he global Essential Oils market size is expected to be worth around US$ 473.30 kilotons by 2027, according to a new report by Vision Research Reports.
The global Essential Oils market size was valued at US$ 247.07 kilotons in 2019 and is anticipated to grow at a CAGR of 7.4% during forecast period 2021 to 2027.
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Essential Oils Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2021 – 2027 – Breakdown Data by Regions, Type, Manufacturers and Applications
The market is expected to be driven by increasing demand from major end-use industries, such as food and beverage, personal care and cosmetics, and . Several health benefits related to essential oils are projected to drive their demand in pharmaceutical and medical applications. Unlike most of the conventional medicines and drugs, essential oils have no major side effects. Such traits of essential oils are projected to be the major factor for market growth. In addition, rising prevalence of health problems, such as cardiovascular problems, Alzheimer’s, and bronchitis, is creating more demand for beneficial essential oils in aromatherapy applications.
Essential oils are majorly composed of terpenes and their oxygenated derivatives, which usually include monoterpenes and sesquiterpenes. They are present in specialized cells/glands in various plants and the position of these glands varies depending upon the morphology and physiology of the plant. During manufacturing process, these glands are ruptured by pressing or by application of heat, which emanates aroma. The product is composed of aromatic compounds, which are volatile as well as hydrophobic in nature.
Rising demand for organic products is another factor influencing consumer trends. Further implementation of regulations favoring the use of environmentally friendly ingredients in cosmetics and food and beverage industry has awakened people’s interest to seek products made from natural ingredients. The industry has witnessed a sharp increase in demand for 100% plant-based products that are devoid of synthetic fragrances and animal-derived components. As a result, majority of the population is turning to organic products to gain health benefits.
The orange oil emerged as the prominent product segment in 2019 with a volume share of approximately 23.0%. Major end-use industries such as cosmetics are progressively using orange essential oil for developing sensory appeal and improving the product value. This oil is believed to promote elasticity and firm and tone up the skin.
Peppermint oil is also considered one of the most versatile essential oils as it can be used internally, topically, and aromatically. The major ingredients present in this oil are menthone and menthol.
Spa and relaxation held the largest volume share of more than 39.0% in 2019 and is projected to witness significant growth over the forecast period. The growth of this segment has been primarily attributed to the changing lifestyle of consumers around the world.
Food and beverage emerged as one of the major application segments in 2019 with a volume share of 38.6% and is expected to expand at the fastest CAGR from 2020 to 2027.
Personal care emerged as another important segment within spa and relaxation in the global market. Essential oils are majorly used in cosmetics, toiletries, and fragrances. In personal care, they are used in various applications, including beautifying the hair and skin, makeup, and color cosmetics.
Direct selling emerged as the key sales channel in 2019 with a volume share of over 70.0%. Increasing awareness among people regarding essential oil has given rise to more retail sales, especially through convenience stores.
In line with this, they attract and recruit several consumers as independent distributors by offering compensation plans and providing attractive discounts as well as gifts.
Europe dominated the market with a share of 43.65% in 2019 in terms of volume. Presence of organizations such as the European Federation of Essential Oils (EFEO) has benefitted the industry growth in Europe. EFEO was formed to promote and safeguard the interests of stakeholders across the market value chain.
Asia Pacific is projected to witness the fastest growth over the forecast period. The growth in this region is primarily attributed to the presence of a large population, along with various untapped markets, which are likely to attract key players’ attention to expand and establish their operation and distribution facilities in this region.
The outbreak of coronavirus in China in December 2019 and further spread to Italy have led to a lockdown in the country to prevent the spread of contagion. Due to the increasing number of patients and rising death count in the country, the Government has taken some preventive measures such a shutting down of industrial and commercial firms, such as manufacturing units, plants, shops, and factories, thus hampering production as well as import-export. These factors are estimated to result in huge economic losses in the region, which is further estimated to hamper the market growth in the short term.
- Sydney Essential Oil Co. (SEOC)
- Biolandes SAS
- India Essential Oils
- H. Reynaud & Fils (HRF)
- Young Living Essential Oils
- Essential Oils of New Zealand
- Farotti S. R. L.
- Flavex Naturextrakte GmbH
- West India Spices Inc.
- Ungerer Limited
- The Lebermuth Company
- Rocky Mountain Essential Oils
- Moksha Lifestyle Products
- Product Outlook
- Acorus Calamus
- Black pepper
- Carrot Seed
- Ciz-3 Hexanol
- Cumin Seed
- Curry Leaf
- Dill Seed
- De-Mentholised Peppermint
- Holy Basil
- Juniper Berry
- Pepper Mint
- Tea Tree
- Application Outlook
- Food & Beverages
- RTE meals
- Meat, Poultry & Seafood
- Snacks & Nutritional Bars
- Spa & Relaxation
- Massage Oil
- Personal Care
- Hair Care
- Skin Care
- Sun Care
- Makeup and color cosmetics
- Men’s Grooming
- Oral Care
- Baby Care
- Body Sprays
- Air fresheners
- Cleaning & Home
- Kitchen Cleaners
- Floor Cleaners
- Bathroom Cleaner
- Fabric Care
- Sales Channel Outlook
- Direct Selling
- Regional Outlook
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Middle East & Africa
- Central America
- South America
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2020) and forecast (2021-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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