The Essential Oils Market was worth USD 5.49 billion in 2014 and is expected to reach approximately USD 12.56 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 9.63% during the forecast period. Expanded applications in fragrance-based treatment combined with rising interest for aromas and flavours in personal care and food & beverages is anticipated to drive essential oils market development over the estimate time frame. The quick extension of food & beverage ventures and rise in discretionary income of consumers are foreseen to add to the interest in scents and flavors created using essential oils. These fragrances give stimulation in massages, aromatherapy, and other relaxation strategies. Various general medical advantages related with essential oils are expected to drive the demand of the product in therapeutic and pharmaceutical applications also.
The leading players in the market are The Lebermuth Co Inc, Biolandes SAS, Flavex Naturextrakte GmbH, doTerra, Sydney Essential Oil Co, Farotti S. R. L, Young Living, Essential Oils of New Zealand and H Reynaud et Fils. High entry obstructions attributable to progression in innovation and cost of capital are probably going to keep up low competition among industrial members. The business is additionally described by adjusted production capacities and distinctive market measure which is anticipated to reduce inside and higher net revenues contention among existing players.
Product Outlook and Trend Analysis
The orange oil was the leading and fastest product fragment with a request of 52.5 kilotons in 2015. Developing interest for orange oils as a raw material in individual care and cleaning specialist's industry is one of the critical components for their expanded generation. Mounting usage of orange oil by the aged populace has encouraged the improvement of therapeutic applications. Corn mint oil section was the second biggest and quickest product portion in 2015.
Application Outlook and Trend Analysis
Food & beverage rose as the main portion and represented an offer of 32.9% in 2015. Rising consumer income crosswise over creating countries combined with appeal for premium cooking is anticipated to add to the section development. The spa and relaxation section held the second biggest share of 30.84% in 2015. Essential oils are helpful for blood circulation and have brilliant soothing effects on the central nervous system.
Regional Outlook and Trend Analysis
Asia Pacific is anticipated to be the quickest developing local market which represented 10.2% of the aggregate volume share in 2015. The region is anticipated to achieve significant development attributable to quick industrialization, rising discretionary income among consumers, and expanding premium and awareness with respect to essential oils and natural products are foreseen to cultivate territorial development. North America represented roughly 40.8% of the market in 2015 by volume.
The Essential Oils Market is segmented as follows-
By Product: Corn Mint Citronella Lemon Lime Orange Eucalyptus Pepper Mint Clove Leaf Spearmint Others
By Application: Food & Beverages Cleaning & Home Medical Spa & Relaxation Others
By Regions: North America U.S Canada Mexico Europe Germany France UK Italy Spain Rest of Europe Asia-Pacific Japan China Australia India South Korea Southeast Asia Rest of Asia Pacific South America Brazil Argentina Columbia South Africa Rest of South America Middle East and Africa Saudi Arabia UAE Egypt Nigeria South Africa Rest of MEA
Some of the key questions answered by the report are: What was the market size in 2014 and forecast from 2015 to 2023? What will be the industry market growth from 2015 to 2023? What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast? What are the major segments leading the market growth and why? Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
