The global essential oils market is expected to experience remarkable growth in the forecast period 2021-2028. By Art, the citrus subsegment is expected to be the most lucrative. Once applied, the food and beverage subsegment is expected to be the most profitable. The Asia-Pacific region is expected to lead the market.
New York, USA, October 26, 2021 (GLOBE NEWSWIRE) – According to a report released by Research Dive World market for essential oils expected sales of $ 20,497.61 million through 2027, at a CAGR of 9.20%, increasing from $ 10,349.81 million in 2020.
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The comprehensive report offers a brief overview of the current market scenario including key aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also includes all of the market metrics that make it easier and more helpful for new entrants to understand the Essential Oils Market.
Impact of COVID-19 on the Global Essential Oils Market
The coronavirus pandemic has left many industries in a devastating state. However, the essential oils market has developed positively during the pandemic. The main reason for this growth is the use of essential oils in the treatment of various health conditions such as stress, immunity disorders, and sleep disorders.
Check out how COVID-19 is impacting the global essential oils market: https://www.researchdive.com/connect-to-analyst/3959
Dynamics of the global essential oils market
Driver: The increasing popularity of essential oils in the food and beverage industry is expected to fuel the growth of the essential oils market over the forecast period. Essential oils improve the taste and taste of foods. This factor has increased the acceptance of essential oils as a substitute for herbs and spices. The urban population also tends to have healthy eating habits. These factors are expected to fuel the growth of the market over the forecast period.
The story goes on
Reluctance: The higher cost of essential oils compared to traditional oils over the forecast period is expected to be one of the major limiting factors for the essential oils market.
Opportunity: The rising popularity of aromatherapy around the world is expected to create many opportunities for the essential oils market in the years to come.
Key Segments of the Global Essential Oils Market
The report has segmented the global Essential Oils Market into various segments based on the type, application, and regional analysis.
Type: Citrus-type subsegment that is likely to be the most lucrative
The citrus subsegment is expected to dominate the market with sales of $ 4,907.12 million during the analysis period. The main factor behind the growth of the market segment is the extensive use of citrus essential oils in household care products.
Check out all the reports from the food and beverage industry: https://www.researchdive.com/food-and-beverages
Application: Food and beverages sub-segment likely to be the most profitable
The Food and Beverage sub-segment of the Essential Oils Market is projected to exceed $ 7,460.75 million by the end of 2028, up from $ 3,745.10 million in 2020. Essential oils help prevent viral infections through synthetic preservatives, which is the The market is expected to boost growth in the forecast period. Another factor behind this growth is the increasing trend to use natural ingredients in food.
Regional Analysis: The European market is expected to dominate the market
The European regional essential oils market is projected to generate sales of $ 8,854.97 million over the forecast period. It is expected that the growing trend of natural cosmetics and fragrances in the regional countries will be the main reason for the growth of the market during the analysis period. In addition, the presence of large companies such as the European Federation of Essential Oils (EFEO) in Europe is another factor that drives market growth.
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Major Market Players and Strategies of the Global Essential Oils Market
1. Cargill, Inc.
2. DuPont
3. Royal DSM NV
4. dôTERRA International LLC
5. Givaudan SA
6. Young Living Essential Oils
7. The Lebermuth Company, Inc.
8. Symrise
9. Sensient Technologies Corporation
10. Essential oils from New Zealand
The latest development
In July 2021, Givaudan, a global leader in fragrance creation, and Privi Specialty Chemicals Limited, a well-known manufacturer of flavor and fragrance chemicals, signed an agreement. The main objective of this agreement is to strengthen Givaudan’s manufacturing capabilities for the world’s specialty fragrances.
The report also features several industry-leading tactics and approaches such as key strategic moves and developments, product / service offering, business performance, Porter Five Force analysis, and SWOT analysis of key global industry players. Click here for the executive summary of the absolute top business development strategies.
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