The Essential Oil Market size was valued at USD 3,497.5 million in 2020 and is projected to register a CAGR of 8.9% during the forecast period. The consumption pattern in essential oils varies from region to region.
Pune, India, April 07, 2021 (GLOBE NEWSWIRE) — The Essential Oil Market size was valued at USD 3,497.5 million in 2020 and is projected to register a CAGR of 8.9% during the forecast period. The consumption pattern in essential oils varies from region to region. For instance, the demand in North America is mainly driven by the rising use of essential oils in the food & beverages and pharmaceutical industries. The scenario is different in Europe, as the region is witnessing rising demand for these oils in the cosmetic industry.
The term essential oil has been derived from “Quinta essential”, a term coined by Paracelsus von Hohenheim of Switzerland for denoting the effective component of a drug. Essential oils are natural extracts from stems, roots, flowers, seeds, and other parts of a plant. In old days, these were mainly used for therapeutic and medicinal purposes. Today, essential oils are also considered as potential ingredients in food & beverages and cosmetic industries. Essential oils are soluble in fixed oils, alcohol, and ether, but are insoluble in water.
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These volatile oils are normally colorless and liquid in room temperature. They have a characteristic odor and have a density less than unity. They have a refractive index and a very high optical activity. They are extracted through various distillation methods, such as distillation, cold compression, solvent extraction, maceration, and others. These volatile oils are widely used in perfumery, cosmetic industry, and also in aromatherapy. Essential oils possess insecticidal, antifungal, and antibacterial properties.
Rising demand for essential oils for fragrance and flavors, and as preservatives in cosmetics, food & beverages, and pharmaceutical industries are driving the growth of this market. Some other factors such as increasing demand for aromatherapy, growing awareness about natural products, and rising demand for healthy food can also drive market growth. Further, essential oils can help reduce the risk of chronic diseases such as cancer, heart disease, diabetes, and others, which is also expected to exert a positive impact on market growth.
Some Noted Developments Considered in the Report:
In July 2020, BASF Nutrition & Health and Isobionics launched their first joint product, Isobionics Santalol, which is a substitute for sandalwood oil. This product is helping the company in meeting customer demand in the region.
In June 2018, Firmenich collaborated with Nelixia to increase their production of natural ingredients and essential oils in Central America.
In April 2018, MANE SA opened a new manufacturing site in Colombia. This will help the company in strengthening its position to better serve customers in the Andean region and in capturing growth opportunities in the fragrances market.
In November 2017, Symrise launched a new series of citrus essence oil replacers, including certified organics. These fully sustainable products are designed to imitate the taste profile of citrus essence oils.
In June 2017, Symrise AG expanded its position in the dynamic Brazilian market by the acquisition of Citratus. Over the last decades, Citratus has developed well-established business relations with the fast growing, local customers in the fragrance industry. Thus, this acquisition will help Symrise AG in enhancing its business.
Global Essential Oils Market, By Product Type
Based on the product type, the market has been divided into clove oil, patchouli oil, Java citronella oil, nutmeg oil, vetiver oil, cubeb oil, Cananga oil, cajeput oil, kaffir lime leaf oil, benzoin, lemongrass oil, cinnamon oil, Massoia bark oil, and others. The Cananga product type segment dominated the global essential oils market in 2020, and is anticipated to grow at a CAGR of 8.5% during the forecast period. Cananga oil is obtained from the Cananga tree, which is a large evergreen tropical tree originated in the rainforest of various Asian and South Pacific Islands, such as Indonesia and Philippines.
The Cananga essential oil can be extracted by the steam distillation process from the fresh flowers, leaves, roots, buds, or seeds of the Cananga tree. The Cananga oil is widely used in aromatherapy due to its pleasing fragrance. This oil has emerged as an essential perfumery element, due to which it has strong demand in floral and oriental compositions. The high growth of the segment can be attributed to the properties of the oil that make it suitable for perfumery and medicinal applications. The growing application of Cananga oil primarily for oily skin/hair, insect bites, high blood pressure, anxiety, and stress, along with the increasing application of essential oil in many areas, is driving this market.
