Essential Oils Market 2018 : Global Industry Growth, Opportunities, Consumptions, Industry Analysis and Forecasts 2024

The market study covers the Essential Oils Market crosswise segments. It purposes at estimating the market size and the growth prospective of the market segments, such as supplier, application, organization size, business vertical, and region. The study also includes a detailed competitive analysis of the key players in the market, along with their enterprise profiles, key observations related to product and industry offerings, new developments, and key market plans. According to report the global essential oils market is projected to grow at a CAGR of 9.3% over the forecast period of 2018-2024.

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Essential Oils Market: Industry Insights

An essential oil also known as ethereal oils, aetherolea and volatile oils is an undiluted hydrophobic liquid that contains chemical compounds from plants. These oils can easily be dissolved at normal temperature. Further, these oils are used in many industries such as medicines, spa & aromatherapies, food & beverage, cosmetics, and wellness & cleaning. The essential oil has the capability of decreasing anxiety, improve digestion, reduce pain, ease depression and eradicate headaches. Due to their fragrances, they are even used in perfumes and soaps.

Essential Oils Market: Drivers and Restraints

Shifting consumers preferences towards natural products in all end-use industries is driving the growth of an essential oil market. These oils are generally used in food & beverages as a key ingredient due to its antimicrobial and antioxidative properties. This expands the shelf-life of the food. It is used in several beauty products such as dental creams, mouthwashes, and skin creams owing to the presence of vitamin C and anti-inflammatory property. Additionally, growing consciousness regarding several medicinal properties of essential oil such as antibacterial, antidepressant, anti-inflammatory, and fungicidal has resulted in the increasing use of these oils in pharmaceuticals. On the other side, the easy availability of substitute for essential oil at a low-cost may restrain the growth of the essential oils market. Moreover, the growing trend for clean labeling is motivating manufacturers to use a natural ingredient in their products. This factor is further creating a growth opportunity during the upcoming years.

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Essential Oils Market: Segmentation

The global essential oil market is divided into product type and application. On the basis of product type, the segment is classified into clove leaf, citronella, corn mint, eucalyptus, lemon, lime, spearmint, and others. From this, corn mint holds the largest the market share. Due to several therapeutic properties, these oils are used in many end use industries. Further, based on the application this segment is bifurcated into aromatherapy, cosmetics & toiletries, cleaning & home, food & beverages, SPA & relaxation, massage oil, personal care, and others. Spa & relaxation segment holds the largest market share. The increasing hectic and busy lifestyle are generating necessities for stress relieving therapies that are driving the demand for aromatherapy.

Essential Oils Market: Regional Insights

Among the geographies, North America has dominated the essential oils market followed by Asia Pacific region. In North America region factors such as growing level of stress, growing demand for natural products and consumers spending on personal care products are driving the growth for North America region. Further, in Asia Pacific region owing to increasing individual income, growing awareness regarding the health benefits of essential oil in pharmaceutical industries and expanding shelf-life property in food & beverage industries are some of the factors supporting the growth for the market in this region.

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Essential Oils Market: Competitive Analysis

The essential oils market is a highly fragmented market. Some of the key players in essential oils industries are Biolandes SAS, H.Reynaude & Fils, Farotti S.R.L., Essential Oils of New Zealand Ltd., Young Living Essential Oils, The Lebermuth Company, Inc., Symrise, Robertet SA, doTerra International, and Rocky Mountain Oils LLC.

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