The competitive landscape of the world Essential Oils Market is a highly fragmented landscape, says Transparency Market Research (TMR). This is mainly due to the presence of several key players around the world. The main players in the market are focused on novel techniques to improve the properties and expand the uses of essential oils. That being said, players are increasing their investment in research and development to create advanced aromatherapy and preservation blends.
DoTERRA International LLC, Lebermuth Co. Inc., Young Living Essential Oil and Enio Bonchev Production Ltd are some of the leading players in the global essential oils market.
According to a research report by TMR, the global essential oils market was valued at $ 17.36 billion in 2017. The market is expected to grow an impressive 9.60% CAGR over the forecast period from 2018 to 2022. At that CAGR rising, the market is expected to reach a valuation of $ 27.49 billion by the end of the forecast period
Given its geographic location, Europe is expected to lead the global essential oils market with several key players in the region. The market in Europe is expected to grow by 8.8% CAGR over the forecast period. Due to the application, personal care and cosmetics are expected to have a maximum share of the essential oils market in the coming years. This is mainly due to the increasing demand for essential oils in the manufacture of several cosmetic products.
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Increasing awareness of the benefits of essential oils to propel the market forward
The global essential oils market is expected to grow significantly. This is mainly due to factors such as increasing consumer awareness, increasing disposable income, and increasing use of essential oils in various industries. That being said, thriving end-use industries like food and beverage, personal care and cosmetics, and aromatherapy are another factor that is expected to give the global essential oils market a significant boost. Aromatherapy is gaining in importance, especially in the urban population due to the changed lifestyle and the increasing influence of the media. This has led to a surge in demand for the product.
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Despite multiple drivers, the global essential oils market is expected to present some challenges. High essential oil prices are the major factor hindering the widespread adoption of the essential oil market. Additionally, the lack of consumer awareness of the key benefits of certain essential oils is another major factor that is hindering the growth of the essential oils market. Nonetheless, promoting the research and development of innovative extraction techniques is expected to support the growth of the essential oils market in developing regions.
Strong sales channels offer lucrative opportunities
The increasing acceptance of essential oils by people has led to the emergence and acceptance of a variety of retail channels around the world. Aside from accessory stores, home centers, convenience stores and discounters, players are launching their online stores to improve their geographic reach. It is also believed that essential oils have properties such as skin tightening and acne treatment. They help improve the quality of hair, nails and skin. This appeals to large teenage consumers. The growing population of working women is forecast to fuel the essential oils market over the forecast period.
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This review is based on a TMR report, titled “Essential Oils Market (Product Type – Condiment Oil, Spice Seed Oil, Citrus Oil, Herbal Oil, and Perfume Oil; Extraction Method – Distillation, Solvent, and Cold Pressing; Application – Personal Care) and Cosmetics, Food and Beverage, Pharmaceuticals, Aromatherapy and industry; Sales channel – specialty store, modern trade, drugstores and online shop) – global industry analysis, size, share, growth, trends and forecast 2017-2022. “