The report “Essential Oils Market by Type (Orange, Lemon, Lime, Peppermint, Citronella, and Others), Application (Food & Beverage, Cosmetics & Toiletries, Aromatherapy, Home Care, Health Care), Method of Extraction, and Region – Global Forecast to 2026” The global essential oils market size is estimated to be valued USD 10.3 billion in 2021 and is expected to reach a value of USD 16.0 billion by 2026, growing at a CAGR of 9.3% in terms of value during the forecast period. In terms of volume, the essential oils market is estimated to account for 253.2 KT in 2021 and is expected to reach at 345.4 KT by 2026, growing at a CAGR of 6.4% during the forecast period. Factors such as an growth in awareness toward preventive healthcare, rise in demand for essential oils in food products with extended shelf life , along with increase in demand for essential oils in cosmetic applications are some of the factors driving to the growth of the essential oils market.
COVID-19 Impact on the Essential oils Market:
Due to the pandemic, food & beverage producers have become concerned about the need for preventing viral infections among consumers. Viral infections have a negative impact on the growth, gut health, performance of an individual. Essential oils are highly concentrated oils, which are extracted for their flavor and fragrance. They are volatile aromatic compounds extracted from the leaves, stems, flowers, bark, roots, and other parts of a plant. They contain antioxidant, antimicrobial, and anti-infective properties, which are useful in maintaining health. The essential oils such as orange oil, lime oil, lemon oil, lavender oil, rosemary oil, geranium oil, citronella oil, and other oils play an important role in various industries such as food & beverage, cosmetics & toiletries, home care, aromatherapy, health care, feed, and other industries, which aids in supporting the high-quality of essential oils in providing and treating several conditions such as sleep disorders, stress conditions, depression, and immunity disorders. Thus, the pandemic would positively impact the overall growth of the market, as the release of lockdown in various regions has increased the consumption of high-quality food & beverages, cosmetics & toiletries, home care, aromatherapy, health care, feed products, which in turn, boosts the market globally.
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Opportunity: Rise in demand for natural ingredients
The demand for “all-natural ingredients” has lately been on the rise mainly due to the growing awareness about the benefits of natural ingredients and the increasing disposable income, which results in people spending more money on expensive natural products. The increasing health consciousness among people fuels this demand further by leading to more liberal spending on good-quality natural products, which would provide long-lasting results.
Several manufacturers across all industries are developing new ways of incorporating natural and healthy ingredients in their formulations for providing maximum benefits to the consumers. ‘Natural claims’ largely influence the purchase of food & beverage and cosmetic applications. Essential oils provide that ‘all natural’ flavor and fragrance across several industries such as food & beverage, cosmetics, feed, and home care, among others, which creates several opportunities for this market.
Asia Pacific is estimated to hold the largest market share during the forecast period
Asia Pacific accounted for the largest share during the forecast period due to the growing demand for meat and meat products in developing and developing countries such as China, India, and South Korea. The USDA is of the view that factors such as increasing disposable income, increase in population, and rapid urbanization have significantly aided in the growth of the market in this region. With the westernization of diets in the various countries in Asia Pacific, the demand for better quality meat has been growing which calls for the need to improve the overall health and productivity of livestock species which further drives the growth of the essential oils market.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the essential oils market. It consists of the profiles of leading companies such Cargill, Inc. (US), DuPont (US), Koninklijke DSM N.V. (Netherlands), dôTERRA International LLC (US), Givaudan SA (Switzerland), Young Living Essential Oils (US), The Lebermuth Company, Inc. (US), Symrise (Germany), Sensient Technologies Corporation (US), Essential oils of New Zealand (New Zealand), Firmenich SA (Switzerland), International Flavors & Fragrances Inc. (US), Mane (France), ROBERTET SA (France), Rocky Mountain Oils LLC (US), BIOLANDES SAS (France), Falcon (India), Farroti (Italy), Indian Essential Oils (India), and Ungerer Limited (UK).