Essential Oils Market is expected to exceed USD 15.0 billion till 2026. Increasing demand for plant and plant derived products owing to their immense health benefits will augment the industry expansion.
Some major findings of the essential oils market report include:
- The demand for essential oils market is increasing across the globe due to rising utilization in multiple therapeutic practices
- These products are widely adopted due to its benefits including treatment of skin, respiratory disorders, making it effective substitute for pharmaceutical drugs
- Stringent regulations and strict labelling demand in the food and pharmaceutical industry will drive the demand for global market
- Some of the key players in the industry are Young Living, Firmnich, Symrise, Bio Landes, Frutarom, DoTerra and Flacon
- Partnerships, company collaborations, capacity expansion and new product launch are few of the strategies adopted by the manufacturers and marketers
Promulgating demand for organic products and naturally herbal treatments due to adverse effects associated with pharmaceutical drugs is spurring the essential oils industry. Advent of high ratio of stress disorders has led to growth in various health conditions including acne, insomnia, and menstrual issues. Growing concept of destressing, complementary and alternative medical practices has driven the need for aromatic personal care products.
Lavender oil is gaining widespread adoption among food sector for flavoring, and for fragrances in personal care industry. Lavender oil is witnessing demand in food industry for flavoring dairy products, tea, culinary herb and jellies. Flavors and strong essence of lavender stimulates brain nerve cells which are responsible for stress relaxation. Increasing penetration of these oils in development of beauty care products such as perfumes, skin care and hair care owing to its anti-inflammatory and antibacterial characteristics will spur product demand in near future.
Pharmaceutical industry has gained momentum in recent years and is forecasted to witness a growth rate exceeding 8.0%. Essential oils and volatile constituents are gaining traction in treatment of cancer cardiovascular diseases including atherosclerosis and thrombosis. Widening R&D as transdermal drug delivery enhancement, and tailor drug synergies acts as potential growth opportunity for essential oils market.
Growth in the North American market is primarily due to changing consumer preferences for natural and organic ingredients, prominence of aromatherapy and emerging pharmaceutical industry. Rapid adoption of oil-based self-care treatment practices, novel healthcare techniques and concentration of cosmetic industries is anticpated to promote product demand in the region. Additionally, presence of duty-free trade and lack of import regulations in United States to surge the essential oils market.
Manufacturers are adopting strategies including joint ventures and acquisitions, new product launch, capacity expansion to increase the customer base and profits for the company. Further key players are investing in research and development to develop oil blends for preservation and aromatherapy applications.