Essential Oils Market :Product, Application, Distribution & Global Opportunity Analysis and Industry Forecast, 2019–2026

The Essential Oils Market size was valued at $8,008.6 million in 2018 and is expected to grow at a CAGR of 8.7% to reach $15,618.8 million in 2026. The orange segment was the highest contributor in the global essential oils market share, with $3,058.7 million in 2018, and is estimated to reach $6,217.5 million by 2026, at a CAGR of 9.3% during the forecast period.

An essential oil is a liquid that is generally distilled from the stems, leaves, seeds, roots, or flowers of the plant. The commonly used essential oil used are lavender, tea tree, orange, lemon, peppermint, cornmint, and others. These oils are antibacterial, antiviral, antifungal, and antimicrobial. They by-pass the digestive system easily and thus are beneficial for people with poor digestion/assimilation. Moreover, essential oils are highly oxygenating and are suitable for infants since they cannot swallow tablets and capsules.

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Segment review

The essential oils market is segmented on the basis of product type, application, distribution channel and region. The product type segment is further classified into orange, eucalyptus, cornmint, peppermint, citronella, lime, lemon, clove, spearmint, and others. By application, the essential oils market is classified into food & beverages, medical, cleaning & home, spa & relaxation, and others. The others applications include usage of essential oil in paints, textile industries, tobacco, paper manufacturing, and agrochemicals. On the basis of distribution channel the global market is studied across direct distribution, MLM distribution and retail distribution. The retail distribution channel is further segmented into supermarket/ hypermarket, e-commerce, retail stores, pharmaceutical stores and others. By region, the market is categorized into North America, Europe, Asia-Pacific, and LAMEA.

Essential Oils Market By Product

Based on the essential oils market analysis by product type, the orange segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. This can be attributed to its characteristics of being eco-friendly and non-greasy, making it suitable for use in household cleaners, pest controls, and therapeutic products. Moreover, increase in demand of orange essential oil in the fragrance industry makes way for the growth of this segment in the market

Essential Oils Market By Application

The cleaning and home segment would witness the fastest growth, registering a CAGR of 9.3% during the forecast.

Based on the essential oils market forecast by application, the food & beverage segment was the most prominent segment accounting for maximum share in the global market. This can be attributed to strict government regulations regarding food safety and limit in usage of synthetic flavors and essence food stuff. The rise in adoption of essential oil as a natural ingredient in preparation of food act as the major driving factor. The cleaning and home segment was the fastest growing application segment and the growth of this segment can be attributed to rise in affinity of the consumers toward chemical free solution for cleaning. Moreover, pleasant fragrance of the essential oil based cleaning products makes it more popular among various consumer profiles.

Essential Oils Market By Distribution Channel

The retail distribution segment would witness the fastest growth, registering a CAGR of 10.0% during the forecast.
Based on distribution channel the global essential oils market is segmented into direct distribution, MLM distribution and retail distribution. Direct distribution segment leads in terms of market share however retail distribution is likely to grow with highest CAGR during the forecast period.

Essential Oils Market By Region

North America was the dominant regional market growing at a CAGR of 8.4% from 2019-2026.
By region, North America was the most prominent regional market in 2018. This can be attributed to increase in the application of essential oil in pharmaceuticals and food & beverages. Moreover, increase in awareness about the benefits of essential oil combined with increased investment by people in this region in aromatherapy and body massages further boosts the market growth in this region. However, Asia-Pacific is expected to grow at the highest CAGR though the forecast period. The high growth in this segment can be attributed to wide scope application of essential Oil coupled with high consumer base in the region.

The players in the essential oils industry have adopted product launch and acquisition as their key development strategy to increase profitability, and to improve stance in the essential oils market. The key players have also relied on business expansion to stay relevant in the market. The key players profiled in the report include do TERRA 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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