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Essential Oils Market Growth by Emerging Trends, Analysis, & Forecast

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Essential Oils Market Growth by Emerging Trends, Analysis, & Forecast

June 15
19:34 2022
Essential Oils Market Growth by Emerging Trends, Analysis, & Forecast
MarketsandMarkets™
The global essential oils market size is estimated to reach USD 16.0 billion by 2026, at a CAGR of 9.3% during the forecast period. The demand for essential oils is experiencing an upward surge, owing to its varied functions and end-use applications.

The report Essential Oils Market by Type (Orange, Lemon, Lime, Peppermint, Citronella, and Others), Application (Food & Beverage, Cosmetics & Toiletries, Aromatherapy, Home Care, Health Care), Method of Extraction, and Region – Global Forecast to 2026″ The global essential oils market size is estimated to be valued USD 10.3 billion in 2021 and is expected to reach a value of USD 16.0 billion by 2026, growing at a CAGR of 9.3% in terms of value during the forecast period. Factors such as increase in awareness toward preventive healthcare, improvements in the standard of living and rise in double income households, along with increase in demand for aromatherapy are some of the factors driving to the growth of the market for essential oils.

Essential Oils Market

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Opportunity: Rise in demand for natural ingredients

The demand for “all-natural ingredients” has lately been on the rise mainly due to the growing awareness about the benefits of natural ingredients and the increasing disposable income, which results in people spending more money on expensive natural products. The increasing health consciousness among people fuels this demand further by leading to more liberal spending on good-quality natural products, which would provide long-lasting results.

Several manufacturers across all industries are developing new ways of incorporating natural and healthy ingredients in their formulations for providing maximum benefits to the consumers. ‘Natural claims’ largely influence the purchase of food & beverage and cosmetic applications. Essential oils provide that ‘all natural’ flavor and fragrance across several industries such as food & beverage, cosmetics, feed, and home care, among others, which creates several opportunities for this market.

By type, orange oil accounted for the largest segment during the forecast period.

Essential oils can be extracted from over 300 different types of botanical species. The product types considered in this report are orange oil, lemon oil, lime oil, peppermint oil, cornmint oil, citronella oil, spearmint oil, geranium oil, clove leaf oil, eucalyptus oil, jasmine oil, tea tree oil, rosemary oil, and lavender oil. Orange oil is estimated to be the most dominant essential oil, owing to its varied applications. It can be used in the food & beverage industry as a flavoring ingredient, in home care and toiletries applications as a fragrance, and due to its numerous medicinal benefits, it is also useful in aromatherapy and health applications.

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By volume, Asia Pacific region to account for highest CAGR during the forecast period.

The Asia Pacific market, consisting of the markets in China, India, Japan, and Australia & New Zealand, is projected to grow at the highest CAGR of 7.0% from 2021 to 2026; this could be attributed to the growing population and higher number of working women, leading to higher disposable incomes within nuclear and joint families. Moreover, it is one of the major essential oil-producing regions; the availability and affordability of these essential oils and the rise in awareness about functionalities, health benefits of essential oils will drive the growth of this market.

The prominent players in this market include Cargill (US), Koninklijke DSM N.V. (Netherlands), Givaudan SA (Switzerland), DuPont (US), Firmenich SA (Switzerland), Sensient Technologies Corporation (US), Symrise (Germany), Lonely Planet Global Inc. (Israel), International Flavors & Fragrances, Inc (US) and dôTERRA International LLC (US).

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