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Essential Oils Market Size – USD 9.15 Billion in 2020, Trends – Growing adoption in the pharmaceutical industry and increasing availability of products.
NEW YORK CITY, NY, UNITED STATES, Oct 26, 2021 /EINPresswire.com/ – Global Essential Oils Market report is a comprehensive analysis of the Chemicals and Materials industry, providing key insights into market dynamics, drivers, restraints, current and emerging Trends and growth opportunities in the essential oils market. According to the latest analysis by Reports and Data, the global essential oils (EO) market was valued at $ 9.15 billion in 2020 and is projected to reach $ 17.68 billion by 2028, with a CAGR of 8.7%. EOs have an antiseptic, antibacterial, disinfecting and biotic effect 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 ailments. EOs can also be applied in various ways, the most popular being inhalations, compresses, baths, massages, and mainly mixed in creams, lotions, ointments and vegetable oils. The shift in consumer preference from chemical products to natural products is one of the most important driving factors. Another factor is its ability to act as the perfect substitute for various products such as cleaning items and to replace the use of benzyl peroxide in the market.
Continuous innovation 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, transgenic plants were regenerated by genetic engineering, and these plants produced significantly more essential oil (approx. 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 their 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 to control the growth of foodborne pathogens.
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The most important participants include 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 mixes and individually for personal care and food applications.
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, increasing demand for organically processed foods and beverages should also boost 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 should also stimulate market growth.
Other key findings from the report suggest that
The demand for peppermint essential oil is expected to increase significantly in the coming years. When used medicinally, the product eliminates harmful bacteria, relieves muscle spasms and flatulence, disinfects and soothes inflamed skin. Topical application of the product has been found to act as an astringent, closing pores and tightening the skin.
It is forecast that the demand for EO for aromatherapy will increase significantly over the forecast period. Aromatherapy has played a significant role in alternative medicine, with a gradual shift from artificial drugs to essential oils to gain therapeutic values. Side effects associated with drugs have led to increasing acceptance of naturally developed products. For example, lavender oil has been shown to help people sleep better and wake up more refreshed. According to the National Sleep Foundation, lavender can relieve 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 accounted for $ 698 million in exports in 2017, and the top importers were Canada, China, UK, Japan and Singapore, to name a few.
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For the purposes of this report, Reports and Data has segmented the Essential Oils Market by region, product type, extraction method, and application:
Regional outlook (volume, kilotons; 2018-2028 and sales, USD million; 2018-2028)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Product Type (Volume, Kilotons; 2018-2028 and Revenue, USD Mn .; 2018-2028)
Orange oil
lemon oil
Lime oil
Peppermint oil
Corn mint oil
Citronella oil
Spearmint oil
Geranium oil
Clove leaf oil
Eucalyptus oil
Jasmine oil
Tea tree oil
Rosemary oil
Lavender oil
Other
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Extraction method (volume, kilotons; 2018-2028 and sales, USD million; 2018-2028)
distillation
Carbon dioxide extraction
Cold press extraction
Solvent extraction
Other
Application (volume, kilotons; 2018-2028 and sales, USD million; 2018-2028)
Food & drinks
Cosmetics & toiletries
Aromatherapy
Home care
Health care
Other
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About reports and data
Reports and Data is a market research and advisory firm that provides syndicated research reports, bespoke research reports, and advisory services. Our solutions focus solely on your purpose of locating, addressing, and analyzing changes in consumer behavior across demographics and industries, and helping customers make smarter business decisions. We offer market research studies that ensure relevant and fact-based research across a wide range of industries including healthcare, technology, chemistry, energy, and energy. We constantly update our research offerings to ensure that our customers are informed about the latest trends in the market. Reports and Data has a strong base of experienced analysts from various specialist areas.
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October 26, 2021 09:41 GMT
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