TOC @ http://www.hexareports.com/report/essential-oil-market/details
Food & beverages industry was the leading consumer of essential oil and accounted for 34.6% of total market volume in 2015. It is also expected to witness the highest growth of 9.0% over the forecast period.
Essential oils demand from spa & relaxation application is expected to grow at a CAGR of 8.7% from 2016 to 2024. Essential oils have a great soothing and calming effect on the nervous system and are also beneficial in blood circulation stimulation, which has triggered the essential oils demand from spa & relaxation application segment.
Europe was the leading regional market and accounted for 43.5% of global demand in 2015. High demand for food & beverages and natural personal care products has spurred the regional market growth in upcoming years.
Browse More Food & Beverages Related Market Research Reports:
• Dairy Alternatives Market Analysis And Segment Forecasts To 2024 – http://www.hexareports.com/report/dairy-alternatives-market/details
• Commercial Seaweed Market Analysis And Segment Forecasts To 2024 – http://www.hexareports.com/report/commercial-seaweed-market/details
Asia Pacific essential oil market is expected grow at an estimated CAGR of 9.0% from 2016 to 2024 to emerge as the fastest growing regional market. Increasing interest and awareness regarding essential oils and natural products are expected to foster the regional market.
Some leading companies operating in the global market include Biolandes, Sydney Essential Oils, HRF, The Lebermuth Company, Young Living Essential Oils, doTerra, Essential Oils of New Zealand, Sydella Laboratoire, Farotti Essenze, Moksha Lifestyle Products, West India Spices Inc., Falcon and Ungerer Limited.
Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe.We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Our Website: http://www.hexareports.com
Company Name: Hexa Reports
Contact Person: Ryan Shaw
Address:Felton Office Plaza, 6265 Highway 9
Country: United States