Increased Preference for Natural Products Predicted to Become a Key Trend for the Global Essential Oil Market Until 2020, Says Technavio
According to the latest research study released by Technavio,
the global essential oil market is expected to record a CAGR of more
than 8% until 2020.
This research report titled ‘Global
Essential Oil Market 2016-2020,’ provides an in-depth
analysis of market growth in terms of revenue and emerging market
trends. This market research report also includes up to date analysis
and forecasts for various distribution channels, including retail,
online, and others.
Request sample report: http://bit.ly/29eYQyI
“Major retailers such as Costco, Walmart, and Whole Foods are making it
mandatory for food and cosmetics producers to bring about sweeping
changes in the products they supply. Food manufacturers have started
replacing artificial colors and flavors with natural ingredients. This
has increased the demand for essential oils, among other natural
ingredients,” said Amber Chourasia, one of Technavio’s lead analysts for health
and wellness research.
“Essential oils have antimicrobial, antioxidant, and anti-inflammatory
properties. The demand for these oils has rapidly grown in the medicinal
segment because they are said to act as natural cures without any
serious side effects. For instance, tea tree oil is antiseptic and
antifungal in nature. It can prevent or cure acne, cold sores, warts,
and burns,” added Amber.
Global essential oil market by distribution channel 2015 (USD
billions)
Source: Technavio research
Global essential oil market by retail store
The global essential oil market by retail store was valued at USD 3.17
billion in 2015. Retail stores include grocery stores, hypermarkets,
supermarkets, drugstores, stores that specialize in organic and herbal
products, and health food stores. The demand for essential oils from
grocery stores is the highest.
Essential oils available through channels and health food stores that
sell natural or organic products grow the fastest. Early adopters are
the prime consumers. Strategies like continual innovations in these
channels, experiential customer service provided on information-based
models, and the provision of a variety of products are gaining traction
in the market. Barlean’s is noted as one of the favorite brands for
natural channel shoppers.
Global essential oil market by online channel
The global essential oil market by online channel was valued at USD 850
million in 2015. The global essential oil market by online channel is
the fastest-growing distribution channel. Europe and the US were the
leading markets in 2015, accounting for more than 55% of global online
sales. This channel is rapidly gaining market share because of
increasing competition by way of reducing delivery time. Consumer
preference is increasingly shifting toward the online channel owing to
factors like convenience of purchase and round-the-clock availability.
The growing number of websites offering a wide range of essential oils
has increased awareness of and demand for these products, especially
among working individuals who seek easy accessibility and convenience of
purchase.
Global essential oil market by other
The global essential oil market by other was valued at USD 2.18 billion
in 2015. This market includes direct channels, mail order catalogs,
health professionals who sell from their clinics, discount stores, expos
and conferences, and warehouse chains. They offer a considerable
collection of products and brands. The global essential oil market by
other is likely to grow moderately during the forecast period, and that
growth is largely attributed to ease of availability and attractive
offers for e-customers. However, the limited range of brands available
through this distribution channel limits growth.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
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and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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