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Alternative medicine and herbal products have become quite popular across the world as people are increasingly seeking out ‘natural and organic solutions’ for everything. The millennial generation in particular is responsible for the push towards the herb oil market. The main reasons for this are a growing awareness and a greater importance on health and wellness. Herb oils can be either purchased at stores or made in the comfort of one’s homes and have several benefits and use-cases. Herb oils are useful in food preparation, skin therapy, in cooking or even for topical application and can either be infused or essential. The herb oil market is anticipated to have a value of more than US$ 3.7 billion by the end of 2022.
Basil Herb Oil Sought After in the Herb Oil Market
The basil segment has the largest revenue share in the herb oil market and is on track to gain substantial BPS over the study period. Basil is globally renowned for its numerous health benefits and has particular resonance in the APEJ region as the plant is considered holy by some eastern religions. Thus, it is hardly surprising that APEJ alone contributes a third of the basil herb oil market in 2017 alone and companies are advised to actively market their basil herb oils to this highly populous and influential continent. Mint herb oil closely follows basil in the herb oil market but is projected to lose share going forward. The mint herb oil segment is predicted to record a sluggish CAGR of approx. 3.5% during the period 2017 to 2022 and key stakeholders may require customized strategies to attain success in the mint herb oil market.
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Niche Opportunity in Dill Herb Oil Market
The Dill herb oil segment has a single digit revenue share in the herb oil market and is unlikely to become a major force anytime soon. Nonetheless, the Dill herb oil segment is estimated to be worth almost US$ 350 million by end 2022, making it crucial for stakeholders in the herb oil market to be present in this segment. The other herbs segment is even smaller than the Dill herb segment and companies could seek to target either North America or Europe in the other herbs segment as the maximum demand is in these two developed regions of the global herb oil market.
Specialty Stores Hold the Key in the Herb Oil Market
Specialty stores account for a revenue share approaching two-fifth of the herb oil market and are easily the dominant sales channel. Specialty stores are extremely popular in the APEJ region as the region should push past a value of US$ 430 million by end 2022. The modern trade segment on the other hand is strong in Europe as well as the Europe modern trade segment is almost equal to APEJ in terms of overall size.
Competition Dashboard in the Herb Oil Market
The companies profiled in the herb oil market report are Young Living Essential Oils LC, Symrise AG, Givaudan SA, International Flavors & Fragrances Inc., Biolandes SAS, DoTERRA International LLC, The Lebermuth Company, China Flavors and Fragrances Company Limited, Citrus and Allied Essences Ltd., and Enio Bonchev Production Ltd.
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