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Global Essential Oils Market, By Method of Extraction
Based on the method of extraction, the market has been segmented into distillation, carbon dioxide extraction, cold press extraction, solvent extraction, and other extraction methods. The distillation segment is currently dominating the global essential oils market, as distillation is the single most effective method that can remove 99.9% contaminants.
This is the only process that boils the water and thereby removes virus, bacteria, and other impurities. The major benefit of this technology is that the molecules of volatile oils flee from the plant material and evaporate into the steam, thus purifying the oil. This is the best method of extraction that provides continuous temperature control of the steam implement to the plant materials, thereby reducing dilapidation of the valuable essential oil.
Global Essential Oils Market, By Application
Based on applications, the market has been divided into medical, food & beverages, spa & relaxation, cleaning & home, and agribusiness. Among these segments, the medical application segment of the essential oil market captured the largest market share in 2020, followed by the food & beverages application. The medical application segment is anticipated to grow at a CAGR of 9.3% during the forecast period till 2028.
Essential oils are well known for their health benefits, as they contain natural ingredients that impart the essence of the source from which they have been extracted. Active compounds of essential oils possess numerous medicinal properties that are useful in the pharmaceutical and nutraceutical industries, which is further anticipated to boost the growth of the medical application segment.
Global Essential Oils Market, By Sales Channel
Based on sales channels, the market has been divided into direct sales and third-party sales. The direct sales segment is dominating the market, which accounted for about two third of the global essential oil market in 2020. In the direct sales process, the product is directly supplied from manufacturers to the end users.
Direct sourcing is particularly attractive for strategic essential oils, which account for an important share in essential oil sales, as these oils are not always readily available through traders. Direct sales channels include social media through multi-level marketing. As direct sale is cost effective, companies are readily adopting the direct sales channel, and this is contributing to market growth.
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Global Essential Oils Market, By Region
Based on regions, the global essential oils market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among these regions, the Asia Pacific region captured the largest market share of 32.5% in 2020 and is projected to grow with the highest CAGR during the forecast period. The growth of this region is mainly attributed to a large population base, along with diverse untapped markets that are likely to attract companies to increase and establish their operation and distribution facilities in the region. So, the high growth of this regional market is mainly due to the wide scope of application of essential oils and a large customer base.
Some Major Findings of the Essential Oils Market Report Include:
A major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
An in-depth global essential oils market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors in all major countries across the globe.
An in-depth analysis of raw materials, regulatory scenario, guidelines, technological benchmarking, pricing analysis, and impact factor analysis.
Profiles of major market players operating in the global essential oils market, which include BASF, Solvay, Symrise AG, GIVAUDAN, Young Living Essential Oils, LC, Berje Inc., Huabao International Holdings Limited., Hasegawa Co., Ltd., Ventos, S.A., DoTERRA International, Firmenich SA, Cargill, DSM, MANE SA, and Sensient Technologies, among others.
Competitive benchmarking, product offering details, growth strategies adopted by the leading market players along with their major investments in the last five years
Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global market.
Impact of COVID-19 on the global essential oils market.
Browse key industry insights spread across 229 pages with 123 market data tables and 41 figures & charts from the report, “Essential Oils Market By Type Products (Cananga oil, Cubeb oil, Nutmeg oil, Benzoin, Cajeput oil, Java citronella oil, Patchouli oil, Cinnamon, Clove oil, Lemongrass oil, Vetiver oil, Kaffir lime leaf oil, Massoia bark oil, Others), Sales Channel (Direct, Third Party), Application (Spa & Relaxation, Cleaning & Home, Food & Beverages, Medical, Others), Extraction Method (Distillation, Cold Press Extraction, Carbon Dioxide Extraction, Solvent Extraction, Others), Geography (Europe, North America, Asia Pacific, South America, Middle East & Africa) – Industry Trends and Forecast to 2028” in depth analysis along with the table of contents (ToC).
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