The global essential oils market demand is estimated to reach USD 403.06 kilotons by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 8.6% during the forecast period. Growing aromatherapy applications coupled with rising consumption from the personal care & cosmetics industry is likely to fuel product demand over the forecast period.
The use of advanced extraction technologies coupled with traditional distillation methods for extracting essential oils from herbs, plants, fruits, and bark is expected to result in reduced production costs over the coming years. The orange essential oil segment is poised to rise at a steady pace owing to its increasing consumption in the personal care & cosmetics industry. Rising awareness regarding natural and organic products is projected to boost the demand for essential oils over the forecast period.
Essential oils have antibacterial, antiviral, and antibiotic properties; as a result, they have been known to treat diseases such as Alzheimer and cardiovascular and various other diseases. Longevity of lifespan and anti-aging nutrients offered by essential oils are anticipated to contribute to the growth of the market over the forecast period.
Increasing consumption of the product in the food & beverage industry is estimated to witness increased demand for natural and organic drinks and food products. These oils have purifying properties and can also be used as additions to salad dressings, aroma drinks, smoothies, salads, soups, sauces, and porridges. Growing consumer inclination towards healthy food products are expected to stir up the demand for the product in the food & beverage sector.
Changing demographics and consumer lifestyles, favorable research studies, rising health concerns, and technological advancements are escalating the growth of the market. Expansions and investments made by industry participants to meet increasing product demand in Asia Pacific are likely to offer significant market growth opportunities.
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Further key findings from the report suggest:
In terms of revenue, the orange oil product segment is poised to expand at a CAGR of 9.0% over the forecast period
Food & beverage emerged as the largest application segment, which accounted for just over 44.0% of the overall revenue in 2018
Demand from the U.S. occupies a significant share in the market. Growing inclination towards preventive healthcare in the country is a primary growth stimulant for the market
Prominent players involved in the expansion and development of the market include DoTerra, Young Living Essential Oils, Essential Oils of New Zealand, The Lebermuth Company, NOW Foods, and India Essential Oils.
Grand View Research has segmented the global essential oils market on the basis of product, application, sales channel, and region:
Product Outlook (Volume, Tons; Revenue, USD Thousands, 2014 - 2025)
Application Outlook (Volume, Tons; Revenue, USD Thousands, 2014 - 2025)
Food & Beverages
Meat, Poultry & Seafood
Snacks & Nutritional Bars
Spa & Relaxation
Makeup and color cosmetics
Cleaning & Home
Sales Channel Outlook (Volume, Tons; Revenue, USD Thousands, 2014 - 2025)
Regional Outlook (Volume, Tons; Revenue, USD Thousands, 2014 - 2025)
Middle East & Africa
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