CHICAGO, March 30, 2021 / PRNewswire / – According to new market research report, Essential Oils Market by Type (Orange, Lemon, Lime, Peppermint, Citronella, and Others), Application (Food and Beverage, Cosmetics & Personal Care, Aromatherapy, Home Care, Healthcare)), Extraction Method, and Region – Global Forecast to 2026, “published by MarketsandMarkets ™, is estimated to assess the global essential oils market size $ 10.3 billion in 2021 and is expected to reach a value of $ 16.0 billion by 2026 with a CAGR of 9.3% relative to the value over the forecast period. In terms of volume, the essential oils market is estimated at 253.2 KT in 2021 and is expected to reach 345.4 KT by 2026, which corresponds to a CAGR of 6.4% over the forecast period. Factors such as a growing awareness of health care, an improvement in the standard of living and an increase in double income households, and an increasing demand for aromatherapy are some of the factors contributing to the growth of the essential oils market.
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It is estimated that orange oil by type holds the largest market share over the forecast period
The essential oils market has been divided by type into orange, lemon, lime, peppermint, corn mint, lemongrass, spearmint, geranium, clove leaf, eucalyptus, jasmine, tea tree, rosemary, lavender and other types. Orange oil is the largest market in the forecast period due to the large pool of products on the market. Orange oil has an antispasmodic, calming, aphrodisiac, anti-inflammatory and antiseptic effect. Therefore, awareness of the benefits of orange oil has led to an increase in the demand for various end uses such as food and beverages, aromatherapy, and health care. Demand for essential oils is booming, encouraging manufacturers to increase production to meet growing demand and continue to explore the market.
Extraction method carbon dioxide extraction is expected to grow with the highest CAGR in the essential oils market over the forecast period
The carbon dioxide extraction segment is expected to grow the fastest in the forecast period. The carbon dioxide method extracts superior herbal extracts that are widely used in the flavor and herbal medicine industries. The positive aspects of this method are that it eliminates potentially harmful solvents and prevents pollution and potential harm to humans. It’s an expensive extraction method that uses a lower temperature than most other methods to ensure that the essential oils are not damaged by heat. This allows the manufacturer to provide the pure form of essential oil for various end uses.
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Once applied, it is estimated that food and beverages will have the largest share of the market over the forecast period
Food and beverages have the largest market size in the forecast period. Essential oils are identified for their health benefits as they are natural ingredients that convey the essence of the source from which they are derived. They are used in food and beverages to add flavor to the end product as a substitute for synthetic ingredients. As consumers become increasingly aware of the health benefits of essential oils, the preference for food and beverage products with these oils as additives has increased.
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Asia Pacific is expected to hold the largest market share in the forecast period
Asia Pacific accounted for the largest share in the forecast period due to the growing demand for meat and meat products in developing and developing countries such as China, India, and South Korea. The USDA believes that factors such as the increase in disposable income, the increase in population and rapid urbanization have contributed significantly to the growth of the market in this region. With the westernization of the diet in different countries in Asia PacificThe demand for better quality meat has increased, necessitating the need to improve the general health and productivity of animal species, which continues to fuel the growth of the essential oils market.
This report includes a study of the marketing and development strategies, as well as a study of the product portfolios of the leading companies operating in the essential oils market. It consists of the profiles of leading companies such as Cargill, Inc. (USA), DuPont (USA), Koninklijke DSM NV (Netherlands), dôTERRA International LLC (USA), Givaudan SA (Switzerland), Essential Oils from Young Living (USA), The Lebermuth Company, Inc. (USA), Symrise (Germany), Sensient Technologies Corporation (US), Essential Oils by New Zealand ((New Zealand), Firmenich SA (Switzerland), International Flavors & Fragrances Inc. (USA), Mane (France), ROBERTET SA (France), Rocky Mountain Oils LLC (USA), BIOLANDES SAS (France), Falcon (India), Farroti (Italy), Indian essential oils (India) and Ungerer Limited (UK).
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