The global essential
oil market demonstrates a highly concentrated competitive
landscape with leading players capturing maximum market share and
creating high entry barriers for new ventures, states a new research
report by Transparency Market Research (TMR). With a significant rise
in product and service extensions by key companies, the competition
within this market is likely to intensify in the years to come.
Over
the coming years, players are expected to engage into new
partnerships and the acquisition of distributors in a bid to escalate
their sales and expand across the world, reports the market study.
Rising
Demand for Natural Products to Boost Global Essential Oil Market
“The
increasing shift of consumers towards natural products is influencing
the global market for essential oil substantially,” says an analyst
at TMR. With the increasing concerns over the environmental pollution
from chemicals, consumers have begun to take interest in being aware
of the ingredients present in food items, beverages, skin care
products, and cosmetics, which is compelling producers to utilize
bio-based and natural products more and more. This, as a result, is
reflecting greatly on the sales of essential oil across the world.
According
to TMR, the opportunity in the worldwide essential oil market is
expected to worth US$17.36 bn by 2017. Analysts predict the market to
further rise at a CAGR of 9.60% over the period from 2017 to 2022 and
reach a value of US$27.4 bn by the end of the forecast period.
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Although
the future of this market looks thriving, it may face obstacles in
its growth trajectory from the high price of essential oils and the
dearth of awareness among consumers regarding their benefits over the
next few years, however, the increasing demand for essential oil in
aromatherapy and various natural remedies are expected to propel this
market in the near future, notes the research study.
Demand
for Essential Oil to Remain Strong in Food and Beverages and Personal
Care and Cosmetics Industries
As
per the report, the food and beverages and the personal care and
cosmetics industries have surfaced as the key application areas for
essential oil, globally, and are expected to retain their position in
the years to come. Currently, citrus oil is enjoying a greater demand
than other types of essential oil across the world. This trend is
anticipated to remain so over the next few years, with citrus oil
continuing as the most valued product in this market.
Europe
has emerged as the leading regional market for essential oil, thanks
to the high demand for natural nutraceuticals and cosmetics and
beauty products. However, the growth of the Europe market for
essential oil will slowdown in the years to come due to saturation.
North America, which closely follows the European market, is
predicted to register a steady rise in its market share over the next
few years, states the research report.
The
review is based on a report by Transparency Market Research (TMR),
titled “Essential Oil Market (Product Type - Spice Oil, Spice Seed
Oil, Citrus Oil, Herb Oil, and Perfumery Oil; Extraction Method –
Distillation, Solvent, and Cold Pressing; Application - Personal care
and cosmetic, Food and beverage, Pharmaceuticals, Aromatherapy, and
Industrial; Sales Channel - Specialty store, Modern Trade, Drug
Stores, and Online Store) - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast, 2017–2022.”
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