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Essential Oils Market : Rising demand for organic products in food & beverage industry is driving market revenue growth
NEW YORK CITY, NEW YORK, UNITED STATES, August 5, 2022 /EINPresswire.com / -- The global essential oils market size is expected to reach USD 22.9 Billion in 2030 and register a revenue CAGR of 9.3% over the forecast period, according to the latest report by Reports and Data. Rising demand for essential oils in soaps, detergents, body wash, and others is driving essential oils market revenue growth.
Rise in demand for essential oil in cosmetics & personal care, especially in the fragrance industry is driving growth of the market. Pleasant smells play a vital role in increasing the attractiveness of cosmetics. Essential oils are very crucial to the cosmetic industry as they not only impart pleasant fragrance but also act as an active agent to preserve various products and also provide various benefits to the skin. Growing consumer awareness regarding harmful effects of synthetic products coupled with rising demand for natural ingredients in beauty and wellness has led manufacturers to minimize the use of artificial ingredients and endorse natural fragrances, which is expected to drive growth of the market during the forecast period. Essential oils that are widely used in perfume for fragrance are lavender, rose, tea tree, eucalyptus, and other floral oils. While citronellol, limonene, and linalool essential oils are widely used fragrances in different cosmetics.
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Some Key Highlights From the Report
On April 2021, Givaudan completed acquisition of Myrissi, a France-based company, which uses patented technology to translate fragrances into color, patterns, and images. With this acquisition, Myrissi expertise in AI will support Givaudan with new visual and verbal storytelling approaches, which will help to build customer base.
Lavender oil segment revenue is expected to register a steady growth rate during the forecast period. Lavender oil is obtained from the plant Lavandula Angustifolia. It promotes relaxation and can help to treat anxiety, depression, insomnia, and menstrual cramps. It also has anti-inflammatory, antiseptic, and detoxifying properties. Antifungal properties of lavender oil help to reduce inflammation and treat itchy, scaly, and dry skin.
Food & beverage segment accounted for significantly revenue share in 2021 owing to growing focus of manufacturers on the shelf life of products without compromising taste and quality. In addition, shifting consumer preferences from synthetic products to natural ones for good quality food products are driving growth of the market. Essential oils such as cassia, lemon, fennel, and basil are widely used in the food & beverage industry due to their suitability.
Cold press extraction segment accounted for a significantly large revenue share in 2021 owing to being widely used in the production of citrus essential oils such as orange, lime, and lemon.
Market in Europe accounted for largest revenue share in 2021 owing to significant investments in research for the development of advanced and innovative essential products. Furthermore, increasing application of essential oils in various end-use industries such as homecare, aromatherapy, healthcare, and others is also expected to drive growth of the market during the forecast period.
Companies profiled in the global market report include Cargill, Incorporated, DSM, doTERRA International LLC, Givaudan, Lebermuth, Inc., Symrise AG, Sensient Technologies Corporation, Firmenich SA, International Flavors & Fragrances Inc., and Rocky Mountain Oils, LLC.
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The Essential Oils market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Essential Oils market.
The global Essential Oils market is segmented into:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Type Outlook (Revenue, USD Billion; 2019–2030)
Orange Oil
Lemon Oil
Lime Oil
Peppermint Oil
Others
Method of Extraction Outlook (Revenue, USD Billion; 2019–2030)
Distillation
Carbon dioxide Extraction
Cold Press Extraction
Solvent Extraction
Others
Application Outlook (Revenue, USD Billion; 2019–2030)
Food & Beverages
Cosmetics & Personal Care
Aromatherapy
Homecare
Healthcare
Others
Key Questions Addressed in the Report:
What are the dominating factors that are influencing the growth of the industry?
In the forecast period, which market segment is expected to rise the most?
What are the risks and challenges that the industry is facing?
In the coming years, which area is projected to dominate the market?
Who are the major players in the market?
What kind of strategic business plans have they made?
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