June 27, 2018 - 8:49 AM EDT
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Global Essential Oil Market Witnesses Robust Growth on Back of Increasing Application in Diverse Industries, says TMR

The global essential oil market is observing a significant expansion in its size, thanks to the increasing usage of essential oil in aromatherapy. The augmenting demand for flavored food and beverages products among consumers is also boosting this market substantially.

Albany, New York, June 27, 2018 (GLOBE NEWSWIRE) -- Vendor landscape in the global essential oil market is forecast to remain vastly concentrated. New businesses can face entry barriers considering the predominance of leading companies. Nonetheless, Transparency Market Research (TMR) predicts the competition in the essential oil market to intensify in the coming years due to the telling increase in product and service varieties offered by key firms. In order to emerge at the top key players are also looking to expand their activities across untapped markets via strategic collaborations. Some of the leading players operating in the global essential oil market are DoTERRA International LLC, Young Living Essential Oils, The Lebermuth Co. Inc., Enio Bonchev Production Ltd., International Flavors & Fragrances Inc., Biolandes SA, Givaudan SA, Symrise AG, Citrus and Allied Essences Ltd., and China Flavors and Fragrances Co. Ltd.

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In a recent study, TMR has pegged the global essential oil market to reach US$27.4 bn by the end of 2022. Between 2017 and 2022, the market is forecast to exhibit a CAGR of 9.6%. As per the report, the global essential oil market was valued at US$17.36 bn in 2017. Among various products available in the market, the demand for citrus oil is expected to scale high. Regionally, Europe emerged dominant and is projected to exhibit a CAGR of 8.8% between 2017 and 2022.

Rising Use in Cosmetic and Skincare Products Boosts Growth Prospects

The demand for essential oil is forecast to rise at a steady pace through the course of the report’s forecast period. Consumer inclination towards natural product will bode well for the overall market. Leading producers are taking more interest in bio-based and natural products as consumers have become more conscientious about ingredients used in their skincare or beauty products, besides their food and beverages. This could be a result of the rising concerns with regards to pollution and hazards triggered by exposure to certain chemicals. Spurred by this, the global essential oil market is poised to surge at an impressive pace.

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In addition to this, the rising use in aromatherapy is a crucial factor fuelling the demand for essential oil around the world. TMR also expects the use of essential oil to rise for adding fragrances in novel beauty and skincare products. These factors are likely to set the tone for robust growth in the global essential oil market.

Lack of Awareness Could Restrain Growth Opportunities

Despite prevailing growth opportunities, the global essential oil market is slated to witness a few challenges, especially spurred due to their high prices. Furthermore, the as the market continues to reel under lack of awareness among consumers about key benefits of certain essential oil, growth pace will stay restricted.

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Nonetheless, increasing knowledge about the use of essential oil in various natural therapies and home remedies could improve growth prospects for the market in the coming years. Furthermore, the rising use of essential oils in food and beverages and cosmetics industry is forecast to create lucrative growth prospects for the market in the forecast period. TMR predicts the demand for cosmetic and skincare products to rise significantly in the coming years. In addition, the demand for neutraceuticals is expected to scale higher, subsequently paving way for the growth of the global essential oil market.

Against this backdrop, the rise in disposable income will augur well for the global market. The rising use of essential oil in pharmaceuticals is also expected to create attractive opportunities for growth.

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This review is based on a TMR report, titled “Essential Oil Market (Product Type - Spice Oil, Spice Seed Oil, Citrus Oil, Herb Oil, and Perfumery Oil; Extraction Method – Distillation, Solvent, and Cold Pressing; Application - Personal care and cosmetic, Food and beverage, Pharmaceuticals, Aromatherapy, and Industrial; Sales Channel - Specialty store, Modern Trade, Drug Stores, and Online Store) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”

The report segments the global essential oil market as:

Global Essential Oil Market: Product

  • Spice Oil
  • Spice Seed Oil
  • Citrus Oil
  • Herb Oil
  • Perfumery Oil

Global Essential Oil Market: Extraction Method

  • Distillation
  • Solvent Extraction
  • Cold Pressing

Global Essential Oil Market: Application

  • Personal Care and Cosmetic
  • Food and Beverage
  • Pharmaceutical
  • Aromatherapy
  • Industrial

Global Essential Oil Market: Sales Channel

  • Specialty Store
  • Modern Trade
  • Drug Store
  • Online Store

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Source: GlobeNewswire (June 27, 2018 - 8:49 AM EDT)

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