Essential Oil Market Synopsis:

Market Research Future (MRFR) asserts that the global Essential Oil Market is estimated to demonstrate 5.92% CAGR during the forecast period (2017-2023). The market is estimated to garner USD 18,956 million owing to the health benefits offered by essential oils. Also referred to as aetherolea, volatile oils, or ethereal oils, essential oils are generally derived from stems, leaves, bark, flowers, roots, or other parts of a plant. They are obtained from several plants and herbs like eucalyptus, orange, peppermint, corn mint, lemon, citronella, spearmint, and lime clover leaf by using distillation methods such as water distillation and steam. Essential oils also comprise real essence and volatile aroma compounds of the plant from which it is derived.

Market Potential and Pitfalls

With the augmenting consumer preference for organic and natural products right from cosmetics to food items, the market for essential oil is predicted to flourish. This has further led the manufacturers to develop products containing natural additives. Thereby, there has been an increase in the usage of essential oils among these industries. Additional factors promoting the market growth are improved living standard in the emerging economies along with the augmenting disposable income. With augmenting awareness regarding health benefits associated with the use of naturally sourced oils coupled with the accelerating number of people shifting towards aromatherapy, the global market for essential oil is likely to experience an upthrust. Moreover, increasing R&D activities coupled with the innovation in the extraction techniques are likely to bolster the market growth in the coming years.

On the flip side, the high price of the essential oils, limited availability of raw materials, and availability of synthetic substitutes are some of the top barriers considered to vitiate the growth during the assessment period. Despite several hiccups, favorable regulations along with government support are anticipated to create lucrative opportunities for the market growth worldwide.

Industry Updates: January 28, 2019: A team of researchers from the University of Zaragoza and State University of Maringa in Brazil has recently explored the usage of several essential oils along with blends of essential oils in the diet of feedlot-finished heifers.

Competitive Dashboard: The prominent players operating the global essential oil market are doTerra (U.S.), Young Living (U.S.), The Lebermuth Co., Inc. (U.S.), Biolandes (France), Shiv Sales Corporation (India), Sydney Essential Oils (Australia), and Shaanxi Guanjie Technology Co. Ltd (India).

Segment Analysis: The global Essential Oil Market has been segmented on the basis of type, ingredients, and application.

By mode of type, the global essential oil market has been segmented into compound essential oil, pure essential oil, and others.

By mode of ingredients, the global essential oil market has been segmented into corn mint, orange, eucalyptus, cedarwood, lavender, chamomile, citronella, clary sage, citrodora, litsea cubeba, basil, peppermint, cloves leaf, and others. Among these, the orange oil is considered to experience the fastest growth rate and is likely to retain its dominance throughout the appraisal period. End-use industries like cosmetics are extensively using orange essential oils in order to improve the product value and sensory appeal.

By mode of application, the global essential oil market has been segmented into aromatherapy, fragrance & flavor, cosmetics, pharmaceutical, and others.

Regional Insights: Geographically, the essential oils market span across regions namely, Europe, America, Asia Pacific, and the Rest-of-the-World (RoW).

Among all the regions, the Asia Pacific region is estimated to dominate the global essential oils market with a share of 58.2%. The growth in this region can be credited to the presence of huge population coupled with untapped markets which attract the attention of the key players in order to expand and establish their distribution and operational facilities in this region. With the economic growth of developing countries such as India and China, there is an increase in the urban class population, which is further fostering the sales of essential oils in this region. Additionally, the augmenting demand for essential oils from fragrance and flavours sector is predicted to promote the market growth to a large extent.

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