The essential oil is used across various industries such as agriculture, food and beverage industry, fragrance, cosmetics, pharmaceuticals, and retail. Its benefits range from good sleep, stress relief, pain relief, weight loss, body detoxification, mental alertness and stretch marks healing. This report forecasts rapid growth of this market with 5.92% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of cash, this market is expected to rise to the US $ 18,956 mn. Globally, the application of essential oil in aromatherapy is expected to grow by 6.19%. Globally, corn mint and orange essential oil held more than 57% of market share in the year 2017 (base year).
According to this report, the global essential oil market has been segmented by application, ingredients, type, and lastly region. On the basis of application, this market has been segmented into aromatherapy, cosmetics, fragrance & flavor, pharmaceutical and others. At the time of this report being written, fragrance and flavor continue to dominate the essential oil market with more than 40% market share. Aromatherapy market is expected to grow during the forecast period. Based on ingredients, the global essential oil market has been segmented into basil, cedarwood, chamomile, citronella, citrodora, clary sage, clove, corn mint, eucalyptus, lavender, litsea cubeba, orange, peppermint, and others. In the base year 2017, corn mint and orange together held more than 57% of the market share. By 2023, the clove leaf essential oil market is projected to reach around the US $ 150 mn with CAGR of 6.09%. It is majorly produced in the Asia Pacific region. By types, the market has been segmented into pure essential oil, compound essential oil, and others.
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The key players in the global essential oil market Biolandes (France), doTerra (USA), Young Living (USA), The Lebermuth Co., Inc.(the USA), Shaanxi Guanjie Technology Co., Ltd (China), Shiv Sales Corporation (India), and Sydney Essential Oils (Australia).
Latest Industry News:
At a geranium farm in Gahara Sector, Kirehe District, Dr. Nicholas Hitimana has chosen to venture into essential oils in Rwanda. Coordinating with more than hundred farmers, Hitimana has built an export enterprise here.
An entrepreneur called Kyle LaFond and a handful of employees have created a new range of natural balms and deodorants. The ingredients they used for manufacturing their products include arrowroot powder, baking soda, beeswax, coconut oil, shea butter, and essential oils. LaFond’s home-grown product line started three years ago at American Provenance.
Loretta Paganini School of cooking, in Chester Township will now teach cooking with essential oils in a class. Stefanie Paganini will team up with Susan Conley, wellness advocate with doTerra, for a 2.5-hour demonstration class.
The regional segmentation of the global essential oil market segments this market into North America, Europe, Asia Pacific, and the rest of the world (RoW). During the forecast period, Asia Pacific is being estimated to be the largest market for essential oil with China, India, Indonesia and Japan, dominating this market and rest of Asia Pacific being significant in the business. During the forecast period, North America is expected to be the second biggest market. In this region, the biggest markets are Canada, Mexico, and the United States of America (USA). After North America, Europe is the third biggest market for essential oil. In this region, maximum revenue comes from France, Germany and the United Kingdom (UK), followed by rest of Europe. In 2017, essential oil application in pharmaceutical in Europe grew at a significant rate to capture more than 20% of market share. The RoW countries that make a significant contribution to global essential oil market are Iran, Nigeria, and South Africa.
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The reports also cover country level analysis:
- Rest of America
- Rest of Europe
- Rest of APAC
Rest of World
- South Africa
- Other Countries
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