✷ Report Code: A01099 | Pages: 193 | Feb 2022 | 66384 Views | ||
Author(s) : Samriddhi C , Roshan D | Tables: 176 | Charts: 59 |
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The global essential oils market was valued at $10,886.50 million in 2020, and is projected to reach $24,735.11 million by 2030, growing at a CAGR of 8% from 2021 to 2030.
Although the Covid19 pandemic had a disturbing impact over several industries, the essential oils market experienced a positive growth during this period. Essential oils have antimicrobial, antioxidant, and anti-infective, properties; thus, they are utilized in treating various health conditions including stress conditions, immunity disorders, sleep disorder and depression. Therefore, the importance of essential oils market has shoot up during the pandemic as the number of patients with mental health problems raised, which has propelled the growth of the market.
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An essential oil is a liquid that is generally distilled from the stems, leaves, seeds, roots, or flowers of the plant. The commonly used essential oil used are lavender, tea tree, orange, lemon, peppermint, cornmint, and others. These oils are antibacterial, antiviral, antifungal, and antimicrobial. They by-pass the digestive system easily and thus are beneficial for people with poor digestion/assimilation. Moreover, essential oils are highly oxygenating and are suitable for infants since they cannot swallow tablets and capsules.
The growth of the essential oils market can be attributed to usage of essential oils in various applications such as flavor & fragrance, aromatherapies, and others. Moreover, healing benefits of essential oil are expected to be instrumental in governing peak sales paving the way for essential oils market growth. Furthermore, wide scale adoption of essential oils in industrial, commercial, and household applications also drive the global market. However, high price of essential oils act as the major restraint for the market. On the contrary, increase in demand for essential oil as natural preservatives is expected to provide opportunities for the growth of the essential oils market.
The essential oils market is segmented on the basis of product type, application, distribution channel and region. The product type segment is further classified into orange, eucalyptus, cornmint, peppermint, citronella, lime, lemon, clove, spearmint, and others. By application, the essential oils market is classified into food & beverages, medical, cleaning & home, spa & relaxation, and others. The others applications include usage of essential oil in paints, textile industries, tobacco, paper manufacturing, and agrochemicals. On the basis of distribution channel the global market is studied across direct distribution, MLM distribution and retail distribution. The retail distribution channel is further segmented into supermarket/ hypermarket, e-commerce, retail stores, pharmaceutical stores and others. By region, the market is categorized into North America, Europe, Asia-Pacific, and LAMEA.
The players in the essential oils industry have adopted product launch and acquisition as their key development strategy to increase profitability, and to improve stance in the essential oils market. The key players have also relied on business expansion to stay relevant in the market. The key players profiled in the report include doTERRA International, Biolandes, Sydney Essential Oils Co. Pty Ltd., Young Living Essential Oils, Farotti SRL, The Lebermuth Company, Essential Oils of New Zealand, H.Reynaude & Fils, Moksha Lifestyle Products, and West India Species, Inc.
Essential oils Market Report Highlights
Aspects | Details |
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By Application |
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By Distribution Channel |
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By Type |
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By Region |
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Key Market Players | SYDNEY ESSENTIAL OIL CO., ESSENTIAL OILS OF NEW ZEALAND LTD., THE LEBERMUTH COMPANY, DTERRA INTERNATIONAL LLC, YOUNG LIVING ESSENTIAL OILS, FAROTTI ESSENZ SRL, BIOLANDES, MOKSHA LIFESTYLE PRODUCTS, WEST INDIA SPICES INC., H. REYNAUD and FILS |
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According to the insights of CXOs of leading companies, the essential oil market holds high potential in the food & beverage industry. Presently, the essential oils market is dominated by orange and cornmint oils; however, peppermint, lime, and lemon essential oils generated a notable revenue in 2020 and are expected to gain significant market share during the forecast period. Moreover, regulations imposed by the U.S. Food and Drug Administration on essential oils used as flavors and regulations imposed by Consumer Product Safety Commission on air fresheners, scented candles, and household cleansers are expected to limit the North American market growth during the forecast period.
The impending requirement of introducing natural elements to treat diseases and for high nutrition diets, mandated by the FDA is an aspect that would reflect a positive market growth. The market growth would be largely influenced by the advent of novel usage of essential oils in various applications such as flavor & fragrance, aromatherapies, and others. Healing benefits are expected to be instrumental in governing peak sales and market penetration of market-approved essential oils.
With a wide scale adoption of essential oils in industrial, commercial, and household applications, the global essential oils market is expected to grow at an exponential rate. The commercial developments in relaxation and pharmaceutical industries occurring, particularly in the developing economies are expected to boost the adoption of essential oils. The pharmaceutical and personal care & cosmetic sectors are anticipated to emerge as a lucrative market opportunities owing to the presence of promising essential oils such as patchouli, lavender, lime, and lemon.
A. $24.7 Bn is the total market value of essential oils market report in 2030.
A. From the year 2021 to 2030 would be forecast period in the market report.
A. $12.4 billion is the market value of essential oils market in 2021.
A. 2020 is base year calculated in the essential oils market report
A. doTERRA International, Biolandes, Sydney Essential Oils Co. Pty Ltd., Young Living Essential Oils, Farotti SRL are the top companies hold the market share in essential oils market.
A. Food & Beverages is the most influencing segment growing in the essential oils market report
A. The key trends that boosts the market growth is the increase in consumer preference for natural and organic products be it cosmetics, food, or similar other product categories.
A. 21.5% & 16.2% are the growth rate of the emerging countries of the market.
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