Global Essential Oils Market: Snapshot
The global essential oils market is seeing a significant expansion in size thanks to the increased use of essential oils in aromatherapy. The increasing consumer demand for flavored foods and beverages also strengthens this market significantly. With the increasing development of innovative beauty and personal care products driven by the increasing preference for natural products, the use of essential oils to create new fragrances is increasing, leading to an expected boom in this market over the next few years.
The market opportunity is expected to reach $ 17.36 billion by 2017. The market is also expected to expand at an annual rate of 9.60% between 2017 and 2022 and reach a value of $ 27.49 billion by the end of 2022.
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Escalating industrialization and rising consumer disposable income are likely to drive growth in this market in the near future, especially in emerging economies like India, China, Thailand and Vietnam.
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The demand for citrus oil remains high
The global essential oils market is largely assessed based on the type of product, distribution channel, extraction method and application. Spice oil, herbal oil, citrus oil, spice seed oil, and perfumery oil are the main types of essential oils available in the world market. The demand for citrus oil has been relatively higher than other products and it is expected that the trend will continue to move upward in the coming years.
Essential oils are primarily used in personal care and cosmetics, food and beverage, pharmaceuticals, aromatherapy, and industry. The food and beverage, personal care and cosmetics industries are seeing greater consumer demand for essential oils due to the growing preference for flavored foods and beverages, and fragrant cosmetics and beauty products. A high demand for essential oils is also expected in the coming years for the aromatherapy and pharmaceutical industries. Essential oils are mainly extracted through distillation, solvents and cold pressing and are sold through specialty stores, drug stores, online stores and modern retailers.
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The growth of the European essential oils market is slowing due to saturation
The global essential oils market is also rated by region. The Middle East and Africa (MEA), Asia Pacific ex Japan (APEJ), Latin America, North America, Europe, and Japan are recognized as the most important regional markets for essential oils worldwide. So far, Europe has led the world. However, the growth of this regional market is likely to slow in the near future due to saturation. The European essential oils market is expected to grow 8.80% in the period from 2017 to 2022.
The European market is followed by North America, which is expected to maintain its second position in the overall market during the forecast period. The high per capita income is likely to fuel this North American essential oil market in the near future.
The global essential oils market is highly concentrated, with leading market players creating high barriers to entry for new companies. Essential oils from Young Living, DoTERRA International LLC, Givaudan SA, Enio Bonchev Production Ltd., Lebermuth Co. Inc., Symrise AG, International Flavors & Fragrances Inc., Citrus and Allied Essences Ltd., Biolandes SA, and China Flavors and Fragrances Co . Ltd. are the world’s most important suppliers of essential oils.
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