Vendor
landscape in the global essential oil market is forecast to remain
vastly concentrated. New businesses can face entry barriers
considering the predominance of leading companies. Nonetheless,
Transparency Market Research (TMR) predicts the competition in the
essential oil market to intensify in the coming years due to the
telling increase in product and service varieties offered by key
firms. In order to emerge at the top key players are also looking to
expand their activities across untapped markets via strategic
collaborations. Some of the leading players operating in the global
essential oil market are DoTERRA International LLC, Young Living
Essential Oils, The Lebermuth Co. Inc., Enio Bonchev Production Ltd.,
International Flavors & Fragrances Inc., Biolandes SA, Givaudan
SA, Symrise AG, Citrus and Allied Essences Ltd., and China Flavors
and Fragrances Co. Ltd.
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In
a recent study, TMR has pegged the global essential oil market to
reach US$27.4 bn by the end of 2022. Between 2017 and 2022, the
market is forecast to exhibit a CAGR of 9.6%. As per the report, the
global essential oil market was valued at US$17.36 bn in 2017. Among
various products available in the market, the demand for citrus oil
is expected to scale high. Regionally, Europe emerged dominant and is
projected to exhibit a CAGR of 8.8% between 2017 and 2022.
Rising
Use in Cosmetic and Skincare Products Boosts Growth Prospects
The
demand for essential oil is forecast to rise at a steady pace through
the course of the report’s forecast period. Consumer inclination
towards natural product will bode well for the overall market.
Leading producers are taking more interest in bio-based and natural
products as consumers have become more conscientious about
ingredients used in their skincare or beauty products, besides their
food and beverages. This could be a result of the rising concerns
with regards to pollution and hazards triggered by exposure to
certain chemicals. Spurred by this, the global essential oil market
is poised to surge at an impressive pace.
In
addition to this, the rising use in aromatherapy is a crucial factor
fuelling the demand for essential oil around the world. TMR also
expects the use of essential oil to rise for adding fragrances in
novel beauty and skincare products. These factors are likely to set
the tone for robust growth in the global essential
oil market.
Lack
of Awareness Could Restrain Growth Opportunities
Despite
prevailing growth opportunities, the global essential oil market is
slated to witness a few challenges, especially spurred due to their
high prices. Furthermore, the as the market continues to reel under
lack of awareness among consumers about key benefits of certain
essential oil, growth pace will stay restricted.
Nonetheless,
increasing knowledge about the use of essential oil in various
natural therapies and home remedies could improve growth prospects
for the market in the coming years. Furthermore, the rising use of
essential oils in food and beverages and cosmetics industry is
forecast to create lucrative growth prospects for the market in the
forecast period. TMR predicts the demand for cosmetic and skincare
products to rise significantly in the coming years. In addition, the
demand for neutraceuticals is expected to scale higher, subsequently
paving way for the growth of the global essential oil market.
Against
this backdrop, the rise in disposable income will augur well for the
global market. The rising use of essential oil in pharmaceuticals is
also expected to create attractive opportunities for growth.
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