Essential Oils Market Size Update 2020; Worldwide Industry Forecast 2026
Pune, Maharashtra, January 26, 2020 (Wired Release) Absolute Reports Pvt. Ltd Essential oils are used in aromatherapy, which is likely to gain prominence, especially among people in urban areas. The growing inclination for aromatherapy among the population is expected to offer an upthrust to the essential oils market growth. The food and beverage industry is gradually transforming. The shift towards healthy and organic food is fueling the demand for essential oils. As per a report by Fortune Business Insights, the Global Essential Oils Market is expected to rise at a CAGR of 9.65% between 2019 and 2025.
List of key companies mentioned in essential oils market report,
International Flavors Fragrances Inc.
Givaudan International SA
Ultra International B.V.
The Lebermuth Company, Inc.
Enio Bonchev Production Ltd and Phoenix Aromas Essential Oils LLC.
According to the report, the global market for essential oils was worth US$ 7.03 Bn in 2018 and is anticipated to reach US$ 14.6 Bn by 2026. This shows that the essential oils market size is expected to increase in the forthcoming years.
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The increasing importance for herbal and natural treatment across the world is fuelling demand for essential oils. In order to enhance the flavor, some manufacturers add synthetic chemicals to food products which can adversely affect the health. Hence, manufacturers are compelled to use a natural and organic product such as essential oils to make the food product more aesthetically appealing.
“Essential Oils Market to Gain from Rising Demand from Food Beverages Sector”
Essential oils demand is increasing at a rapid pace in the food and beverages sector. As per the report, this sector holds a 46.1% share in the global market, which expands the essential oils market share. Increasing FDA approvals of essential oils in this sector is expected to positively impact the market.
Biological properties such as insecticidal, antiparasitic, and anti-toxigenic offered by these oils is one of the primary factors for their rising preference in food and beverages industry. Use of essential oil in food products increases their shelf-life and storage capability.
The developed market in the U.S. and European Union are responsible for constant growth in the market. The demand for aromatherapy a well-known form of alternative medicine is increasing in some of the leading markets of Germany, the U.K., and France will propel the sales of the market. This will further increase the essential oils market revenue in the forecast years.
South America and Asia Pacific are anticipated to grow considerably in the market owing to better economic condition. Rising urban class population especially in India and China is likely to bolster the essential oils sales in these countries.
Major Segments of Essential Oils Market are;
Personal Care Cosmetics
“North America and Europe Collectively Lead the Market”
The market in North America and Europe is expected to witness higher CAGR during the forecast period (2019-2026). This is attributable to the presence of a large number of manufacturers in these regions. A large number of cosmetic production firms present in Europe is likely to surge regional market growth.
Browse Summary of this Report:
“Rising RD Activities and Launch of Innovative Extraction Techniques to Bolster Demand for Essential Oils”
“Growing research and development (RD) activities on essential oils will help manufacturers to understand the benefits of essential oils. Botanists are also getting involved in several extraction techniques, which will amplify the demand for essential oils,” said a lead analyst at Fortune Business Insights. “Customer preference is shifting towards green and sustainable products, which are multifunctional in nature. This shift will stimulate growth in the market,” he added.
Growing hospitality and tourism industry is escalating demand for aromatherapy. This, along with the rising usage of natural active products in cosmetics and pharmaceuticals, is boosting the essential oils market growth.
“dōTERRA’s Personalized Healthcare Vision to Help Market Grow”
Young Living expanded its product offerings and solutions to Philippines in November 2018. The company aims to increase its market share and maintain a strong foothold. The global essential oils market is highly fragmented with the presence of private and local companies. Several companies are adopting technological advancements to develop superior and high-quality products.
This will further help the market to grow rapidly. A leading producer of essential oils, dōTERRA aims to offer personalized healthcare and increase mental and physical functions through essential oils. The company revealed a custom-designed label for essential oil bottles in July 2019.
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