herb
oil market is anticipated to have a value of more than US$
3.7 billion by the end of 2022.
Alternative medicine and herbal products have become quite popular
across the world as people are increasingly seeking out ‘natural
and organic solutions’ for everything. The millennial generation in
particular is responsible for the push towards the herb oil market.
The main reasons for this are a growing awareness and a greater
importance on health and wellness. Herb oils can be either purchased
at stores or made in the comfort of one’s homes and have several
benefits and use-cases. Herb oils are useful in food preparation,
skin therapy, in cooking or even for topical application and can
either be infused or essential. The
Basil
Herb Oil Sought After in the Herb Oil Market
The
basil segment has the largest revenue share in the herb oil market
and is on track to gain substantial BPS over the study period. Basil
is globally renowned for its numerous health benefits and has
particular resonance in the APEJ region as the plant is considered
holy by some eastern religions. Thus, it is hardly surprising that
APEJ alone contributes a third of the basil herb oil market in 2017
alone and companies are advised to actively market their basil herb
oils to this highly populous and influential continent. Mint herb oil
closely follows basil in the herb oil market but is projected to lose
share going forward. The mint herb oil segment is predicted to record
a sluggish CAGR of approx. 3.5% during the period 2017 to 2022 and
key stakeholders may require customized strategies to attain success
in the mint herb oil market.
Niche
Opportunity in Dill Herb Oil Market
The
Dill herb oil segment has a single digit revenue share in the herb
oil market and is unlikely to become a major force anytime soon.
Nonetheless, the Dill herb oil segment is estimated to be worth
almost US$ 350 million by end 2022, making it crucial for
stakeholders in the herb oil market to be present in this segment.
The other herbs segment is even smaller than the Dill herb segment
and companies could seek to target either North America or Europe in
the other herbs segment as the maximum demand is in these two
developed regions of the global herb oil market.
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Specialty
Stores Hold the Key in the Herb Oil Market
Specialty
stores account for a revenue share approaching two-fifth of the herb
oil market and are easily the dominant sales channel. Specialty
stores are extremely popular in the APEJ region as the region should
push past a value of US$ 430 million by end 2022. The modern trade
segment on the other hand is strong in Europe as well as the Europe
modern trade segment is almost equal to APEJ in terms of overall
size.
Competition
Dashboard in the Herb Oil Market
The
companies profiled in the herb oil market report are Young Living
Essential Oils LC, Symrise AG, Givaudan SA, International Flavors &
Fragrances Inc., Biolandes SAS, DoTERRA International LLC, The
Lebermuth Company, China Flavors and Fragrances Company Limited,
Citrus and Allied Essences Ltd., and Enio Bonchev Production Ltd.
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