Global
Essential Oil Market: Snapshot
The
global essential oil market is observing a significant expansion in
its size, thanks to the increasing usage of essential oil in
aromatherapy. The augmenting demand for flavored food and beverages
products among consumers is also boosting this market substantially.
With the rising development of innovative beauty and personal care
products, fueled by the increasing preference for natural products,
the usage of essential oil for the creation of new fragrances is
surging, leading to an expected upswing in this market over the next
few years.
Request
to view Sample Report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=31019
The
market’s opportunity is expected to touch US$17.36 bn by 2017.
Further, the market is projected to expand at a CAGR of 9.60% between
2017 and 2022 and attain a value of US$27.49 bn by the end of 2022.
The escalating industrialization and the augmenting disposable income
of consumers are the also projected to drive the growth of this
market in the near future, especially in emerging countries, such as
India, China, Thailand, and Vietnam.
Demand
for Citrus Oil to Remain High
The
worldwide market for essential oil is broadly evaluated on the basis
of the type of the product, sales channel, extraction method, and the
application. Spice oil, herb oil, citrus oil, spice seed oil, and
perfumery oil are the main types of essential oil available in the
global market. The demand for citrus oil has been relatively higher
than other products and the trend is anticipated to remain on an
upward streak in the years to come.
Majorly,
essential oils find application in the personal care and cosmetic,
food and beverage, pharmaceuticals, aromatherapy, and the industrial
sectors. The food and beverages and the personal care and cosmetic
industries are reporting a greater demand for essential oil, owing to
the increasing preference for flavored food products and beverages
and fragrant cosmetics and beauty products among consumers. The
aromatherapy and the pharmaceutical sectors are also expected to
register a high demand for essential oil over the forthcoming years.
Essential oils are primarily extracted through distillation, solvent,
and cold pressing and are sold through specialty stores, drug stores,
online stores, and modern trade.
Growth
of Europe Essential Oil Market to Slow-down Due to Saturation
The
global market for essential
oil is also assessed on the basis of region. The Middle East
and Africa (MEA), Asia Pacific excluding Japan (APEJ), Latin America,
North America, Europe, and Japan have been considered as the prime
regional markets for essential oil across the world. Hitherto, Europe
has been leading the global market. However, the growth of this
regional market is expected to slowdown in the near future due to
saturation. The Europe market for essential oil is expected to rise
at a CAGR of 8.80% during the period from 2017 to 2022.
The
European market is closely followed by North America, which is
expected to retain its second position in the overall market over the
forecast period. The high per capita income is predicted to boost
this North America market for essential oil in the near future.
The
global market for essential oil is highly concentrated with the
leading market players creating high entry barriers for new ventures.
Young Living Essential Oils, DoTERRA International LLC, Givaudan SA,
Enio Bonchev Production Ltd., The Lebermuth Co. Inc., Symrise AG,
International Flavors & Fragrances Inc., Citrus and Allied
Essences Ltd., Biolandes SA, and China Flavors and Fragrances Co.
Ltd. are the key essential oil vendors across the world.
No comments:
Post a Comment