Essential Oils Market Size to Reach USD 15,618.8 Million by 2026 at CAGR 8.7% - Valuates Reports

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BANGALORE, India, July 8, 2021 /PRNewswire/ -- The Essential Oils Market is Segmented by Product Type (Orange, Eucalyptus, Cornmint, Peppermint, Citronella, Lemon, Lime, Clove, Spearmint, and Others), Application (Food and Beverages, Medical, Cleaning and Home, Spa and Relaxation and Others) and Distribution Channel (Direct Distribution, MLM Distribution and Retail Distribution). The report covers global opportunity analysis and industry forecast 2026. It is published on Valuates Reports in the Food & Drink Category.

The Essential Oils Market size was valued at USD 8,008.6 Million in 2018 and is expected to grow at a CAGR of 8.7% to reach USD 15,618.8 Million in 2026.

Major factors driving the growth of essential oils market size are:

• Usage of essential oils in various applications such as flavor & fragrance, aromatherapies, and others.
• Healing benefits of essential oil are expected to be instrumental in governing peak sales paving the way for essential oils market growth.
• Wide-scale adoption of essential oils in industrial, commercial, and household applications also drive the global market

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TRENDS INFLUENCING THE GROWTH OF ESSENTIAL OILS MARKET SIZE

An increase in demand for aromatherapy is expected to drive the growth of the essential oil market. Aromatherapy is the practice of using essential oils for therapeutic and cosmetic purposes. The surge in demand for aromatherapy can be ascribed to a number of causes, the most prominent of which is the general increase in income over the last decade. Consumer tastes and preferences have changed toward more complex products as earnings have increased.

Essential oils have become a critical ingredient of choice for food processors as the global food and beverage industry undergoes a gradual but major transformation in terms of ingredient compositions, owing to the growing customer preference for natural and organic products.

As consumer awareness about the harmful health effects of synthetic chemicals used for flavor applications grows, manufacturers are encouraged to use natural ingredients such as essential oils to improve the aesthetic appeal of food products while also improving the nutritional and functional properties. This in turn is expected to drive the growth of the essential oil market.

Regulations encouraging the use of ecologically friendly substances in cosmetics and the food and beverage industries have piqued people's interest in seeking out natural products. The demand for 100 percent plant-based oils that are free of synthetic scents and animal-derived components has skyrocketed in recent years. As a result, the vast majority of people are turning to organic products to improve their health. This is further expected to increase the essential oil market size.

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ESSENTIAL OILS MARKET SHARE ANALYSIS

Based on product type, The orange segment was the highest contributor in the global essential oils market share, with USD 3,058.7 Million in 2018, and is estimated to reach USD 6,217.5 Million by 2026, at a CAGR of 9.3% during the forecast period.

This is due to its eco-friendly and non-greasy properties, which make it acceptable for use in home cleaners, pesticides, and therapeutic treatments. Furthermore, the growing demand for orange essential oil in the fragrance industry paves the way for the expansion of this market sector.

Based on application, the food & beverage category was the most significant segment in the essential oils market. This is due to government rules governing food safety and limiting the use of synthetic tastes and essences in food products. The widespread use of essential oils as a natural element in food preparation is a major driving force.

The cleaning and home segment would witness the fastest growth, registering a CAGR of 9.3% during the forecast. The surge in consumer preference for chemical-free cleaning solutions might be ascribed to the segment's growth. Furthermore, the pleasant aroma of essential oil-based cleaning solutions makes them more appealing to a wide range of customer profiles.

Based on region, North America was the dominant regional market growing at a CAGR of 8.4% from 2019-2026. This is due to a growth in the use of essential oils in medications and food and beverage products. Asia-Pacific, on the other hand, is predicted to develop at the fastest CAGR during the projection period. The strong growth rate in this segment can be due to the wide range of essential oil applications as well as the large consumer base in the region.

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The players in the essential oils industry have adopted product launch and acquisition as their key development strategy to increase profitability, and to improve their stance in the essential oils market. The key players have also relied on business expansion to stay relevant in the market. The key players profiled in the report include doTERRA International, Biolandes, Sydney Essential Oils Co. Pty Ltd., Young Living Essential Oils, Farotti SRL, The Lebermuth Company, Essential Oils of New Zealand, H.Reynaude & Fils, Moksha Lifestyle Products, and West India Species, Inc.

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SIMILAR REPORTS

-  Organic Essential Oil Market contains segmentation By Type (Pure Essential Oil, Compound Essential Oil), By Application (Skin Care, Health Care, Other)

-  Essential Oil Soap Market contains segmentation By Type (Lavender, Sandalwood, Ilan, Other), By Application (Cosmetics Industry, Retail Industry, Other)

-  The global Plant Extracts market size was valued at USD 14160 Million in 2019 and it is expected to reach USD 38770 Million by the end of 2026, growing at a CAGR of 15.3% during 2021-2026.

-  Natural Food Flavors and Colors Market contains segmentation By Type (Vegetable Flavor, Fruit Flavor, Spices, Natural Food Colors, Caramel Color. Lutein, Capsanthin, Others), By Application (Beverage, Sweet, Savory, Others). Natural food flavors are mainly derived from plants, and are used to make food more delicious. Which can be divided into vegetable flavor, fruit flavor, spices, and others for about four types by its raw materials. The market share for each of them is 10.41%, 12.33%, 74.29%, 2.97% in 2015.

-  Phytogenic Feed Additives Market contains segmentation By Type (Essential Oils, Herbs & Spices, Oleoresins. Mucilage. Echinacea, Others), By Application (Poultry, Swine, Ruminant, Aquatic, Equine, Others)

-  In 2020, the global Food Animal Eubiotics market size was USD 5382.7 Million and is forecast to reach 5513.2 Million USD in 2027, growing at a CAGR of 0.4% during the 2021-2027. In this study, 2020 has been considered as the base year and 2021 to 2027 as the forecast period to estimate the market size for Food Animal Eubiotics.

-  The global Oleoresins market size is projected to reach USD 1540.5 Million by 2027, from USD 1312.9 Million in 2020, at a CAGR of 2.7% during 2021-2027.

-  Eucalyptus Essential Oil Market contains segmentation By Type (Organic, Conventional), By Application (Pharmaceutical industry, Cosmetic industry, Others)

-  Bergamot Organic Essential Oil Market contains segmentation By Type (Pharmaceutical Grade, Food Grade, Cosmetic Grade), By Application (Medicine, Food, Cosmetics, Others)

-  Global Spearmint Essential Oil Market Insights and Forecast to 2026

To see the full list of related reports on the Essential Oils

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