Essential Oils Market Research Report: Information By Type (Orange Oil, Lemon Oil, Peppermint Oil, Corn Mint Oil, Citronella Oil, Spearmint Oil, Clove leaf Oil, Eucalyptus Oil and others), Application (Food & Beverages, Personal Care, Aromatherapy, Air Care and others) and Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast 2027

ID: VPR/F&B/1105 Publishing Year: January 2022 Pages: 111 Format:   


Essential Oils Market Overview:

Essential Oils are highly concentrated natural oils obtained from plants and utilised for medical and therapeutic purposes. Furthermore, since people have become more interested in living an organic, natural lifestyle, the use of Essential Oils has increased. Today, essential oils are used for a variety of applications. Over the last few years, the market for essential oils has been steadily rising. In reality, new essential oils for public usage have been discovered through research and development. Essential oil producers benefit handsomely from the market for essential oils. Furthermore, the producers' profitability will be maintained over the anticipated period. Essential Oils are well-known for their plethora of undiscovered health benefits. The essential oil market caters to both men and women.

Essential Oils are hydrophobic liquids that contain chemical constituents in a concentration that is beneficial to the human body, according to science. Essential oils are genuinely versatile in that they can be utilised for a variety of purposes including pain relief, aesthetic enhancement, aromatherapy, and more. As a result, the Essential Oils Industry is diversified and caters to various consumer sectors. The extraction methods for essential oils are likewise varied. There are oils in every plant product. Essential oils are created when these oils are isolated in high concentrations for human use. Lemongrass, rosehip, eucalyptus, avocado, and jojoba are some common Essential Oils.

Key Players:

  • G Baldwin & Co
  • doTerra
  • Rocky Mountains Oil
  • Young Living Essential Oils
  • Mountain Rose Herbs
  • RyohinKeikaku Co., Ltd.

Market Drivers:

Aromatherapy is the practise of using essential oils for therapeutic and cosmetic purposes. Essential oils are widely utilised in aromatherapy because they benefit both physiological and psychological activities in the body at the same time. Aromatherapy was once thought of as a complimentary therapy; nevertheless, it is now regarded a mainstream therapy. The surge in demand for aromatherapy can be ascribed to a number of causes, the most prominent of which being the general increase in income over the last decade. Consumer tastes and preferences have changed toward more complex products as earnings have increased. Spa visits have been increasing each year, according to the International Spa Association (ISPA). According to the 2019 US Spa Business Study, key performance measures in the spa industry have increased across the board.

Restraints:

A healthy ecosystem delivers a slew of advantages that serve as the bedrock of human happiness. Plants are an important aspect of this ecosystem because they help to maintain equilibrium by providing food and shelter. They also use therapeutic goods like essential oils to help with physiological and psychological well-being. However, this resource is gradually depleting. This could be attributable to population growth and industrialization, both of which have led in deforestation.

Opportunity:

Demand for "all-natural components" has recently increased, owing to increased consumer knowledge of the benefits of natural ingredients and rising disposable income, which leads to individuals spending more money on expensive natural products. People's growing health consciousness supports this demand by encouraging them to spend more freely on high-quality natural items that give long-term results.

Several firms from various industries are working on innovative ways to include natural and healthy ingredients into their formulas so that consumers may get the most out of them. Natural claims have a significant impact on the purchasing of food, beverage, and cosmetic products. Essential Oils are used in a variety of industries, including food and beverage, cosmetics, feed, and home care, among others, to produce a ‘all natural' flavour and smell, which creates numerous prospects for this market.

Challenges:

Adulteration in Essential Oils is a big concern that has become a major challenge for this business. Essential oils aren't all the same, and some may contain synthetic adulterants. These adulterated essential oils are only fragrance goods and do not have the qualities of Essential Oils.

Essential oils that have been tampered with are exceedingly dangerous. They may induce a variety of adverse effects as well as permanent organ damage. The prevalence of contaminated and manufactured products is, however, due to the high pricing of essential oils.

Market Segmentation:

The market for Essential Oils is divided into four categories: product type, application, distribution channel, and geography. Orange, eucalyptus, cornmint, peppermint, citronella, lime, lemon, clove, spearmint, and others make up the product type sector. The Essential Oils Market is divided into five categories based on application: food & drinks, medical, cleaning & home, spa & relaxation, and others. Paints, textile industries, tobacco, paper manufacture, and agrochemicals are among the numerous uses for Essential Oils. The global market is divided into three categories based on distribution channel: direct distribution, MLM distribution, and retail distribution. Supermarkets/hypermarkets, e-commerce, retail stores, pharmaceutical stores, and others make up the retail distribution channel. The market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.

According to Essential Oils by product type, the orange segment earned the most income in 2018 and is predicted to continue to do so during the forecast period. This is due to its eco-friendly and non-greasy properties, which make it acceptable for use in home cleaners, pesticides, and therapeutic treatments. Furthermore, the growing demand for orange essential oil in the fragrance industry paves the way for the expansion of this market segment.

The food & beverage category was the most significant section in the Essential Oils Market forecast by application, accounting for the largest proportion of the Worldwide Market. This is due to government rules governing food safety and limiting the use of synthetic tastes and essences in food products. The widespread use of essential oils as a natural element in food preparation is a major driving force. Cleaning and household was the fastest growing application area, and this growth can be ascribed to consumers' rising preference for chemical-free cleaning solutions. Furthermore, the pleasant aroma of essential oil-based cleaning solutions makes them more appealing to a wide range of customer profiles.

Regional Analysis:

The presence of organisations like the European Federation of Essential Oils (EFEO) has aided the growth of the Essential Oil Sector in Europe. The European Federation of Economic Organizations (EFEO) was established to promote and protect the interests of all stakeholders involved in the market value chain. The group is in talks with the European Commission and the European Parliament to reform or implement Essential Oil Legislation. Such developments have aided the region's market expansion. The presence of multiple industry competitors and the easy availability of feedstock are two important factors driving the market's robust growth in Europe. The rise of important end-use industries is being aided by the early developed economy and a higher level of life.

Over the forecast period, Asia Pacific is expected to increase at the fastest rate. The existence of a huge population, as well as numerous unexplored markets, are anticipated to attract important companies' attention to expand and create their operations and distribution facilities in this region, contributing to the region's growth.

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