The report "Essential Oils Market by Type (Orange, Lemon, Lime, Peppermint, Citronella, and Others), Application (Food & Beverage, Cosmetics & Toiletries, Aromatherapy, Home Care, Health Care), Method of Extraction, and Region – Global Forecast to 2026", The global essential oils market size is estimated to be valued USD 10.3 billion in 2021 and is expected to reach a value of USD 16.0 billion by 2026, growing at a CAGR of 9.3% in terms of value during the forecast period. In terms of volume, the essential oils market is estimated to account for 253.2 KT in 2021 and is expected to reach at 345.4 KT by 2026, growing at a CAGR of 6.4% during the forecast period. Factors such as a growth in awareness toward preventive healthcare, a rise in demand for essential oils in food products with extended shelf life, along an increase in demand for essential oils in cosmetic applications are some of the factors driving the growth of the essential oils market.
Report Objectives:
- To define, segment, and estimate the size of the essential oil market with respect to its type, application, method of extraction, and region
- To provide detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze the complete value chain and influence of all key stakeholders, such as manufacturers, suppliers, and end users.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To profile the key players and comprehensively analyze their core competencies
- To analyze the competitive developments, such as new product launches, acquisitions, joint ventures, in the essential oils market
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Market Dynamics:
Driver: Increase in demand for aromatherapy
Aromatherapy can be defined as the use of essential oils for healing and cosmetic purposes. Essential oils benefit the physiological as well as psychological activity simultaneously in the body, owing to which they are largely used in aromatherapy. Until recently, aromatherapy was considered a complementary therapy; however, it is currently considered a mainstream therapy. The increased demand for aromatherapy could be attributed to several factors, the most important being the general rise in income in the past decade. As incomes have increased, the consumers’ tastes and preferences have also shifted toward more sophisticated products. According to the International Spa Association (ISPA), spa visits have been growing each year. According to the 2019 US Spa Industry Study, the spa industry witnessed an increase across the board in key performance metrics. The spa industry once again set records in total revenue, spa visits, spa locations, revenue per visit and total employees in 2018. Total spa revenues were USD 18.3 billion, a 4.7% increase from the USD 17.5 billion in 2017. The spa visits were up 1.6% to 190 million in 2018. The spa locations rose to 22,160, a 1.8% jump from the 21,770 in 2017 in the US. The revenue per visit climbed to USD 96.50, a 3% rise from 2017.
Restraint: Depletion of natural resources
A healthy ecosystem provides a range of benefits that acts as the foundation of human well-being. Plants are an essential part of this ecosystem as they balance the world by providing food and shelter. They also assist in physiological and psychological well-being through their therapeutic products such as essential oils. However, this source is exhausting gradually. This could be attributed to an increase in population and industrialization that has resulted in deforestation.
With the increased population, an increasing number of trees are cut to accommodate the increased number of people. According to The World Counts, “up to 28,000 species can go extinct in the next quarter-century due to deforestation. 13 million hectares of forest have been converted for other uses or destroyed by natural causes.
Food & beverage, by application, is estimated to account for the largest market share during the forecast period
Food & beverage account for the largest market size during the forecast period. Essential oils are identified for their health benefits, as they are natural ingredients that impart the essence of the source they have been derived from. They are used in food & beverages for imparting flavor to the final products, as substitutes to synthetic ingredients. As consumers are becoming increasingly aware of the health benefits of essential oils, the preferences for food & beverage products with these oils as additives has increased.
Asia Pacific is estimated to hold the largest market share during the forecast period
Asia Pacific accounted for the largest share during the forecast period due to the growing demand for meat and meat products in developing and developing countries such as China, India, and South Korea. The USDA is of the view that factors such as increasing disposable income, increase in population, and rapid urbanization have significantly aided in the growth of the market in this region. With the westernization of diets in the various countries in Asia Pacific, the demand for better quality meat has been growing which calls for the need to improve the overall health and productivity of livestock species which further drives the growth of the essential oils market.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the essential oils market. It consists of the profiles of leading companies such Cargill, Inc. (US), DuPont (US), Koninklijke DSM N.V. (Netherlands), dôTERRA International LLC (US), Givaudan SA (Switzerland), Young Living Essential Oils (US), The Lebermuth Company, Inc. (US), Symrise (Germany), Sensient Technologies Corporation (US), Essential oils of New Zealand (New Zealand), Firmenich SA (Switzerland), International Flavors & Fragrances Inc. (US), Mane (France), ROBERTET SA (France), Rocky Mountain Oils LLC (US), BIOLANDES SAS (France), Falcon (India), Farroti (Italy), Indian Essential Oils (India), and Ungerer Limited (UK).
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