The
global essential oil market is expected to reach USD
13.94 billion by 2024, according to a new report by Grand View Research, Inc.
Increasing awareness as well as willingness to buy organic and natural products
is expected to force market participants to employ essential oils in the
production process. The shift of focus from synthetic to natural products is
likely to trigger market growth over the forecast period.
Increasing
demand for flavors & fragrances from various applications including
personal care, home care, food & beverages, aromatherapy, etc. has prompted
the essential oils demand as these oils are used as key ingredients in
fragrances and flavors. Numerous other advantageous product properties such as
antiseptic, aphrodisiac, anti-inflammatory, antidepressant, antispasmodic,
diuretic, and tonic are expected to boost essential oil demand in industrial,
medicinal, and domestic applications.
The
lower raw material conversion rate for essential oils production in addition to
unique processes requiring massive capital investment is expected to pose
challenges to market participants. Limited raw material availability as
different crops are grown in the various countries only to obtain high-quality
products is also anticipated to challenge the market growth.
Browse full
research report on Essential Oil Market: Https://Www.Grandviewresearch.Com/Industry-Analysis/Essential-Oils-Market
Further key
findings from the report suggest:
- Global essential oil market demand was 178.8
kilo tons in 2015 and is expected to exceed 370 kilo tons by 2024, growing
at a CAGR of 8.4% from 2016 to 2024
- Orange oil emerged as the major product and accounted
for 29.4% of total market volume in 2015. It is also expected to witness
the highest growth rate over the forecast period. Increasing orange oil
demand in food & beverages, personal care and cleaning agents is
expected to foster the segment growth.
- Food & beverages industry was the leading
consumer of essential oil and accounted for 34.6% of total market volume
in 2015. It is also expected to witness the highest growth of 9.0% over
the forecast period.
- Essential oils demand from spa & relaxation
application is expected to grow at a CAGR of 8.7% from 2016 to 2024.
Essential oils have a great soothing and calming effect on the nervous
system and are also beneficial in blood circulation stimulation, which has
triggered the essential oils demand from spa & relaxation application
segment.
- Europe was the leading regional market and
accounted for 43.5% of global demand in 2015. High demand for food &
beverages and natural personal care products has spurred the regional
market growth in upcoming years.
- Asia Pacific essential oil market is expected
grow at an estimated CAGR of 9.0% from 2016 to 2024 to emerge as the
fastest growing regional market. Increasing interest and awareness
regarding essential oils and natural products are expected to foster the
regional market.
- Some leading companies operating in the global
market include Biolandes, Sydney Essential Oils, HRF, The Lebermuth
Company, Young Living Essential Oils, doTerra, Essential Oils of New
Zealand, Sydella Laboratoire, Farotti Essenze, Moksha Lifestyle Products,
West India Spices Inc., Falcon and Ungerer Limited.
Browse more
reports of this category by Grand View Research: https://www.grandviewresearch.com/industry/food-additives-nutricosmetics-flavors-and-fragrances
Grand View Research has segmented the global essential oil market on the
basis of product, application and region:
Essential
Oil Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
- Orange
- Corn
Mint
- Eucalyptus
- Citronella
- Pepper
Mint
- Lemon
- Clove
Leaf
- Lime
- Spearmint
- Others
Essential
Oil Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
- Medical
- Food
& Beverages
- Spa
& Relaxation
- Cleaning
& Home
- Others
Essential
Oil Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
- North
America
- U.S.
- Europe
- Germany
- France
- UK
- Asia
Pacific
- China
- India
- Japan
- Middle
East & Africa
- Central
& South America
Access
Press Release By Grand View Research: https://www.grandviewresearch.com/press-release/global-essential-oil-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
No comments:
Post a Comment