(MENAFN – GetNews) The propensity for youthful appearance, the transition from consumers’ preferred chemicals to natural products, and the rising trend in aromatherapy are key drivers of market demand.
The globe Essential Oils (EO) Market was valued at USD 7.6 billion in 2018 and is projected to reach USD 15.1 billion by 2026, with an annual growth rate of 8.7%. EOs are antiseptic, antibacterial, disinfectant and biotic and, depending on the essence used, can also have a calming and relaxing effect. This encourages the use of multipurpose oil in treating a wide variety of diseases. EOs can also be applied in different ways, the most popular of which are inhalations, compresses, baths, massages, and are mainly admixed with creams, lotions, ointments and vegetable oils. The change in consumer preference from chemical products to natural products is one of the main drivers. Another factor is the ability to act as a perfect substitute for various products such as detergents and to replace the use of benzyl peroxide in the market.
Continuous innovations and product launches by market participants should drive demand. In order to meet the demand and supply of the market, manufacturers have focused on innovation and increasing the efficiency of the production process. For example, genetic engineering was used to regenerate transgenic plants, and these plants produced significantly more essential oil (about 50% increase in yield) without changing the monoterpene. Similarly, EOs are widely used as preservatives because of their poor solubility, instability to environmental conditions, and susceptibility to oxidative degradation and decrease in antimicrobial activity. Therefore the nanoemulsion formulation is used. The nanoemulsion-based EO delivery system is emerging as a viable solution for controlling the growth of foodborne pathogens.
North America is expected to be an important revenue generating region for the market. This is due to the increasing demand for bio-based personal care products and aromatic cleaning products in the region. In addition, the growing demand for organically processed foods and beverages is likely to fuel demand in the region. The presence of key players in the region including Biolandes SAS, doTerra International, Ungerer Limited, Aura Cacia, Young Living essential oils and The Nature’s Bounty Co., to name a few, is also expected to create lucrative growth opportunities for the market. In addition, the concentration of leading cosmetics industries in the region is expected to fuel market growth.
Other important findings from the report suggest
- The demand for peppermint essential oil is expected to increase significantly in the coming years. When used medicinally, the product has been found to eliminate harmful bacteria, relieve muscle spasms and gas, disinfect and soothe inflamed skin. Topical application of the product has been found to act as an astringent, closing pores and tightening skin.
- The demand for EO for aromatherapy is expected to increase significantly over the forecast period. Aromatherapy has played a significant role in alternative medicine, gradually moving from artificial drugs to essential oils to gain therapeutic values. The side effects associated with drugs have led to an increase in the acceptance of naturally developed products. For example, lavender oil has been found to help people sleep better and wake up refreshed. According to the National Sleep Foundation, lavender can reduce anxiety and lower blood pressure, heart rate, and skin temperature.
- North America had a significant share of the total market. The region is a major exporter of essential oils worldwide. According to OEC statistics, the region accounted for around 19% of total exports in 2017. The US exported USD 698 million in 2017, and the top importers were Canada, China, UK, Japan and Singapore to name a few.
- Important participants are Cargill (USA), EI du Pont de Nemours and Company (USA), Koninklijke DSM NV (Netherlands), dôTERRA International LLC. (USA), Young Living Essential Oils (USA) and Givaudan SA (Switzerland). US-based Young Living Essential Oils makes essential oils and other related products. The company offers a diverse portfolio including lavender, cardamom, basil. Clove, coriander and eucalyptus to name a few. The products are available in blends and individual products for personal care and food applications.
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For the purposes of this report, Reports and Data has segmented the Essential Oils Market by Product Type, Extraction Method, Application, and Region:
Product Type (Volume, Kilotons; 2018-2026 and Revenue, MILLION USD; 2018-2026)
- Orange oil
- lemon oil
- Lime oil
- Peppermint oil
- Corn mint oil
- Citronella oil
- Mint oil
- Geranium oil
- Clove leaf oil
- Eucalyptus oil
- Jasmine oil
- Tea tree oil
- Rosemary oil
- Lavender oil
- Other
Extraction Method (Volume, Kilotons; 2018-2026 and Revenue, USD Million; 2018-2026)
- distillation
- Carbon dioxide extraction
- Cold press extraction
- Solvent extraction
- Other
Application (Volume, Kilotons; 2018-2026 and Revenue, MILLION USD; 2018-2026)
- Food & drinks
- Cosmetics & Toiletries
- Aromatherapy
- Home care
- Health care
- Other
Regional Outlook (Volume, Kilotons; 2018-2026 and Revenue, Million USD; 2018-2026)
- North America
- Europe
- Germany
- France
- United Kingdom
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Rest of the Asia Pacific
- Middle East and Africa
- Latin America
Contents:
Chapter 1. Market overview
1.1. Market definition
1.2. Research scope & premise
1.3. methodology
1.4. Market appraisal technique
Chapter 2. Summary
2.1. Summary snapshot, 2016 2026
Chapter 3. Indicative Metrics
3.1. Macroeconomic Indicators
Chapter 4. Global segmentation and impact analysis of essential oils
4.1. Global essential oils segmentation analysis
4.2. Industrial outlook
4.3. Analysis of the market indicators
4.4. Essential Oils Market Impact Analysis
4.4.1. Market driver analysis
4.4.1.1. Growing demand for aromatherapy
4.4.1.2. Growing awareness of the therapeutic use of essential oils
4.4.1.3. Growing demand from the food and beverage sector
4.4.2. Analysis of market restrictions
4.5. Legal framework
4.6. Porter’s Five Forces Analysis
4.6.1. Power of Suppliers
4.6.2. Power of the buyer
4.6.3. Replacement threat
4.6.4. Threat from new entrants
4.6.5. Competition
Chapter 5. Global Essential Oils Market by Product Type Insights & Trends
Continuation… ..
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