The global essential oil market is expected to reach USD 13.94 billion by 2024, according to a new report by Grand View Research, Inc. Increasing awareness as well as willingness to buy organic and natural products is expected to force market participants to employ essential oils in the production process. The shift of focus from synthetic to natural products is likely to trigger market growth over the forecast period.
Increasing demand for flavors & fragrances from various applications including personal care, home care, food & beverages, aromatherapy, etc. has prompted the essential oils demand as these oils are used as key ingredients in fragrances and flavors. Numerous other advantageous product properties such as antiseptic, aphrodisiac, anti-inflammatory, antidepressant, antispasmodic, diuretic, and tonic are expected to boost essential oil demand in industrial, medicinal, and domestic applications.
The lower raw material conversion rate for essential oils production in addition to unique processes requiring massive capital investment is expected to pose challenges to market participants. Limited raw material availability as different crops are grown in the various countries only to obtain high-quality products is also anticipated to challenge the market growth.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/essential-oils-market
Further key findings from the report suggest:
·
Global essential oil market demand was 178.8
kilo tons in 2015 and is expected to exceed 370 kilo tons by 2024, growing at a
CAGR of 8.4% from 2016 to 2024
·
Orange oil emerged as the major product and
accounted for 29.4% of total market volume in 2015. It is also expected to
witness the highest growth rate over the forecast period. Increasing orange oil
demand in food & beverages, personal care and cleaning agents is expected
to foster the segment growth.
·
Food & beverages industry was the leading
consumer of essential oil and accounted for 34.6% of total market volume in
2015. It is also expected to witness the highest growth of 9.0% over the
forecast period.
·
Essential oils demand from spa & relaxation
application is expected to grow at a CAGR of 8.7% from 2016 to 2024. Essential
oils have a great soothing and calming effect on the nervous system and are
also beneficial in blood circulation stimulation, which has triggered the
essential oils demand from spa & relaxation application segment.
·
Europe was the leading regional market and
accounted for 43.5% of global demand in 2015. High demand for food &
beverages and natural personal care products has spurred the regional market
growth in upcoming years.
·
Asia Pacific essential oil market is expected
grow at an estimated CAGR of 9.0% from 2016 to 2024 to emerge as the fastest
growing regional market. Increasing interest and awareness regarding essential
oils and natural products are expected to foster the regional market.
·
Some leading companies operating in the global
market include Biolandes, Sydney Essential Oils, HRF, The Lebermuth Company,
Young Living Essential Oils, doTerra, Essential Oils of New Zealand, Sydella
Laboratoire, Farotti Essenze, Moksha Lifestyle Products, West India Spices
Inc., Falcon and Ungerer Limited.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/food-additives-nutricosmetics-flavors-and-fragrances
Grand View Research has segmented the global essential oil market on the basis of product, application and region:
Essential Oil Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
·
Orange
·
Corn Mint
·
Eucalyptus
·
Citronella
·
Pepper Mint
·
Lemon
·
Clove Leaf
·
Lime
·
Spearmint
·
Others
Essential Oil Application Outlook (Volume, Tons; Revenue, USD
Million, 2014 - 2024)
·
Medical
·
Food & Beverages
·
Spa & Relaxation
·
Cleaning & Home
·
Others
Essential Oil Regional Outlook (Volume, Tons; Revenue, USD Million,
2014 - 2024)
·
North America
o
U.S.
·
Europe
o
Germany
o
France
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
Middle East & Africa
·
Central & South America
For free sample of this report - http://www.grandviewresearch.com/press-release/global-essential-oil-market
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