SAN FRANCISCO, June 4, 2021 / PRNewswire / – A new market study released by Global Industry Analysts Inc. (GIA), the leading market research firm, released its report today, titled “Essential Oils – Global Market History and Analytics”. The report offers new perspectives on opportunities and challenges in a strongly changed market after COVID-19.
FACTS AT A GLANCE
Edition: 8th; Released: March 2021
Management engagements: 3049
Companies: 88 – Players Covered include Biolandes SAS; Cargill, Incorporated; doTERRA International LLC .; DuPont de Nemours, Inc .; Essential Oils from New Zealand Ltd .; Falcon essential oils; Farotti SRL; Flavex Naturextrakte GmbH; Givaudan SA (Switzerland); H. Reynaud & Fils; International Flavors & Fragrances Inc .; Royal DSM NV; Moksha lifestyle products; Robertet SA; Rocky Mountain Oils, LLC; Sensient Technologies Corporation; Sydney Essential Oils Co. Pty Ltd .; The Lebermuth Co., Inc .; Young Living Essential Oils and Others.
Cover: All major regions and key segments
Segments: Extraction methods (distillation, solvent extraction, carbon dioxide extraction, cold press extraction, other extraction methods); Sales channel (direct sales, other sales channels); Application (Food and Beverage, Cosmetics and Toiletries, Aromatherapy, Home Care, Healthcare, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UNITED KINGDOM; Spain; Russia; the rest of Europe; Asia Pacific; Australia; India; South Korea; the rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; the rest of Latin America; middle East; Iran; Israel; Saudi Arabia; United Arab Emirates; the rest of middle East; Africa.
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ABSTRACT-
Reaching Global Essential Oils Market $ 11.3 billion by 2026
Essential oils are extracts from plants, including herbs, leaves, and bark, and are extracted from waste by-products such as citrus peel and steam distilled to make concentrates. The concentrated extracts are volatile and have aromatic essences, making them ideal for a variety of uses such as food and beverages, household care and cleaning, cosmetics, fragrances and aromatherapy. The market growth is driven by several factors such as the increasing preference for clean label products, new applications and increasing transparency of processes. The increasing use of essential oils in the home, body care and bathroom is making a significant contribution to market growth. The food and beverage industry is a major growth driver for the essential oils industry. The food and beverage industry uses essential oils as ingredients and also as preservatives. With the increased acceptance of alternative medicine for common ailments, the demand for essential oils in aromatherapy is increasing at a significant rate, especially in the developed markets where aromatherapy salons are thriving.
In the midst of the COVID-19 crisis, the world market for essential oils is valued at $ 8.1 billion in 2020 is expected to reach a revised size of $ 11.3 billion until 2026 with a CAGR of 5.9% in the analysis period. Distillation, one of the segments analyzed in the report, is expected to grow 6.6% CAGR to reach $ 4.5 billion until the end of the analysis period. After a thorough analysis of the business impact of the pandemic and its triggered economic crisis, growth in the Solvent Extraction segment will be adjusted to a revised CAGR of 5.9% for the next 7 year period. This segment currently accounts for 24.1% of the global essential oils market. Essential oils are mainly obtained through “steam distillation”. In this process, water vapor is passed through a distillation chamber that contains the plant material. The breakdown of plant tissue occurs in the presence of steam, which releases essential oil in the form of vapors. Most essential oils such as eucalyptus, patchouli, tea tree oil, peppermint, and lavender are distilled. A solvent extraction process is used for the delicate plant material or flowers because their aroma is denatured or spoiled by the high temperatures required for water or steam distillation.
The US market is estimated at $ 3 billion in 2021, while China is expected to reach $ 1 billion by 2026
The essential oils market in the US is booming. estimated $ 3 billion in 2021. The country currently has a 35.79% share of the world market. China, the second largest economy in the world, is expected to have an estimated market size of. to reach $ 1 billion in 2026 with a CAGR of 7.1% over the analysis period. Other notable geographic markets include Japan and Canadawho forecast growth of 5.5% and 5.4% respectively in the analysis period. Within Europe, Germany is expected to grow by around 5.6% CAGR while reaching the rest of the European market (as defined in the study) $ 1.1 billion until the end of the analysis period. Europe and North America dominate market growth due to the presence of large cosmetics and food and beverage industries, the two largest uses of essential oils. in addition, Europe boasts extensive support mechanisms such as the EFEO (European Federation of Essential Oils), which promotes essential oils. In addition, the availability of raw materials and access to end users also help the European market. The presence of a large untapped market with rising disposable income and awareness is driving growth in the in Asia Pacific Region.
Achieve segment of carbon dioxide extraction $ 1.9 billion by 2026
The supercritical fluid extraction process uses super carbon dioxide as a solvent in the solvent extraction process. The supercritical carbon dioxide extracts both essential oils and waxes to shape concrete. The pressure is reduced to normal levels, which leads to the evaporation of carbon dioxide and leaves no petrochemical residue. In the global carbon dioxide extraction segment United States, Canada, Japan, China and Europe will drive the estimated CAGR of 5% for this segment. These regional markets make a combined market size of $ 1.3 billion in 2020 a forecast size of $ 1.8 billion until the end of the analysis period. China will be one of the fastest growing in this cluster of regional markets. Led by countries like Australia, India, and South Korea, the market in Asia Pacific is expected to be achieved $ 140.8 million until 2026 while Latin America will grow with a CAGR of 5.8% over the analysis period. More
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SOURCE Global Industry Analysts, Inc.
