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 an growth in awareness toward preventive healthcare, improvements in the standard of living and rise in double income households, along with increase in demand for aromatherapy are some of the factors driving to the growth of the essential oils market.
“The market for clove leaf is projected to grow at the highest CAGR between 2021 and 2026.”
The market for clove leaf as type segment is growing at the fastest rate during the forecast period. Clove is the dried, unopened flower bud obtained from a middle-sized, evergreen tree. It is found in the Molucca islands in Indonesia. It consists of various nutrients such as protein, volatile oil, non-volatile ether extract (fat), and crude fiber besides mineral matter and vitamins C & A. Globally, India is the largest country to import clove, followed by Singapore and the US. The distillation method of extraction is used to yield a substantial amount of clove leaf oil. The different parts of the clove, such as buds, stem, and leaves, contain eugenol, eugenol acetate, and caryophyllene in various proportions, which provide essential oil.
“Carbon dioxide extraction is the fastest growing market during the forecast period”
It is a method of extracting essential oils using compressed carbon dioxide as a solvent. The manufacturers use this method of extraction for various types of essential oils such as patchouli, jasmine, and lavender to manufacture aromatic products. The carbon dioxide extraction method is considered as a kind of solvent extraction process; however, this has been considered separately in this report as it is a relatively new extraction process. The extraction process is widely used by manufacturers since less residue is produced during the production process for essential oils. This, in turn, leads to high usage of the carbon dioxide extraction process in comparison to other solvent extraction methods.
“Aromatherapy is projected to grow at the highest CAGR between 2021 and 2026.”
Essential oils are volatile liquid substances extracted from aromatic plant material by different types of extraction methods. Changing lifestyles and their consequences, such as high stress and depression, along with increasing disposable incomes, resulting in an increase in demand for aromatherapy. The oils are extracted from natural plant sources such as flowers, herbs, and trees. Different types of essential oils used in aromatherapy include tea tree oil, jasmine oil, rosemary oil, and lavender oil. These oils are used in massage therapies, acupuncture, and topical care.
“Asia Pacific market for essential oils is projected to grow at the highest CAGR during the forecast period. “
The Asia Pacific region is segmented into China, Japan, India, Australia & New Zealand, and Rest of Asia Pacific. It is projected to be the fastest-growing market for essential oils. The increase in preference of consumers for natural essential oil ingredients such as pepper & spearmint and the rise in purchasing power parity in the region is driving the demand for essential oils in applications such as aromatherapy, health care, and food & beverages. It is one of the major essential oil-producing regions; the availability and affordability of these essential oils and the rise in awareness about functionalities, health benefits, and applications of essential oils will drive the growth of this market.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with the key experts.
The breakup of the profiles of primary participants is as follows:
- By Manufacturers: Tier 1 – 60%, Tier 2 – 25%, and Tier 3 – 15%
- By Designation: CXOs – 35%, Directors – 45%, Others – 20%
- By Geography: Asia Pacific – 45%, Europe – 25%, North America – 10%, South America – 5%, and RoW – 15%
Some of the major players in the market include Cargill, Inc. (US), DuPont (US), Koninklijke DSM N.V. (Netherlands), d?TERRA 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).
The report segments the essential oils market based on type, method of extraction, application, and region. In terms of insights, this report has focused on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss views on the emerging & high-growth segments of the essential oils markets’ high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the essential oils market based on chemical type, end use, application area, and geography have been conducted to provide an overall view of the essential oils market
- Major drivers, restraints, and opportunities for the essential oils market have been detailed in this report.
- A bird’s eye view of the pricing, trade situation, technological changes, and market ecosystem have been provided in the report.
- Detailed insights into the competitive landscape has been provided for established players in the industry.
- Breakdown of the market share of major players in the essential oils market has been provided after analyzing the segmental revenue, product portfolio, and global presence of the manufacturers