Essential Oils Market
Essential oils are hydrophobic liquids that are extracted from plants. The oils capture scent and flavor or essence from the sources that they are derived. The growing trend of ‘green’ consumerism has primarily driven the adoption of essential oils. Additionally, the demand for naturally-derived products and their increasing preference over its synthetic counterparts will provide opportunities for market growth. The advances in ingredient formulation have enabled variations in product offerings. As a result, there is a huge potential for companies operating in the market. The increasing health awareness regarding the adverse effects of synthetic chemicals will lead to a subsequent rise in the demand for essential oils in major countries across the world.
The global essential oils market size is projected to reach USD 14.6 billion by the end of 2026. According to a report by Fortune Business Insights(TM), titled “Essential Oils Market Size, Share and Industry Analysis by Type (Citrus, Eucalyptus, Lavender, Rosemary, Tea Tree, and Others), Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), and Regional Forecast 2019-2026,” the market was worth 7.03 billion in 2018 and will exhibit a CAGR of 9.65% in the forecast period 2019-2026.
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The report focuses on key aspects of the market and stresses on the importance of several factors on the Essential Oils Market in recent years. The competitive landscape has been discussed in detail and future predictions have been made with respect to recent performances. It provides a detailed analysis of key aspects of the market, with primary focus on factors such as major companies and leading products. The data included in this report is obtained through trusted sources. Information is gathered through opinions of world leaders and interviews of experienced market research professionals.
List of best companies that are operating in the global essential oils market are;
o Biolandes SAS
o Givaudan International SA
o International Flavors & Fragrances Inc.
o Symrise AG
o Enio Bonchev Production Ltd.
o The Lebermuth Company, Inc.
o Now Foods
o Phoenix Aromas & Essential Oils LLC
o Ultra International B.V.
o Young Living Essential Oils
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Increasing Number of Product Launches to Aid Market Growth
The report encompasses several factors that have constituted an increase in the global Essential Oils Market size in recent years. Driven by the high demand for essential oils, companies are introducing newer products. In July 2019, doTERRA announced the launch of its custom-designed label that provides for its essential oils bottles.
The company aims to provide a clear understanding of the ingredients in the Essential Oils Market to its users. This will help streamline the products and maintain the clean-line trend for the company. In November 2018, Young Living Essential Oils extended its product offerings in South East Asia. The report includes product launches, similar to these and gauges the impact of these products on the global market.
North America and Europe Are Leading the Market
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North Amerca and Europe are currently dominating the market. The growing incorporation of essential oils in cosmetic products by major companies across the world. The increasing demand for aromatherapy in European countries such as Germany, France, and UK will aid the growth of the market in this region.
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Key Industry Developments:
November 2018: Young Essential Oils announced the launch of a range of essential oils in the South East Asian market. The company plans to expand in the Philippines.
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