Essential oils are also known as volatile oils/aetherolea/ethereal oils and it is derived from stems, flowers, leaves, roots, bark and other plant parts. Essential oil is found from various herbs and plants, such as eucalyptus, corn mint, orange, citronella, lemon, peppermint, lime clover leaf, and spearmint by distillation methods such as water and steam distillation. An essential oil consists of volatile aroma compounds and real essence of the plant from, which it is obtained. Essential oils are chiefly used in cosmetics & toiletries, food items and beverages. Essential oils are extracted from resin tapping, careful steam distillation and cold pressing, which is regarded as purest essential oil and more powerful that botanicals from, which it is obtained.
The global essential oils market was valued at US$ 7.4 Bn in 2017 and is expected to expand at a CAGR of 8.9% from 2018 to 2024.
The key factor driving growth of global essential oils market is the rising consumer preference for natural and organic products in cosmetics, food or similar other product groups. This has resulted and further boosted manufacturers operating in essential oils industries to manufacture products that consists of natural additives. Moreover, rising disposable income and enhancement in standards of living of people are considered as driving factor of essential oils market. Government support and promising regulations are expected to offer profitable opportunities for market growth. Rapid industrialization in developing countries such as India, China, Thailand and Vietnam is also a factor driving market growth worldwide.
The global essential oils market has been segmented based on product type, method of extraction, application and geography. Based on product type, the global essential oils market has been segmented into orange oil, lemon oil, lime oil, peppermint oil, corn mint oil, citronella oil, spearmint oil, geranium oil, clove leaf oil, eucalyptus oil, jasmine oil, rosemary oil, tea tree oil, lavender oil and others. Based on extraction method, the global essential oils market has been segmented into distillation, carbon dioxide extraction, cold press extraction, solvent extraction and other extraction method. By application, the market has been segmented into food & beverages, cosmetics & toiletries, aromatherapy, home care, health care and others.
Among various product type, orange oil accounted for major share in the global essential oils market in 2017 and this segment is further expected to remain dominant in the near future. Orange oil is followed by corn mint oil among various product types in the global market. Food & beverage application segment conquered market accounting for over 34% of market share. Increasing demand for high nutrition diet coupled with advantageous government initiatives for encouraging industrialization in emerging economies across the globe is expected to impact food & beverage industry positively. Based on geography, the global essential oils market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America comprises U.S., Canada and Mexico whereas Europe would primarily cover Germany, France, UK, Italy and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report.
Asia Pacific accounted as the fastest growing region in the global essential oils market and is further anticipated to maintain its leading position owing to the growing awareness regarding product, which are derived from natural sources. Europe region witnessed a steady growth in the global essential oils market, which is followed by North America. Europe is projected to hold the prominent market share, owing to increasing awareness and mounting demand for medicines, natural cosmetics and beauty products, and nutraceuticals.
The global essential oils market is concentrated with leading manufacturers such as Cargill, Incorporated, E. I. du Pont de Nemours and Company, Koninklijke DSM N.V., D?terra International LLC., Givaudan SA, Firmenich SA, Young Living Essential Oils, Sensient Technologies Corporation, The Lebermuth Company, Inc., International Flavors & Fragrances Inc., Symrise, Frutarom Industries Ltd., Mane, Robertet SA and Rocky Mountain Oils LLC.
Segmentation:
By Product Type
By Method Of Extraction
By Application
The global market for essential oils will most likely expand at over 8.9% CAGR through 2024.
The key factor driving growth of global essential oils market is the rising consumer preference for natural and organic products in cosmetics, food or similar other product groups.
Based on method of extraction, the essential oils market is segmented into distillation, carbon dioxide extraction, cold press extraction, solvent extraction and other extraction method.
The essential oils analysis market has been assessed for the years 2019 to 2032.
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