According to a new report from Allied Market Research titled “Essential Oils Market By product type, application and sales channel: Opportunity analysis and industry forecast, 2019-2026 “. The essential oils market size was estimated at $ 8,008.6 million in 2018 and is expected to grow at a CAGR of 8.7% to $ 15,618.8 million in 2026. The orange segment was the largest contributor at $ 3,058.7 million in 2018 and is estimated at $ 6,217.5 million through 2026, an annual growth rate of 9.3% over the forecast period.
Essential oils are generally extracted by distillation processes, often using steam. Other methods used in the manufacture of essential oils include expression, solvent extraction, absolute oil extraction, cold pressing, and resin threading. Essential oils are used in perfumes, cosmetics, soaps, and various other products, to flavor foods and beverages, and to add fragrances to incense and household cleaning products. Essential oils differ from the fatty vegetable oils like canola and sunflower in that they vaporize or volatilize in contact with the air and usually have a strong aroma. These products are complex mixtures of organic chemicals, the nature and relative proportions of which are determined by the genetics of the plant species, environmental factors (e.g. climate), agricultural factors (e.g. soil conditions, diet, harvest time and conditions, and methods of harvesting) Post-harvest handling) and type of extraction. The chemicals found in essential oils can be classified as follows:
Hydrocarbons of the general formula (C5H6) n-terpenes
Oxygen-containing derivatives of these hydrocarbons
Aromatic compounds with a benzoloid structure
Compounds containing sulfur or nitrogen
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The essential oils market is being driven by the imminent requirement to introduce natural elements for disease treatment and high nutritional diets mandated by the FDA. In addition, the market growth is largely influenced by the advent of novel uses of this oil in various applications such as taste and fragrance, aromatherapy, and others. In addition, it is expected that healing benefits will make a significant contribution to the control of peak sales and market penetration of essential oils approved on the market.
However, high prices can be the biggest constraint on the market. On the contrary, the increasing demand for essential oils to extend the shelf life of foods is expected to provide opportunities for the essential oils market to grow.
The Essential Oils Market is segmented based on the product type, application, and region. The product type segment is further divided into orange, eucalyptus, corn mint, peppermint, citronella, lime, lemon, clove, spearmint and others. By the application, the Essential Oils Market is divided into Food and Beverage, Medical, Cleaning and Household, Spa and Relaxation, and others. The other applications include the use of essential oils in paint, textile industry, tobacco, papermaking and agrochemicals. By regions, the market is segmented into North America, Europe, Asia-Pacific and LAMEA.
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According to the essential oils market analysis by product, the orange segment was the best-known category in 2018 and is expected to remain dominant over the forecast period. The Spearmint segment is expected to grow at a modest CAGR of 7.8% over the forecast period.
According to the essential oils market forecast, the food and beverage segment contributed the most to the market in 2018 and is expected to remain dominant through 2019-2026. For the cleaning and household segment, however, the fastest growth is expected in the forecast period.
By region, North America was the most famous market in 2018 and is expected to dominate the essential oils market through 2019-2026. The major players in the industry have chosen a number of strategies such as product launch, expansion and acquisition as their strategy to stay competitive in the market.
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Main results of the study
- The essential oils market was valued at $ 8,008.6 million in 2018 and is valued at $ 15,618.8 million by 2026, a CAGR of 8.7% over the forecast period.
- In terms of product, the orange segment would see the fastest growth with a CAGR of 9.3% over the forecast period.
- In 2018, the food and beverages segment had the highest share, depending on the application, and made up almost four fifths of the global market share.
- In 2018, the cleaning and household segment was the most significant market and is expected to grow with a significant CAGR over the entire forecast period.
- The US was the dominant country in 2018 and accounted for a significant share of the global essential oils market share.
Key players in the essential oils featured in the report include doTERRA International, Biolandes, Sydney Essential Oils Co. Pty Ltd., Young Living Essential Oils, Farotti SRL, The Lebermuth Company, New Zealand Essential Oils, H.Reynaude & Fils , Moksha Lifestyle Products and West India Species, Inc.
Source: https://www.prnewswire.co.uk/news-releases/essential-oils-market-to-garner-15-61-bn-globally-by-2026-at-8-7-cagr-says- allied-market-research-814546621.html
About allied market research:
Allied Market Research (AMR) is a full-service market research and management consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global companies as well as medium and small companies unsurpassed quality of “market research reports” and “business intelligence solutions”. AMR strives to provide business insights and advice to assist its clients in making strategic business decisions and sustained growth in their respective market domains. AMR offers its services in 11 industries including Life Sciences, Consumer Goods, Materials and Chemicals, Construction and Manufacturing, Food and Beverage, Energy and Energy, Semiconductors and Electronics, Automotive and Transportation, ICT and Media, Aerospace and Defense, and BFSI .
We have professional corporate relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data contained in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable professionals and industry analysts.
