According to a report by Grand View Research, Inc., the global essential oils market is projected to reach a valuation of USD 13.94 billion by 2024. Rising consumer awareness and preference for natural and organic products can propel the market over the forecast period (2014 to 2025). They are widely preferred over synthetic products. Additionally, increasing research and development (R&D) activities and tax benefits offered by various governments is expected to have positive impact on the market.
Growing demand for flavors and fragrances from numerous application segments including food and beverages, home care, personal care, and aromatherapy has encouraged the utilization of essential oils as a key ingredient. In addition, numerous health benefits associated with essential oil are expected to impel its demand in medical and pharmaceutical production. The product is aphrodisiac, antiseptic, anti-inflammatory, antidepressant, diuretic, tonic, and antispasmodic. It has no identified adverse effects, which is a key driving factor for the market.
Full Research Report On Essential Oils Market Analysis: https://www.grandviewresearch.com/industry-analysis/essential-oils-market
However, limited availability of raw materials, lower raw material conversion rate, and requirement of high initial capital investment can hinder the market growth. Nevertheless, innovative extraction methods and technological advancements in production process are expected to boost preference for essential oil in the forthcoming years.
The worldwide essential oils market can be segmented on the basis of product, region, and application. Based on product, the market can be segmented into orange, eucalyptus, corn mint, citronella, lemon, pepper mint, clove leaf, spearmint, lime, and others. In 2015, orange oil was estimated to hold around 29.4% of the total market size. As per application, the market can be categorized into food and beverages, medical, cleaning and home, spa and relaxation, and others. In 2015, food and beverages registered around 34.6% of overall market share in terms of volume with nearly 9.0% CAGR over the forecast period. Spa and relaxation is likely to grow at over CAGR of 8.7% CAGR through 2024.
Geographically, the market for essential oils can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America. In 2015, Europe accounted for the largest market share with around 43.5% of total market share in terms of volume. This growth can be attributed to high demand for for essential oil from natural personal care products and food and beverages.
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In 2015, North America attained nearly 40.8% of overall market on account of volume. The U.S. is the main exporter and importer of essential oil. The country mostly imports the product from India and France and exports to Canada, Japan, Germany, and the United Kingdom. The U.S. is also considered as the primary importer of citronella oil. The region is likely to display high growth over the forecast period due to rising consumer awareness and interest about health benefits of essential oils.
Growing elderly population and increasing occurrences of diseases and epidemics has increased the development across the pharmaceutical and medical sectors in the region. In addition, demand for the product as a natural constituent in cosmetics and several beauty products can spur the demand in the U.S. personal care products industry.
Asia Pacific is predicted to the fastest growing segment in the global essential oils market. The region is likely to attain 10.7% of total volume share by 2024. This growth can be associated with rapid industrialization, increasing disposable income, and growing consumer awareness regarding natural products.
Prominent companies operating in the essential oils market are West India Spices Inc.; Sydney Essential Oils; The Lebermuth Company; Falcon and Ungerer Limited.; and Young Living Essential Oils. The market may experience low level of competition due to requirement of high capital and advanced technologies. This may restrict new companies from entering the scenario. The market is expected to witness high level of integration in distribution as well as raw material over the forecast period.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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