Essential oil & Aromatherapy Market Demand | Industry Challenges, Key Vendors, Drivers, Trends and Forecast to 2023

Market Overview:

Rising awareness among consumer about health benefits of essential oil as a sport nutrition is gaining attention among the consumer groups and is considered to sustain high growth in the coming years. The growing application of essential oil as digestive and weight management nutrition segments is driving the market growth from last few years. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on “Global Essential Oil and Aromatherapy Market Research Report- Forecast to 2023” that the Essential Oil and Aromatherapy market will demonstrate an exceptional CAGR % during the forecast period.

Urbanization represents the demographic trend highlighting the world's population becoming increasingly concentrated in urban communities, resulting in significant changes to the environment and lifestyles. Robust economic growth, rising urbanisation, and explosion in the middle class population especially in developing countries, coupled with cheap labour force, ease of doing business and rising disposable income has attracted international retailers to enter and expand in such regions and gain strong foothold in the market. Globalization and urbanization has significantly affected the composition of consumption basket of consumers and has influenced their buying behaviour and the urban life encourages the consumers to segregate the priority and non-priority goods for themselves.

Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Numerous research studies and analysis have been done in this field already. Research and development will lead to development of new product to improve the quality of the product and improve its functionality by including better formulation. Key industrial players have been developing better-for-you products to accommodate the product safety movement in convenient packaging, meeting labelling requirements to ensure product safety and quality.

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Competitive Analysis:

The increasing use of e-commerce portal to buy essential oil products along with the rising number of box stores like Wal-Mart, pharmacies stores, grocery stores, convenience stores across the globe has strengthen the distribution network for various essential oil product manufacturers.

In 2017, Young Living Essential Oils Acquires Life Matters whereas in 2016, the young essential oil launched Ledum essential oil which is produced through steam distillation of the flowering tops of the plant and has a high concentration of limonene. It has traditionally been used to support the liver and kidneys. In the same year, Biolandes acquires Golgemma to increase its presence in Europe.

The key players profiled in the global essential oil & aromatherapy market are G Baldwin & Co (U.K.), doTerra (U.S.), Rocky Mountains Oil (U.S.), Young Living Essential Oils (U.S.), Mountain Rose Herbs (U.S.), Thann (U.S.), and Ryohin Keikaku Co., Ltd. (Japan) among many others.

Latest Industry Updates:

Nov 2017 Organic Aromas has announced its further launch of several unique and premium products owing to increasing demand of high quality essential oil and aromatherapy in aromatherapy.

Nov 2016 Biolandes has acquired Golgemma to enhance it’s for production of vanilla, black, white, and pink pepper. 

May 2016 dōTERRA has increased its presence in North America with two new distribution centers. Also, the company has opened its new distillery in Bulgaria to increase its production capacity.

Jan 2016 Sydney Essential Oil and Aromatherapy Co. has expanded its new production capacity of essential oil and aromatherapy plant in Sydney to uplift company’s market share in the Asia Pacific region especially in Australia and New Zealand.

Market Segments:

The global essential oil and aromatherapy market has been segmented into type, flavor, application, and region.

On The Basis of Type: Essential Oils, Blended Oils, Carrier Oils, and Others

On The Basis of Ingredients: Fruits, Spices, Flowers, Herbs, and Others

On The Basis of Application: Food & Beverages, Medical, Personal Care (Cosmetics, Toiletries, Fragrances, Others), Homecare, Spa & Wellness Products, and Others

 On The Basis of Region: North America, Europe, Asia Pacific, and ROW.

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Regional Analysis:

Essential oil & aromatherapy market is projected to grow at an exponential rate during the forecasted period 2017-2023. APAC region is estimated to dominate the market with major market share in the year 2017 followed by America which has second largest market share. France, Italy and Germany are major essential oil producers in the Europe region. U.S. was the major importer of essential oil which has a market share in the year 2012. Import of essential oil has increased from the year 2012 to 2016 due to increasing application of essential oil for fragrances, aromatherapy and cosmetics products. There is a steady growth in import of essential oil in European countries especially France, Germany, U.K. and Netherlands. Rising demand for essential oil with rise in income levels has encouraged higher imports in the Asia-Pacific and Middle-East region

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This release was published on openPR.