Essential Oil Market to Upsurge with Improved Revenue Rates

Essential Oil Market is expected to reach $11.188 million by 2022, with a CAGR of 8.7% from 2016 to 2022. Essential oils, also known as volatile oils/aetherolea/ethereal oils, are derived from leaves, stems, flowers, bark, roots, or other parts of a plant.

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The major factor boosting the market growth is the increasing consumer preference for natural and organic products be it cosmetics, food or similar other product categories. This in turn, has led the manufacturers operating in such industries to develop products that contain natural additives. Thus, the growing usage of essential oils among the aforementioned industries, coupled with factors which include increasing disposable income and improved standards of living in emerging economies, supplement the market growth. The factors restricting the market growth are high price of essential oils, availability of synthetic substitutes, and limited availability of raw materials.

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Essential oils are used in numerous sectors including food & beverage, medicines, wellness & cleaning, spa & aromatherapies, and cosmetics amongst others. Spa & relaxation sector is anticipated to grow at the highest CAGR of over 10% during the forecast period, followed by food & beverage and medical sector. Growing popularity of spa & relaxation therapies coupled with the increasing disposable income of the consumers supplement the usage of oils in these sectors.

Key Findings of Essential Oil Market:
• Europe is estimated to be the highest revenue-generating region in the essential oil market in 2015, due to high adoption of innovative essential oil solutions in different applications.
• Asia-Pacific region is expected to grow with a CAGR of around 11%, due to rapid urbanization and the growing preference for natural ingredients in food and cosmetics products in this region.
• Orange essential oil generated maximum revenue in 2015 and is likely to dominate the market during the forecast period. However, corn mint essential oil is expected to grow at the highest during the forecast period.
• Among the different key applications, food & beverages is anticipated to be the leading revenue contributor throughout the analysis period.

The players operating in the essential oil market have adopted strategies such as acquisition & partnerships, innovative product launches, and expansion in new geographies to gain maximum market share. The key players profiled in this report are dTERRA International, Biolandes, Sydney Essential Oils Co. Pty Ltd, Young Living Essential Oils, Farotti SRL, The Lebermuth Company, Essential Oils of New Zealand, H.Reynaude & Fils, Moksha Lifestyle Products, and West India Species, Inc

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This release was published on openPR.